The average prices and quantities of seven items sold in Meru County are shown in the following table: 2019 2020 Price (Kshs/Kg) Quantity (Kg,000) Price (Kshs/Kg) Quantity (Kg,000) Pineapples 50 15 60 18 Oranges 40 30 85 35 Bananas 60 20 75 25 Beans 30 80 50 70 Wheat 40 60 60 65 Millet 70 20 90 40 Peas 30 60 40 100 a. Using 2019 as base year, compute Laspeyre’s, Paasche’s, Kelly’s, and Fishers Price index numbers for 2020. Comment on the results. b. Demonstrate that the computed Fisher’s ideal price index number satisfies both time reversal and f
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.
The average prices and quantities of seven items sold in Meru County are shown in the following table:
|
|
2019 |
2020 |
||
|
|
Price (Kshs/Kg) |
Quantity (Kg,000) |
Price (Kshs/Kg) |
Quantity (Kg,000) |
|
Pineapples |
50 |
15 |
60 |
18 |
|
Oranges |
40 |
30 |
85 |
35 |
|
Bananas |
60 |
20 |
75 |
25 |
|
Beans |
30 |
80 |
50 |
70 |
|
Wheat |
40 |
60 |
60 |
65 |
|
Millet |
70 |
20 |
90 |
40 |
|
Peas |
30 |
60 |
40 |
100 |
a. Using 2019 as base year, compute Laspeyre’s, Paasche’s, Kelly’s, and Fishers Price index numbers for 2020. Comment on the results.
b. Demonstrate that the computed Fisher’s ideal price index number satisfies both time reversal and factor reversal tests.
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