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shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the “basket” of fruit with the quantities shown in column 2? Items Qty (2001) Price (2001) Amount Spent (2002) Price (2002) Amount Spent (2003) Price (2003) Amount Spent (2004) Price (2004) Amount Spent Apples 10 $0.50 $0.75 $0.85 $0.88 Bananas 12 $0.20 $0.25 $0.25 $0.29 Grapes 2 $0.65 $0.70 $0.90 $0.95 Raspberries 1 $2.00 $1.90 $2.05 $2.13 $2.13 Total
To compute the amount spent on each fruit in each year, you multiply the quantity of each fruit by the price. 10 apples × 50 cents each = $5.00 spent on apples in 2001. 12 bananas × 20 cents each = $2.40 spent on bananas in 2001. 2 bunches of grapes at 65 cents each = $1.30 spent on grapes in 2001. 1 pint of raspberries at $2 each = $2.00 spent on raspberries in 2001.
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Source:
OpenStax, Principles of economics. OpenStax CNX. Sep 19, 2014 Download for free at http://legacy.cnx.org/content/col11613/1.11
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