Assuming that the following table describes a typical consumers complete budget, compute the item weights for each
Question:
Assuming that the following table describes a typical consumer’s complete budget, compute the item weights for each product.
| Item | Quantity | Unit Price |
| Coffee | 20 pounds | $6 / lb. |
| Tuition | 1 year | 4,000 / yr |
| Pizza | 150 pizzas | 10 / ea. |
| Cable TV | 12 months | 30 |
| Vacation | 1 week | 250 / week |
Instructions:
1. Calculate the total price for each budget item.
2. Calculate the total budget and enter your responses rounded to the nearest whole dollar.
3. Enter the item weight rounded to three decimal places. (Leave your answer in decimal values, do not enter your answer as a percentage.)
4. All dollar values should be rounded to the nearest whole dollar.
| Item | Quantity | Unit Price | Total (P × Q) | Item weight |
| Coffee | 20 pounds | $6 | $ | |
| Tuition | 1 year | $4,000 | $ | |
| Pizza | 150 pizzas | $10 | $ | |
| Cable TV | 12 months | $30 | $ | |
| Vacation | 1 week | $250 | $ | |
| Total Budget | $ |
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Step by Step Answer:
ANSWER To compute the item weights for each product in the consumers budget well follow these steps ...View the full answer
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Related Book For 
The Macro Economy Today
ISBN: 978-1259291821
14th edition
Authors: Bradley R. Schiller, Karen Gebhardt
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