Table 24-7. The table below applies to an economy with only two goods hamburgers and hot dogs. The fixed basket consists of 4 hamburgers and 8 hot dogs.

Year

Price of hamburgers

Price of hot dogs

2009

$5.00

$3.00

2010

5.50

3.30

2011

5.61

3.63

46.Refer to Table 24-7. Between 2010 and 2011, the cost of living increased by

a.

5.30 percent.

b.

6.36 percent.

c.

7.78 percent.

d.

We need to know the base year in order to answer this question.