Question
Use the following information to answer two questions. Prices That Rose in 2016 (%)Prices That Fell in 2016 (%) Train fares+7.4%Eggs21.1%Apples+6.8Televisions19.2Textbooks+4.7Gasoline11.5Cable TV+3.7Milk4.6Cigarettes+3.6Air fares3.3College tuition+2.7Coffee3.0Oranges+0.7Bananas1.0Average inflation
Use the following information to answer two questions.
Prices That Rose in 2016 (%)Prices That Fell in 2016 (%)Train fares+7.4%Eggs21.1%Apples+6.8Televisions19.2Textbooks+4.7Gasoline11.5Cable TV+3.7Milk4.6Cigarettes+3.6Air fares3.3College tuition+2.7Coffee3.0Oranges+0.7Bananas1.0Average inflation rate: +1.3%
Instructions:Enter your response rounded to one decimal place. If you are entering a negative number be sure to include a negative sign (-) in front of that number.
If apples, oranges, and bananas are weighted equally in a "fruit price index" and no other fruit changed prices,
a. By how much did fruit prices rise or fall in 2016?
%
b. Is a consumer better or worse off if they love eating these fruit?
multiple choice
- Worse off
- Better off
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Marketing
Authors: John McMurry, Robert Fay
13th Edition
125973806X, 9781259738067
