The cost of the average consumer’s basket of goods in 2018 was nearly 10 times what it was in 1950. In other words, what the average consumer bought for $100 in 1950 would cost a consumer $1,000 in 2018. Does this mean that the purchasing power of the average consumer is one-tenth what it was in 1950? Explain your reasoning. The perception of an increase in the average cost of a basket of goods, from $100 to $1,000, reflects . To analyze the effect of inflation on purchasing power, we should focus on values. As prices have risen over time, so have incomes, and now, on average, purchasing power is than in
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The cost of the average consumer’s basket of goods in 2018 was nearly 10 times what it was in 1950....
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