Refer to Table 4-2. In 2008, consumers in Toyland consumed only
toy trucks and dolls. The prices and quantities for 2008 and 2009
are listed in Table 4-2. The base year is 2008. What was the cost
of the fixed basket in 2008?
A. $430
B. $335
C. $320
D. $540
Homework Answers
Answer: C
This should be the multiplication of quantity and respective price of that year and then making an aggregate.
Year 2008:
Cost = (Quantity × Price) of TT + (Quantity × Price) of D
= (10 × 30) of TT + (20 × 1) of D
= 300 + 20
= 320
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Refer to Table 4-2. In 2008, consumers in Toyland consumed only
toy trucks and dolls. The...
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