Final answer:
The measure of the purchasing power of what you earn every month can be calculated using the Purchasing Power Calculator at Measuring Worth.com. This calculator takes into account factors such as inflation and changes in the cost of living over time to provide an accurate representation of the purchasing power of income.
Step-by-step explanation:
The measure of the purchasing power of what you earn every month can be calculated using the Purchasing Power Calculator at Measuring Worth.com. This calculator shows how much money it would take today to purchase what one dollar would have bought in a specific year. For example, if you were born in 1990 and want to know the purchasing power of $1 in 1990, you can input these values into the calculator and it will provide the equivalent amount in today's dollars.
The calculator takes into account factors such as inflation and changes in the cost of living over time. It gives a more accurate representation of the purchasing power of income than simply comparing dollar amounts across different years.
In the example given, $1 of purchases in 1955 would cost $8.57 in 2012 according to the calculator. However, the true answer may be more complicated than what the simple calculator shows, as it does not capture all the nuances of purchasing power.