(Answered) 1 the table below provides the prices for select items

Economics

1. The table below provides the prices for select items 50 years ago versus prices today (these are national averages, so it might seem too low for us Californians).

1968

2017

New House

$14,975

$188,900

New Car

$2,822

$33,560

Movie Ticket

$1.50

$8.84

Gasoline

$0.34

$2.32

Milk

$1.21

$3.24

Federal Minimum Wage

$1.60

$7.25

The Federal Minimum Wage in 1968 was $1.60 while today it is $7.25. Obviously $7.25 is much, much higher than $1.60, so why do people argue that a minimum wage worker made more in 1960 than today? Use the prices above to prove the argument quantitatively (with numbers).

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