Concept explainers
To find: The grocery item which had the greatest percent increase in cost from 2000 to 2005.
Answer to Problem 43PPS
The required grocery item which had the greatest percent increase in cost from 2000 to 2005 is ground beef.
Explanation of Solution
Given information:
Table for the average retail price of selected grocery items:
Average Retail Prices of Selected Grocery Items | ||
Grocery Item | Cost in 2000 ($ per second) | Cost in 2005 ($ per pound) |
Milk (gallon) | 2.79 | 3.24 |
Eggs (dozen) | 0.96 | 1.35 |
Chicken (whole) | 1.08 | 1.06 |
Ground beef | 1.63 | 2.30 |
Apples | 0.82 | 0.97 |
Iceberg lettuce | 0.85 | 0.85 |
Peanut butter | 1.96 | 1.70 |
Calculation:
The given table for the average retail price is,
Average Retail Prices of Selected Grocery Items | ||
Grocery Item | Cost in 2000 ($ per second) | Cost in 2005 ($ per pound) |
Milk (gallon) | 2.79 | 3.24 |
Eggs (dozen) | 0.96 | 1.35 |
Chicken (whole) | 1.08 | 1.06 |
Ground beef | 1.63 | 2.30 |
Apples | 0.82 | 0.97 |
Iceberg lettuce | 0.85 | 0.85 |
Peanut butter | 1.96 | 1.70 |
Now, for milk;
Write the percent increase of price as,
For eggs;
Write the percent increase3 of price as,
For chicken;
Write the percent increase of price as,
For ground beef;
Write the percent increase of price as,
For apples;
Write the percent increase of price as,
For iceberg lettuce;
Write the percent increase of price as,
For peanut butter;
Write the percent increase of price as,
It is seen that the greatest percent increase in cost from 2000 from 2005 is 41%.
Hence, the required grocery item which had the greatest percent increase in cost from 2000 to 2005 is ground beef.
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