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MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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
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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