Describe briefly price index and weightage

Reference no: EM13753383

PART 1

(a) Describe briefly

i. price index

ii. weightage

iii. composite index

iv. State three ways of representing weightage, give examples of the representation using computer or any printed materials.

(b) Table 1 shows the prices and price indies of three ingredients, flour, sugar and egg, used in the making of a kind of food.

Ingredient	Price (RM)		Price index in the year 2015 based on the year 2014
Ingredient	2014	2015	Price index in the year 2015 based on the year 2014
Flour (kg)	2.20	2.60
Sugar (kg)	2.20	2.70
Egg (tray)	9.80	10.90

Table 1

i. Based on the table 1, calculate the price index of every items

ii. From the price index calculated in part (i), what can you conclude about the price of the items mentioned.

PART 2

(a) To produce a type of cake, the main items needed are flour , sugar, eggs and butter.

Complete Table 2, which shows the price and weightage for the four types of items mentioned above.

Ingredient	Price (RM)		Weightage
Ingredient	2014	2015	Weightage
Flour (500 g)			m
Sugar (300 g)			18
Egg (10)			23
Butter (1 can)			27

Table 2

(b) Calculate the composite index for the cost of making the cake in the year 2015 based on the year 2014.

If the cost of making a cake in the year 2014 is RM 25.00, calculate the corresponding cost in the year 2015.

(d) What do you expect the cost of the cake to be in the year 2016? Why?

PART 3

Your school is going to have 'Hari Koperasi Sekolah'. Every club is given a chance to take part in the sales activity. As the president of ERT club (Ekonomi Rumah Tangga), you planned to take part in the activity selling cakes.

Below is a table showing the expenditure for the activity in the year 2014 and the expected expenditure in the year 2015.

Ingredient	Costs (RM)		Weightage (^o)
Ingredient	2014	2015	Weightage (^o)
Stall rental	45.00	50.00
Raw material	270.00	+ 6%
Wage	75.00	+ 2%
Others	150.00	+ 4%

(a) Based on the table above , state the information that are related to the topic of index number

(b) You are asked to present the cost which is needed in the coming club meeting. It is suggested that you use at least two types of graphic representations to show the fraction of cost involved if the weightage is given in degree (^o) , complete the table above.

(c) In the year 2014, the price of a cake is RM 10.00 per piece. In the year 2015 Club ERT intend to make an increase of 15% in profit compare to the year 2014. How much should you sell a cake in the year 2015 if the number of cakes produced is the same as the year 2014.

REFLECTION

While you are were conducting the project, what have you learnt? What moral values did you practice? Represent your opinions or feelings creatively through usage of symbols, illustrations, drawing or even in a song.

Reference no: EM13753383

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