Use the following information for question 6–7. 6. In 2021, a typical family in Pizzaland consumes 50 pizzas, 20 chicken wings and 40 beers. The pizzas cost $15 each, chicken wings $2 each and beers cost $3 per bottle. In 2022, the price of pizzas went up to $18 each and chicken wings went up to $3, while the beer price remained the same. In 2022, the consumption of chicken and beer decreased by 10%, the cost of living in 2022 is: a) $1062 b) None of other answers is correct c) $1080 d) $910 e) $972
Use the following information for question 6–7. 6. In 2021, a typical family in Pizzaland consumes 50 pizzas, 20 chicken wings and 40 beers. The pizzas cost $15 each, chicken wings $2 each and beers cost $3 per bottle. In 2022, the price of pizzas went up to $18 each and chicken wings went up to $3, while the beer price remained the same. In 2022, the consumption of chicken and beer decreased by 10%, the cost of living in 2022 is: a) $1062 b) None of other answers is correct c) $1080 d) $910 e) $972
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter6: Consumer Choice Theory
Section: Chapter Questions
Problem 19SQ
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Use the following information for question 6–7.
6. In 2021, a typical family in Pizzaland consumes 50 pizzas, 20 chicken wings and 40 beers. The pizzas cost $15 each, chicken wings $2 each and beers cost $3 per bottle. In 2022, the price of pizzas went up to $18 each and chicken wings went up to $3, while the beer price remained the same. In 2022, the consumption of chicken and beer decreased by 10%, the cost of living in 2022 is:
a) $1062
b) None of other answers is correct
c) $1080
d) $910
e) $972
7. Between 2021 and 2022, a typical family's cost of living
a) increased by 20%
b) increased by 16.7%
c) decreased by 18.7%
d) None of other answers is correct
e) remained the same
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