A typical family on the Planet Econ consumes 10 pizzas,7 pairs of jeans,and 20 litres of milk.In 2011 pizzas cost $10 each,jeans cost $40 per pair,and milk costs $3 per litre.In 2012,the price of pizzas increased to $14 each,while the price of jeans and the price of milk remained the same.Between 2011 and 2012,a typical family's cost of living

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Quizplus · Accepted Answer

The cost of living increased by 9%. In 2011, the total cost was $10*10 + $40*7 + $3*20 = $100 + $280 + $60 = $440. In 2012, the cost was $14*10 + $40*7 + $3*20 = $140 + $280 + $60 = $480. The increase is ($480 - $440) / $440 * 100% = 9.09%.

A Typical Family on the Planet Econ Consumes 10 Pizzas,7