A Consumer Expenditure Survey Reports the Following Information on Entertainment

question 25

Multiple Choice

A consumer expenditure survey reports the following information on entertainment spending: $$\begin{array} { | l | c | c | c | c | } \hline & { 2005 } && { 2006 } \\\hline & \text { Price } & \text { Quantity } & \text { Price } & \text { Quantity } \\\hline \text { Movies } & \$ 7 & 5 & \$ 8 & 7 \\\hline \text { Concerts } & \$ 30 & 2 & \$ 35 & 2 \\\hline \text { CDs } & \$ 16 & 7 & \$ 15 & 10 \\\hline\end{array}$$ Using 2005 as the base year, by how much does a "cost of entertainment" index increase between 2005 and 2006?

• A) 3.86%
• B) 8.65%
• C) 13.43%
• D) 29.41%

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