Table :

TABLE 7-3 Calculating the Cost of a Market Basket

 

Pre-frost

Post-frost

Price of orange

$0.20

$0.40

Price of grapefruit

 0.60

 1.00

Price of lemon

 0.25

 0.45

Cost of market basket (200 oranges, 50 grapefruit, 100 lemons)

(200 × $0.20) + (50 × $0.60) + (100 × $0.25) = $95.00

(200 × $0.40) + (50 × $1.00) + (100 × $0.45) = $175.00