Coffee prices in 1960 were 40 cents and are 165 in 2009, Business Economics

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Coffee prices in 1960 were 40 cents and are 165 in 2009

Coffee prices in 1960 were .40 cents and are $1.65 in 2009. Income in 1960 was $10,000 and is $40,000 in 2009. Does this mean that society is worse off or better off in 2009 than in 1960? Under what conditions are consumers better off? Besides the change in the price, why would society be better off in 2000 than in 1960? Show your work.

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