QUESTION 3 Consider the basic food items consumed by a rural household: Food item Consumption Price (N$) June 2021 July 2021 June 2021 July 2021 Bread(loaves) 25 26 10.30 10.70 Cooking oil(litres) 5 6 45.00 59.40 Rice(kg) 10 8 34.50 36.20 Meat(kg) 15 16 88.90 92.20 Required to: a)Which food item has had the lowest relative quantity of consumption increase between the months of June and July? b) Which food item has had the lowest relative price increase between the months Juneand July 2021? c) Calculate and interpret a Paasche quantity index for July 2021.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
QUESTION 3
Consider the basic food items consumed by a rural household:
|
Food item |
Consumption |
|
Price (N$) |
|
|
|
June 2021 |
July 2021 |
June 2021 |
July 2021 |
|
Bread(loaves) |
25 |
26 |
10.30 |
10.70 |
|
Cooking oil(litres) |
5 |
6 |
45.00 |
59.40 |
|
Rice(kg) |
10 |
8 |
34.50 |
36.20 |
|
Meat(kg) |
15 |
16 |
88.90 |
92.20 |
Required to:
a)Which food item has had the lowest relative quantity of consumption increase
between the months of June and July?
b) Which food item has had the lowest relative price increase between the months Juneand July 2021?
c) Calculate and interpret a Paasche quantity index for July 2021.
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