I have a graph it shows the yearly food cost for a family in thousands.What was the percent increase in food costs from 2001 10. to 2002 11 that would make it $10,000.00 and $11000.00 right? but the increase would be 10%?

Question

I have a graph it shows the yearly food cost for a family in thousands.What was the percent increase in food costs from 2001 10. to 2002 11 that would make it $10,000.00 and $11000.00 right? but the increase would be 10%?

Answer 1

To calculate the percent increase in food costs from 2001 to 2002, you can use the following formula:

Percent Increase = [(New Value - Old Value) / Old Value] * 100

In your case, the old value is $10,000.00 (in thousands) and the new value is $11,000.00 (in thousands).

Using the formula, let's calculate the percent increase:

Percent Increase = [(11,000 - 10,000) / 10,000] * 100
Percent Increase = [1,000 / 10,000] * 100
Percent Increase = 0.1 * 100
Percent Increase = 10%

So, the correct answer is that the percent increase in food costs from 2001 to 2002 is 10%, as you initially thought.