5. The item you listed would have cost 2.00 back then? What a deal! Does this mean that item would have been super cheap and affordable for most people in 1950? Why or why not?

To determine whether the item would have been super cheap and affordable for most people in 1950, we need to consider the purchasing power of money in that era compared to today.<br /><br />In 1950, the average annual income in the United States was approximately $3,000. If the item cost $2.00 back then, it would have represented a significant portion of an average person's annual income. To put it into perspective, if the average annual income today is $50,000, then $2.00 would be equivalent to about 4% of that income. In 1950, $2.00 would have been equivalent to about 67% of the average annual income.<br /><br />Given this context, it is reasonable to conclude that the item would have been considered super cheap and affordable for most people in 1950. The relatively high percentage of income that $2.00 represented at the time suggests that it was a modest price for an item, making it accessible to a wide range of people.