Year (Quantity) (Price) 2010 100 $3 2011 120 $3.20 2012 150 $3.50 Juice (Quantity) 600 610 620 Juice (Price) $1 $2 $3 Ovens (Quantity) 280 300 300 Ovens (Price) $22 $25 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 80 waffles, 20 units of orange juice and 10 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me the price/cost of the market basket for 2012.

Year (Quantity) (Price) 2010 100 $3 2011 120 $3.20 2012 150 $3.50 Juice (Quantity) 600 610 620 Juice (Price) $1 $2 $3 Ovens (Quantity) 280 300 300 Ovens (Price) $22 $25 $28 The above, like I said, is production data. Consumption data is as follows: the average citizen consumes 80 waffles, 20 units of orange juice and 10 toaster ovens. 2010 is the base year for all calculations. Carefully following all directions for entering your answer, tell me the price/cost of the market basket for 2012.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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