SOLUTION: An item was introduced in the mid-1970's and sold for $295. At today's price it would be $3000. My question: How is the current price determined, and what data used?

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Question 1178789: An item was introduced in the mid-1970's and sold for $295. At today's price it would be $3000.
My question: How is the current price determined, and what data used?
Answer by ikleyn(53937) About Me  (Show Source):
You can put this solution on YOUR website!
.

In capitalism economy,  the market  determines the price:


            The price is the cost per unit for which people agree to buy.


As your problem is worded, printed, posted and presented, it is not a Math problem.


Avoid posting questions to this forum that do not relate to Math.