Suppose a group of consumers spends 30% of its disposable income on food, 20% on clothing, and

Question:

Suppose a group of consumers spends 30% of its disposable income on food, 20% on clothing, and 50% on rent. If over the course of a year the price of food rose 10%, the price of clothing dropped 5%, and rent rose 15%, what was the average price increase experienced by these consumers?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question
Question Posted: