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Card 11 / 16:
Edna is living in a retirement home where most of her needs are taken care of, but she has some discretionary spending. Based on the basket of goods in , by what percentage does Edna’s cost of living increase between time 1 and time 2? Items Quantity (Time 1) Price (Time 2) Price Gifts for grandchildren 12 $50 $60 Pizza delivery 24 $15 $16 Blouses 6 $60 $50 Vacation trips 2 $400 $420
Begin by calculating the total cost of buying the basket in each time period, as shown in the following table. Items Quantity (Time 1) Price (Time 1) Total Cost (Time 2) Price (Time 2) Total Cost Gifts 12 $50 $600 $60 $720 Pizza 24 $15 $360 $16 $384 Blouses 6 $60 $360 $50 $300 Trips 2 $400 $800 $420 $840 Total Cost $2,120 $2,244
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