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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.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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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.
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