How expensive the shopping basket plus gallon of gas

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Reference no: EM131174835

Estimate how expensive the shopping basket plus a gallon of gas will be by 2019 if costs continue to rise as they did in the period from 2008 to 2013. (Hint: to determine the inflation rate in the price of each commodity do the following:) 2013 $ 78.28 = Inflation rate 1.36 2008 $ 57.50 Then multiply the inflation rate by the 2013 amount to arrive at the estimated future amount in 2019. amount to arrive at the estimated future amount in 2019 is $106.56 3. How much would you estimate your income would need to increase in order to afford everything you currently have? How much does your income need to increase to not only cover your current standard of living but also for raising your standard of living? 4. What if the wages in your job do not increase during those five years? 5. What conclusions do you reach as a result of your research?

Reference no: EM131174835

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