Suppose the retail prices of the selected items have changed as indicated in Table 3.6. Determine the mean percentage change in retail prices without reference to the average expenditures included in the table.
Table 3.6 Changes in the Retail Prices of Selected Items During a Particular Year
Average expenditure per month
Item
Percent increase
(before increase)
Milk
10%
$20.00
Ground beef
26
30.00
Apparel
28
Gasoline
20
50.00
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