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
icon
Related questions
Question

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

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Marketing Plan
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Micro Economics For Today
Micro Economics For Today
Economics
ISBN:
9781337613064
Author:
Tucker, Irvin B.
Publisher:
Cengage,
Economics For Today
Economics For Today
Economics
ISBN:
9781337613040
Author:
Tucker
Publisher:
Cengage Learning
Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
Economics
ISBN:
9780078747663
Author:
McGraw-Hill
Publisher:
Glencoe/McGraw-Hill School Pub Co
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning