Even with the development of calculators, it remains that people often find information by referring to tables. A table is a way of indexing information. When information is indexed, it is interpreted or adjusted relative to a common measure or scale. For example, a price index shows prices relative to a given year. Consider the Consumer Price Index and what it allows people to understand about the minimum wage in the US. In 1960, the minimum wage was $1.00. In today’s world, that figure is said to be equal to $5.30. This is sometimes posed as the “purchasing power” of a given amount of money. What costs $5.30?
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To use this application enter two years from the years on the right and click the button to calculate the rate of inflation during that period. You can change this lab in several ways:
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