Homework Help is Here – Start Your Trial Now!
Math
Statistics
An online business sells two varieties of cat food, 'standard' and 'luxury'. It orders these from its supplier each October for the year ahead. The data for 2021 and 2022 are displayed in Table 1. Table 1 2021 2022 Standard price (£ per kg) 36.20 38.90 Standard expenditure (£) 285.62 268.41 Luxury price (£ per kg) Luxury expenditure (£) 44.50 49.70 431.21 497.97 (a) Calculate the (chained) price index for 2022, taking 2021 as the base year. (b) The RPI for October 2021 was 312.0, and the RPI for October 2022 was 356.2. Use this information, together with your calculation from (a), to compare the change in cat food prices with the overall change in this period. (c) An RPI index-linked pension was £450 per month in October 2021. How much should the pension be per month in October 2022? Give your answer rounded to the nearest pound. (d) Calculate the purchasing power of the pound in October 2022 compared with October 2021. Give your answer rounded to the nearest penny.

An online business sells two varieties of cat food, 'standard' and 'luxury'. It orders these from its supplier each October for the year ahead. The data for 2021 and 2022 are displayed in Table 1. Table 1 2021 2022 Standard price (£ per kg) 36.20 38.90 Standard expenditure (£) 285.62 268.41 Luxury price (£ per kg) Luxury expenditure (£) 44.50 49.70 431.21 497.97 (a) Calculate the (chained) price index for 2022, taking 2021 as the base year. (b) The RPI for October 2021 was 312.0, and the RPI for October 2022 was 356.2. Use this information, together with your calculation from (a), to compare the change in cat food prices with the overall change in this period. (c) An RPI index-linked pension was £450 per month in October 2021. How much should the pension be per month in October 2022? Give your answer rounded to the nearest pound. (d) Calculate the purchasing power of the pound in October 2022 compared with October 2021. Give your answer rounded to the nearest penny.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
Problem 12PPS
See similar textbooks
icon
Related questions
Question
An online business sells two varieties of cat food, 'standard' and 'luxury'. It orders these from its supplier each October for the year ahead. The data for 2021 and 2022 are displayed in Table 1. Table 1 2021 2022 Standard price (£ per kg) 36.20 38.90 Standard expenditure (£) 285.62 268.41 Luxury price (£ per kg) Luxury expenditure (£) 44.50 49.70 431.21 497.97 (a) Calculate the (chained) price index for 2022, taking 2021 as the base year. (b) The RPI for October 2021 was 312.0, and the RPI for October 2022 was 356.2. Use this information, together with your calculation from (a), to compare the change in cat food prices with the overall change in this period. (c) An RPI index-linked pension was £450 per month in October 2021. How much should the pension be per month in October 2022? Give your answer rounded to the nearest pound. (d) Calculate the purchasing power of the pound in October 2022 compared with October 2021. Give your answer rounded to the nearest penny.
Transcribed Image Text:An online business sells two varieties of cat food, 'standard' and 'luxury'. It orders these from its supplier each October for the year ahead. The data for 2021 and 2022 are displayed in Table 1. Table 1 2021 2022 Standard price (£ per kg) 36.20 38.90 Standard expenditure (£) 285.62 268.41 Luxury price (£ per kg) Luxury expenditure (£) 44.50 49.70 431.21 497.97 (a) Calculate the (chained) price index for 2022, taking 2021 as the base year. (b) The RPI for October 2021 was 312.0, and the RPI for October 2022 was 356.2. Use this information, together with your calculation from (a), to compare the change in cat food prices with the overall change in this period. (c) An RPI index-linked pension was £450 per month in October 2021. How much should the pension be per month in October 2022? Give your answer rounded to the nearest pound. (d) Calculate the purchasing power of the pound in October 2022 compared with October 2021. Give your answer rounded to the nearest penny.
Expert Solution
steps

Step by step

Solved in 1 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Big Ideas Math A Bridge To Success Algebra 1: Stu…
Algebra
ISBN:
9781680331141
Author:
HOUGHTON MIFFLIN HARCOURT
Publisher:
Houghton Mifflin Harcourt
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
SEE MORE TEXTBOOKS