Question

In 2003, the salon charged $19.95 for a basic haircut. Find the cost of the basic haircut in 2013. Enter your answer to the nearest hundredth without the dollar sign.

Option 1: $21.50
Option 2: $19.05
Option 3: $23.45
Option 4: $20.30

Answer 1

Without specific information on inflation or industry-specific price increases, it is not possible to accurately determine the cost of the basic haircut in 2013 from the provided options and data.

Step-by-step explanation:

The original question asks about calculating the cost of a basic haircut in 2013 based on its price in 2003 and options provided. To solve this problem, we would normally consider factors like inflation, price increases specific to the industry, and any additional information provided. However, looking at the options provided and given data, we do not have an inflation rate or a specific method to calculate the increase in price over these years. Therefore, we cannot determine the cost of the haircut in 2013 with the information given in the question. Economic concepts such as average total cost, opportunity set and indifference curve from the additional reference information provided might be key to understanding the pricing but are not directly applicable to the question as it has been asked.