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Use Table 3.43.4 to answer the following question. Assuming that all prices have risen at the same rate as the CPI. If a ski lift ticket cost $100\$ 100 in 20162016, what was its price in 19851985 dollars?

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Recall that we can have the CPI Ratio as:

2016 CPI Ratio=2016 CPIReference CPI\begin{aligned} \text{2016 CPI Ratio}&=\frac{\text{2016 CPI}}{\text{Reference CPI}} \end{aligned}

with 2016 CPI equal to 240, and 1985 CPI equal to 107.6 as reference value, we can have the ratio as:

2016 CPI Ratio=2016 CPIReference CPI=240107.6=2.230483271\begin{aligned} \text{2016 CPI Ratio}&=\frac{\text{2016 CPI}}{\text{Reference CPI}}\\ &=\frac{240}{107.6}\\ &=2.230483271 \end{aligned}

The 2016 CPI ratio is 2.230483271

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