Question

the average price of a low - fare airline ticket rose from $270 in 1997 to $410 in 2017. calculate the relative change in price from 1997 to 2017, and compare it to the overall rate of inflation as measured by the consumer price index. low - fare airline ticket prices increased by 52 %. (round to the nearest integer as needed.) the overall rate of inflation was \\(\square\\)%. (round to the nearest integer as needed.) average annual cpi (1982 - 1984 = 100)\

year	cpi	year	cpi	year	cpi	\
----	----	----	----	----	----	\
1982	96.5	1995	152.4	2008	215.3	\
1983	99.6	1996	156.9	2009	214.5	\
1984	103.9	1997	160.5	2010	218.1	\
1985	107.6	1998	163.0	2011	224.9	\
1986	109.6	1999	166.6	2012	229.6	\
1987	113.6	2000	172.2	2013	233.0	\
1988	118.3	2001	177.1	2014	236.7	\
1989	124.0	2002	179.9	2015	237.0	\
1990	130.7	2003	184.0	2016	240.0	\
1991	136.2	2004	188.9	2017	245.1	\
1992	140.3	2005	195.3	2018	251.1	\
1993	144.5	2006	201.6	2019	255.7	\
1994	148.2	2007	207.3	2020	258.8	\
				2021	271.0

Explanation:

Step1: Identify the CPI values for 1997 and 2017

From the table, CPI in 1997 ($CPI_{1997}$) is 160.5 and CPI in 2017 ($CPI_{2017}$) is 245.1.

Step2: Use the formula for relative change in CPI

The formula for relative change is $\frac{CPI_{2017}-CPI_{1997}}{CPI_{1997}}\times100\%$.
Substitute the values: $\frac{245.1 - 160.5}{160.5}\times100\%$.
First, calculate the numerator: $245.1-160.5 = 84.6$.
Then, divide by the denominator: $\frac{84.6}{160.5}\approx0.527$.
Finally, multiply by 100%: $0.527\times100\% = 52.7\%$.

Answer:

53%