Suppose a group of consumers spend 30% of their disposable income on food, 20% on clothing, and 50% on rent. If over the course of a year the price of food rises 10%, the price of clothing drops 5% and rent rises 15%, what is the average price increase experienced by these consumers?
Suppose a group of consumers spend 30% of their disposable income on food, 20% on clothing, and 50% on rent. If over the course of a year the price of food rises 10%, the price of clothing drops 5% and rent rises 15%, what is the average price increase experienced by these consumers?
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...
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Suppose a group of consumers spend 30% of their disposable income on food, 20% on | ||||||
clothing, and 50% on rent. If over the course of a year the price of food rises 10%, the price | ||||||
of clothing drops 5% and rent rises 15%, what is the average price increase experienced by | ||||||
these consumers? |
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