Solve the Problem. -In 1984, the Average Selling Price of an Existing Single

question 62

Multiple Choice

Solve the problem.
-In 1984, the average selling price of an existing single family home in Anytown, USA, was $69,636. Between 1984 and 1993, the average price increased by 7%. Between 1993 and 1999, the average price increased again,
This time by 9%. What was the median house price in Anytown in 1999?

• A) $812,164,668.00
• B) $81,216.47
• C) $438.71
• D) $74,510.52

---

Definitions:

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than another.

Computers

Electronic devices designed to process, store, and output information, serving a wide range of personal, educational, and business applications.

Oil

A fossil fuel found in the Earth's crust, primarily used for energy production and as a raw material in the chemical industry; crucial to the global economy.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than its competitors.