Problem Set 1

May 5th, 2015
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Liberty University
Course: econ
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ECON 214PROBLEM SET 1Complete all questions listed below. Clearly label your answers.1. The receipts and year of release of the five movies with the largest nominal box officerevenues, along with the CPI data of each year are presented below. Assuming that thereceipts for each of the movies were derived during their year of release, convert thereceipts for each to real dollars for the year 2010 (2010 CPI 230.1). Put the movies inorder from largest to smallest real box office receipts and show your calculations for fullcredit.NominalBox OfficeReceiptsYearCPI in YearMovies(millions) Released Released.Avatar$760.502009214.5Titanic600.81997160.5Star Wars461197760.5Shrek 2437.22004188.9E.T. TheExtraTerrestrial399.9198296.5Answer: Wars: (461*230.1)/60.5 = $1753.32E.T. The Extra-Terrestrial: (399.9*230.1)/96.5 = 953.54Titanic: (600.8*

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