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Representative basket of goods

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Statistics Canada calculates a separate sub-indices for goods and for services. The goods index rose from 96.8 from 112.0 over a 10-year period. During the same period, the services index rose from 95.2 from to 115.1.  Answers should be to the nearest cent and .01%.

  1. How much did the representative basket of goods, worth $1000 at the beginning of the period, cost 10 years later?
  2. How much did the representative services, worth $1000 at the beginning of the period, cost 10 years later?
  3. What is the difference between the percent increase in cost of goods and percent increase in cost of services over the decade?

Reference no: EM131180395

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