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Subscribing to the theory that life is indeed a beach, the residents of La Playa spend all of their money on three things: Every year, they collectively buy 230 bathing suits, 630 bottles of sunscreen, and 425 beach towels. Item (amount purchased) Bathing suits (230) Sunscreen (630) Beach towels (425) Price 2015 ($) $6.00 3.50 4.00 Price 2016 ($) $10.00 4.00 5.50 Price 2017 ($) $16.00 Price 2018 ($) 4.00 $16.00 5.50 7.25 8.25 Instructions: In part a, round your answers to the nearest whole number. In part b, round your answers to one decimal place. Use the data in the table above to calculate the following. a. The total cost of this basket each year from 2015 through 2018. Price 2015 ($) Price 2016 ($) Price 2017 ($) Price 2018 ($) Total cost of a basket b. How much the cost of this basket has changed from year to year in percentage terms. Percentage change in total cost of basket 2015-2016 2016-2017 2017-2018

Subscribing to the theory that life is indeed a beach, the residents of La Playa spend all of their money on three things: Every year, they collectively buy 230 bathing suits, 630 bottles of sunscreen, and 425 beach towels. Item (amount purchased) Bathing suits (230) Sunscreen (630) Beach towels (425) Price 2015 ($) $6.00 3.50 4.00 Price 2016 ($) $10.00 4.00 5.50 Price 2017 ($) $16.00 Price 2018 ($) 4.00 $16.00 5.50 7.25 8.25 Instructions: In part a, round your answers to the nearest whole number. In part b, round your answers to one decimal place. Use the data in the table above to calculate the following. a. The total cost of this basket each year from 2015 through 2018. Price 2015 ($) Price 2016 ($) Price 2017 ($) Price 2018 ($) Total cost of a basket b. How much the cost of this basket has changed from year to year in percentage terms. Percentage change in total cost of basket 2015-2016 2016-2017 2017-2018

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Subscribing to the theory that life is indeed a beach, the residents of La Playa spend all of their money on three things: Every year, they collectively buy 230 bathing suits, 630 bottles of sunscreen, and 425 beach towels. Item (amount purchased) Bathing suits (230) Sunscreen (630) Beach towels (425) Price 2015 ($) $6.00 3.50 4.00 Price 2016 ($) $10.00 4.00 5.50 Price 2017 ($) $16.00 Price 2018 ($) 4.00 $16.00 5.50 7.25 8.25 Instructions: In part a, round your answers to the nearest whole number. In part b, round your answers to one decimal place. Use the data in the table above to calculate the following. a. The total cost of this basket each year from 2015 through 2018. Price 2015 ($) Price 2016 ($) Price 2017 ($) Price 2018 ($) Total cost of a basket b. How much the cost of this basket has changed from year to year in percentage terms. Percentage change in total cost of basket 2015-2016 2016-2017 2017-2018
Transcribed Image Text:Subscribing to the theory that life is indeed a beach, the residents of La Playa spend all of their money on three things: Every year, they collectively buy 230 bathing suits, 630 bottles of sunscreen, and 425 beach towels. Item (amount purchased) Bathing suits (230) Sunscreen (630) Beach towels (425) Price 2015 ($) $6.00 3.50 4.00 Price 2016 ($) $10.00 4.00 5.50 Price 2017 ($) $16.00 Price 2018 ($) 4.00 $16.00 5.50 7.25 8.25 Instructions: In part a, round your answers to the nearest whole number. In part b, round your answers to one decimal place. Use the data in the table above to calculate the following. a. The total cost of this basket each year from 2015 through 2018. Price 2015 ($) Price 2016 ($) Price 2017 ($) Price 2018 ($) Total cost of a basket b. How much the cost of this basket has changed from year to year in percentage terms. Percentage change in total cost of basket 2015-2016 2016-2017 2017-2018
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