Additional Mathematics Project Work 2013

Topics: Price index, Inflation, Price level Pages: 12 (2598 words) Published: June 22, 2013
ACKNOWLEDGEMENT

First and foremost, I would like to thank my Additional Mathematics teacher, Puan Siti Rafida Bt. Md Rejab as she gives us important guidance and commitment during this project work. She has been a very supportive figure throughout the whole project. I also would like to give thanks to all my friends for helping me and always supporting me while completing this project work. They have done a great job at surveying various shops and sharing information with other people including me. Without them this project would never have had its conclusion. For their strong support, I would like to express my gratitude to my beloved parents Kamruldzaman b. Said and Mazlina bt. Muhammad for supplying the equipment and money needed to complete this project. They have always been by my side and I hope they will still be there in the future. Last but not least, I would also like to thank all the nice shopkeepers, staffs, and citizens for helping me collect the much needed data for this project work. Not forgetting too all the other people who were involved directly or indirectly towards making this project a reality. I thank you all.

OBJECTIVES

The objectives of carrying out this project work are:
(i) To apply and adapt a variety of problem- solving strategies to solve problems; (ii) To improve thinking skills;
(iii) To promote effective mathematical communication;
(iv) To develop mathematical knowledge through problem solving in a way that increases students’ interest and confidence; (v) To use the language of mathematics to express mathematical ideas precisely; (vi) To provide learning environment that stimulates and enhances effective learning; (vii) To develop positive attitude towards mathematics

INTRODUCTION
HISTORY OF INDEX NUMBER
Index numbers are meant to study the change in the effects of such factors which cannot be measured directly. According to Bowley, index numbers are used to measure the changes in some quantity which we cannot observe directly. For example, changes in business activity in a country are not capable of direct measurement but it is possible to study relative changes in business activity by studying the variations in the values of some such factors which affect business activity, and which are capable of direct measurement. Index numbers are commonly used statistical device for measuring the combined fluctuations in a group related variables. If we wish to compare the price level of consumer items today with that prevalent ten years ago, we are not interested in comparing the prices of only one item, but in comparing some sort of average price levels. We may wish to compare the present agricultural production or industrial production with that at the time of independence. Here again, we have to consider all items of production and each item may have undergone a different fractional increase (or even a decrease).

How do we obtain a composite measure? This composite measure is provided by index numbers which may be defined as advice for combining the variations that have come in group of related variables over a period of time, with a view to obtain a figure that represents the result of the change in the constitute variables. Index numbers may be classified in terms of the variables that they are intended to measure. In business, different groups of variables in the measurement of which index number techniques are commonly used are (i) price, (ii) quantity, (iii) value and (iv) business activity. Thus, we have index of wholesale prices, index of consumer prices, index of industrial output, index of value of exports and index of business activity, etc. Here we shall be mainly interested in index numbers of prices showing changes with respect to time, although methods described can be applied to other cases. In general, the present level of prices...
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