The Average Movie Ticket Prices in Selected Years Since 1948

Essay

The average movie ticket prices in selected years since 1948 are listed in the table below.

$\begin{array}{|c|c|}\hline \text { Year }& \text { Movie Ticket } \\&\text { Price } \\\hline 1948 & \$ 0.36 \\\hline 1954 &\$ 0.49 \\\hline 1958 &\$ 0.68 \\\hline 1963 & \$ 0.86 \\\hline 1967 & \$ 1.22\\\hline 1971 &\$ 1.65 \\\hline 1974 & \$ 1.89 \\\hline 1974 & \$ 2.03 \\\hline 1976 & \$ 2.13 \\\hline 1977 & \$ 2.23 \\\hline 1978 &\$ 2.34 \\\hline 1979 & \$ 2.47 \\\hline 1980 & \$ 2.69 \\\hline 1981 & \$ 2.78 \\\hline 1982 & \$ 2.94 \\\hline 1983 & \$ 3.15 \\\hline 1984 & \$ 3.36 \\\hline 1985 & \$ 3.55 \\\hline 1986 & \$ 3.71 \\\hline 1987 & \$ 3.91 \\\hline 1988 & \$ 4.11 \\\hline\end{array}$

a. Use re-expressed data to create a model that predicts ticket prices. (Hint: scale the year)
b. Find the movie ticket price this model predicts for 2004.