STANDARD OF LIVING Assignment

  1. Distinguish between standard of living and cost of living
  2. Examine the factors that lead to high standards of living of people in a country
  3. Study the table below and answer the questions that follow;
commodity Base year

Prices 2010

 Base year

Simple index

 Current year

Prices 2017

 Weight
Sugar (kg) 1500 100 2100 4
Beans (kg) 300 100 450 3
Rice (kg) 1200 100 1500 2
Bread (kg) 1200 100 1500 1

Calculate

  • Price relatives for each commodity for 2017
  • Simple price index for 2017
  • Weighted price index for each commodity in 2017   S
  • Average weighted price index for 2017
Ashaba Fredrick

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Ashaba Fredrick
4 years ago

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