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