The changes in prices of a cubic metre of oak wood and a cubic metre of...

 

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The changes in prices of a cubic metre of oak wood and a cubic metre of pine wood between 2013 and 2020 are presented in table 1. The prices of a cubic metre of oak wood and a cubic metre of pine wood in 2014 and 2020 are presented in table 2. TABLE 1: Chain index numbers for the prices of a cubic metre of oak wood and a cubic metre of pine wood (2014-2020) Year Oak wood Pine wood 2014 0.95 1.07 2015 2016 2017 2018 2019 0.89 1.26 1.22 1.04 1.06 1.06 1.10 1.01 1.27 2020 1.16 0.82 TABLE 2: Prices of a cubic metre of oak wood and a cubic metre of pine wood in 2014 and in 2020 Price 2014 2020 Oak wood 300 510 Pine wood 390 y a) Find x and y b) By how much (percentagewise) did the price of a cubic metre of pine wood change between 2017 and 2020? c) Find the average rate of change for the price of pine wood between 2016 and 2020. Assuming that the same average rate of change will apply to subsequent years, approximate the price of a cubic metre of pine wood in 2022. d) In one of the counties in western Poland consumers bought 300 cubic metres of pine wood and 100 cubic metres of oak wood in 2014. In 2020 they bought 300 cubic metres of pine wood and 400 cubic metres of oak wood. Find the Paasche quantity index given the prices and quantities as above. e) A company produces tables. Exactly one cubic metre of oak wood and one cubic metre of pine wood is needed to produce one table. Every year this company sets the prices of tables according to the following formula: Pt = 1.25 (cm + C), where p, is the price of a table, cm is the cost of materials (pine wood + oak wood) required to produce one table and c, is the cost of labour needed to produce one table. In 2014 the price of a table was equal to 2250 PLN. What is the price of a table in 2020 if we know that between 2014 and 2020 the cost of labour increased by 20%? The changes in prices of a cubic metre of oak wood and a cubic metre of pine wood between 2013 and 2020 are presented in table 1. The prices of a cubic metre of oak wood and a cubic metre of pine wood in 2014 and 2020 are presented in table 2. TABLE 1: Chain index numbers for the prices of a cubic metre of oak wood and a cubic metre of pine wood (2014-2020) Year Oak wood Pine wood 2014 0.95 1.07 2015 2016 2017 2018 2019 0.89 1.26 1.22 1.04 1.06 1.06 1.10 1.01 1.27 2020 1.16 0.82 TABLE 2: Prices of a cubic metre of oak wood and a cubic metre of pine wood in 2014 and in 2020 Price 2014 2020 Oak wood 300 510 Pine wood 390 y a) Find x and y b) By how much (percentagewise) did the price of a cubic metre of pine wood change between 2017 and 2020? c) Find the average rate of change for the price of pine wood between 2016 and 2020. Assuming that the same average rate of change will apply to subsequent years, approximate the price of a cubic metre of pine wood in 2022. d) In one of the counties in western Poland consumers bought 300 cubic metres of pine wood and 100 cubic metres of oak wood in 2014. In 2020 they bought 300 cubic metres of pine wood and 400 cubic metres of oak wood. Find the Paasche quantity index given the prices and quantities as above. e) A company produces tables. Exactly one cubic metre of oak wood and one cubic metre of pine wood is needed to produce one table. Every year this company sets the prices of tables according to the following formula: Pt = 1.25 (cm + C), where p, is the price of a table, cm is the cost of materials (pine wood + oak wood) required to produce one table and c, is the cost of labour needed to produce one table. In 2014 the price of a table was equal to 2250 PLN. What is the price of a table in 2020 if we know that between 2014 and 2020 the cost of labour increased by 20%?

Answer rating: 100% (QA)

Lets address the questions step by step a We need to find the value of y which is the price of a cubic metre of pine wood in 2014 From Table 1 we see that the chain index number for pine wood in 2014 ... View the full answer