Consider the following basket of goods: 50 hamburgers, 10 textbooks, eight T-shirts, and 100 bottles of water. Suppose that in 2015, each hamburger was $3.50, each textbook was $89.99, each T-shirt was $14, and each bottle of water was $1.50. In 2016, each hamburger was $3.60, each textbook was $95, each T-shirt was $13, and each bottle of water was $1.65. What was the approximate value of the basket in 2015?

Question

Quizplus · Accepted Answer

To calculate the value of the basket in 2015, multiply the quantity of each item by its 2015 price and sum the totals: (50 hamburgers * $3.50) + (10 textbooks * $89.99) + (8 T-shirts * $14) + (100 bottles of water * $1.50) = $175 + $899.90 + $112 + $150 = $1,336.90, which is approximately $1,337.

Consider the Following Basket of Goods: 50 Hamburgers, 10 Textbooks