n the year 2008, the United States was just entering a major recession. You are researching how various consumer prices changed in the ten-year period starting in 2008 and ending in 2018. Suppose you have located the following chart listing various consumer purchases and their costs in 2008 and 2018, as well as the percentage change based on the 2008 prices. Unfortunately, portions of the chart are missing.
Fill in the blank spaces to complete the chart for your story. Round percent answers to the nearest tenth of a percent. Round dollar amount answers to the nearest whole dollar.
Consumer Purchase	2008	2018	Percent Change
Single-Family Home
median resale price (for a particular month)	$237,300	$290,600
%
A particular compact car
MSRP for the manual transmission	$20,300	$
13.2%
Pair of Jeans
easy fit, stonewashed	$44.20	$59.95
%
A particular fast food hamburger
Average price at company-owned
restaurants	$2.97

To complete the chart, we'll need to calculate the missing values using the information provided.

### 1. Single-Family Home Median Resale Price
- **2008 Price:** $237,300
- **2018 Price:** $290,600
- **Percent Change:** ?

**Formula:**
\[
\text{Percent Change} = \left( \frac{\text{2018 Price} - \text{2008 Price}}{\text{2008 Price}} \right) \times 100
\]

Substituting the given values:
\[
\text{Percent Change} = \left( \frac{290,600 - 237,300}{237,300} \right) \times 100 \approx \left( \frac{53,300}{237,300} \right) \times 100 \approx 22.5\%
\]

So, the **Percent Change** is **22.5%**.

### 2. MSRP for the Manual Transmission of a Compact Car
- **2008 Price:** $20,300
- **2018 Price:** ?
- **Percent Change:** 13.2%

**Formula:**
\[
\text{2018 Price} = \text{2008 Price} \times \left(1 + \frac{\text{Percent Change}}{100}\right)
\]

Substituting the given values:
\[
\text{2018 Price} = 20,300 \times \left(1 + \frac{13.2}{100}\right) = 20,300 \times 1.132 = 22,999.60
\]

Rounding to the nearest whole dollar, the **2018 Price** is **$23,000**.

### 3. Pair of Jeans
- **2008 Price:** $44.20
- **2018 Price:** $59.95
- **Percent Change:** ?

**Formula:**
\[
\text{Percent Change} = \left( \frac{\text{2018 Price} - \text{2008 Price}}{\text{2008 Price}} \right) \times 100
\]

Substituting the given values:
\[
\text{Percent Change} = \left( \frac{59.95 - 44.20}{44.20} \right) \times 100 \approx \left( \frac{15.75}{44.20} \right) \times 100 \approx 35.6\%
\]

So, the **Percent Change** is **35.6%**.

### 4. Fast Food Hamburger Price
- **2008 Price:** $2.97
- **2018 Price:** ?
- **Percent Change:** ?

To complete this row, we would need one more piece of data. Since it isn't provided, we can't calculate it.

### Final Chart:
| Consumer Purchase                         | 2008 Price | 2018 Price | Percent Change |
|-------------------------------------------|------------|------------|----------------|
| Single-Family Home                        | $237,300   | $290,600   | 22.5%          |
| Compact Car MSRP                          | $20,300    | $23,000    | 13.2%          |
| Pair of Jeans                             | $44.20     | $59.95     | 35.6%          |
| Fast Food Hamburger                       | $2.97      | ?          | ?              |

Do you have any questions, or would you like more details on how these calculations were made?

Here are five related questions to consider:
1. How would the percent change be different if inflation was considered?
2. How do you calculate the 2018 price if only the percent change and 2008 price are known?
3. What is the significance of median prices in understanding market trends?
4. How might changes in these consumer prices reflect broader economic conditions?
5. How does the method for calculating percent change apply to other data in economics?

**Tip:** Always double-check your calculations for rounding errors, especially when working with percentages!

Learn how to calculate consumer price changes from 2008 to 2018 using specific examples like single-family homes, compact cars, jeans, and fast food hamburgers. Understand the importance of percentage change and rounding in economic analysis. Suitable for high school students studying economics or mathematics.

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