To determine in which year a Ford meeting was more expensive relative to the mean price of a new car, we need to calculate the relative cost in both years.
In 1965:
- Mean price of a new car = $2650
- Cost of the Ford meeting = $2300
- Relative cost = (Cost of Ford Meeting / Mean Car Price) = $2300 / $2650 ≈ 0.867
In 2011:
- Mean price of a new car = $30500
- Cost of the Ford meeting = $28000
- Relative cost = (Cost of Ford Meeting / Mean Car Price) = $28000 / $30500 ≈ 0.918
Now, comparing the relative costs:
- 1965: ≈ 0.867 (or 86.7% of the mean price)
- 2011: ≈ 0.918 (or 91.8% of the mean price)
Since 0.918 is greater than 0.867, we can conclude that in 2011, the Ford meeting was more expensive relative to the mean car price than it was in 1965.