Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. 2011 2012 2013 Product Quantity Price Quantity Price Quantity Price Textbooks 90 $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70 Please enter only numbers (no commas, dollar signs etc) in the spaces provided. Calculate the cost of the market basket for 2011. (using 1 decimal place). ____ Calculate the cost of the market basket for 2012. (using 1 decimal place). ____ Calculate the cost of the market basket for 2013. (using 1 decimal place). ____
Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton. 2011 2012 2013 Product Quantity Price Quantity Price Quantity Price Textbooks 90 $50 100 $60 100 $65 Hamburgers 75 2 100 2 120 2.25 Shirts 50 30 50 25 65 25 Cotton 100 0.80 800 0.60 120 0.70 Please enter only numbers (no commas, dollar signs etc) in the spaces provided. Calculate the cost of the market basket for 2011. (using 1 decimal place). ____ Calculate the cost of the market basket for 2012. (using 1 decimal place). ____ Calculate the cost of the market basket for 2013. (using 1 decimal place). ____
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter11: Price And Output Determination: Monopoly And Dominant Firms
Section: Chapter Questions
Problem 1E
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Suppose the information in the table is for a simple economy that produces and consumes only four goods and services: textbooks, hamburgers, shirts and cotton.
| 2011 | 2012 | 2013 | ||||
| Product | Quantity | Price | Quantity | Price | Quantity | Price |
| Textbooks | 90 | $50 | 100 | $60 | 100 | $65 |
| Hamburgers | 75 | 2 | 100 | 2 | 120 | 2.25 |
| Shirts | 50 | 30 | 50 | 25 | 65 | 25 |
| Cotton | 100 | 0.80 | 800 | 0.60 | 120 | 0.70 |
Please enter only numbers (no commas, dollar signs etc) in the spaces provided.
Calculate the cost of the market basket for 2011. (using 1 decimal place). ____
Calculate the cost of the market basket for 2012. (using 1 decimal place). ____
Calculate the cost of the market basket for 2013. (using 1 decimal place). ____
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