Suppose there is an increase in the wage and the demand for the consumption good falls, what can you say about the supply of lab
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Answer:
Between 2004 and 2005, a typical family's cost of living increased by 9%
Explanation:
In 2004, a family consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk with pizzas cost $10 each, jeans cost $40 per pair, and milk cost $3 per gallon.
Therefore in 2004, the money spent by the family = ($10 × 10) + ($40 × 7) + ($3 × 20) = $100 + $280 + $60 = $440
In 2005, the family consumes 10 pizzas, 7 pairs of jeans, and 20 gallons of milk with pizzas cost $14 each, jeans cost $40 per pair, and milk cost $3 per gallon.
Therefore in 2005, the money spent by the family = ($14 × 10) + ($40 × 7) + ($3 × 20) = $140 + $280 + $60 = $480
Therefore between 2004 and 2005, the money increased from $440 to $480.
The percentage increase between 2004 and 2005 = = 9%
Between 2004 and 2005, a typical family's cost of living increased by 9%