18 Nov unit 6A portfolio: percent predictor
Directions: You probably see them in the news all the time—predictions about prices, jobs, stocks, and other aspects of the economy. Now it’s your turn to predict the future! Follow the directions to make and explain an economic prediction for an article you have been asked to write in the Economic News.
Historical Pricing Chart(Prices are averages)
Item 1970 Price 1980 Price 1990 Price 2000 Price 2010 Price
US Postage Stamp $0.06 $0.15 $0.25 $0.33 $0.44
Loaf of bread
$0.25 $0.48 $0.70 $1.72 $1.94
Plain Basic Fast Food Hamburger $0.30 $0.50 $0.75 $0.89 $1.15
Step 1: Choose one item of interest to you in the Historical Pricing Chart and fill in the chart below.
Item
1970 price
1980 price
1990 price
2000 price
2010 Price
stamp
0.06
0.15
Step 2: Calculate the percent of change of the item’s price each decade. (8 points)
Percent change from 1970 to 1980 ________________
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Percent change from 1980 to 1990 ________________
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Percent change from 1990 to 2000 ________________
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Percent change from 2000 to 2010 _______________
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Use your results above to determine the average of the 4 decades percent changes. (2 points)
Step 3: Average of the 4 decades percent changes ___________________
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Step 4: Comment on the trend in your item’s percent changes. (1 point)
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Step 5: Do an internet search for the approximate current price of your item. (1 Point)
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Step 6: Create a line graph or other visual model to show the pricing trend. You can include it in the blank below or attach with this document when you submit. (2 points)
Step 7: Predict the item’s price for the year 2020. (2 points)
Multiply your average percent change, as a decimal, by the cost in 2010. Add that amount to the 2010 price. This will give you the predicted cost in 2020.
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2020 cost_______________
