Additional Mathematics Project Work 2013

Additional Mathematics Project Work
Part 1 a)
I.
Price Index time Weightage
: an index that traces the relative changes in the price of individual goods over a period
II. III.
: a weighting factor assigned to compensate for perceived disadvantage with a value
Composite index: a large number of factors which are averaged together to form a product representative of an overall market or sector.
Prepared By Linkham Vijayan

b) Ways of weightage representation
Type
Pie Chart
Example
Line Graph

Bar Chart
Table

Part 2 a) My Familys monthly expenditure for the year 2013
Item
Food Accommodation (Rental/Loan) Transportation (Petrol/Bus/Loan) Clothing Education Recreation Utilities (Water/Electricity/Telephone) Medication Miscellaneous TOTAL
Average Monthly Expenditure For The Year 2013 (To The Nearest RM) 1000 950
Percentage Of Monthly Expenses (To The Nearest %) 27.02 25.68
400
10.81
100 500 200 300
2.70 13.51 5.41 8.11
150 100 3700
4.05 2.70 99.99 100
b) I) I have selected 2008 as my base year to compare average monthly expenses and to calculate price index that involves items mentioned above which fairly went through some changes over the past 5 years ii)
Item
Food Accommodation (Rental/Loan) Transportation(Petrol/Bus/Loan) Clothing Education Recreation Utilities (Water/Electricity/Telephone) Medication Miscellaneous TOTAL
Average Monthly Expenditure For The Year 2013 (To The Nearest RM) 600 950 200 100 300 200 150
Percentage Of Monthly Expenses (To The Nearest %) 1000 950 400 100 500 200 300
150 100 2750
150 100 3700
I.
I)
Table 3
: Completed Based On the Calculation below for Price Index & Weightage
Food Price Index for the year 2013 based on year 2008 =
1000 100 = 167 (nearest integer) 600
Weightage =
167 100 = 13.53 1234
Accommodation Price Index for the year 2013 based on year 2008 =
950 100 = 100 (nearest integer) 950
Weightage =
100 100 = 8.10 1234
Transportation Price Index for the year 2013 based on year 2008 =
Weightage =
200 100 = 16.21 1234
Clothing Price Index for the year 2013 based on year 2008 =
Weightage =
100 100 = 8.10 1234
Education Price Index for the year 2013 based on year 2008 =
Weightage =
167 100 = 13.53 1234
Recreation Price Index for the year 2013 based on year 2008 =
Weightage =
100 100 = 8.10 1234
Utilities Price Index for the year 2013 based on year 2008 = Weightage =
200 100 = 16.21 1234
Medication Price Index for the year 2013 based on year 2008 =
Weightage =
100 100 = 8.10 1234
Miscellaneous Price Index for the year 2013 based on year 2008 =
Weightage =
100 100 = 8.10 1234
Item
Price Indices for the year 2013 based on the year 2008 167 100
Weightage (%)
13.53 8.10
200
16.21
100 167 100 200
8.10 13.53 8.10 16.21
100 100 1234
8.10 8.10 99.98 100
Table 3
To convert the values of weightage to degrees:
Weightage for food (in degree) =
167 360 = 48.72o 1234
Item Food Accommodation (Rental/Loan) Transportation (Petrol/Bus/Loan) Clothing Education Recreation Utilities (Water/Electricity/Telephone) Medication Miscellaneous TOTAL
Weightage (%) 13.53 8.10
Weightage in Degree (o) 48.72 29.17
16.21
58.34
8.10 13.53 8.10 16.21
29.17 48.72 29.17 58.34
8.10 8.10 99.98 100
29.17 29.17 360.5 360
Pie Chart Represents the Weightage of Average Monthly Expenditure in the Year 2013 Based On Year 2008
Weightage
Miscellaneous 8% Food 14% Medication 8%
Accomodation (Rental/Loan) 8%
Utilities (Water/Electricity/ Telephone) 16%
Transportation (Petrol/Bus/Loan) 16%
Recreation 8% Clothing 8%
Education 14%
ii)
Composite Index for the average monthly expenditure in the year 2013 based on year 2008
Item
Price Indices for the year 2013 based on the year 2008 (I 2013/2008) 167 100
Weightage (%) W
I X W = IW
13.53 8.10
2259.51 810.00
200
16.21
3242.00
100 167 100 200
8.10 13.53 8.10 16.21
810.00 2259.51 810.00 3242.00
100 100 I =1234
8.10 8.10 W = 99.98 100
810.00 810.00 IW =15053.02
Sum of ( I x W) Composite Index = Sum of ( W ) = 15053.02 / 100 = 150.53 = 151
c) From the above calculation, it can be concluded that the expenditure of certain items have increased. The item utilities and transportation shows the most increment of 100%. The items with least increment are for the education and food. For other items such as accommodation, clothing, recreation, medication and miscellaneous shows no increment. The composite index of the average monthly expenditure in the year 2013 based on year 2008 is 151. This means that the cost of living in 2013 compared to 2008 has increased by 51 %
Part 3
a) I have conducted a survey on the price of the television for two different brands from three different shops. I made a comparison between two modes of payment, namely, cash payment and payment by instalment.
Formula to Calculate Mean & Standard Deviation for Ungrouped Data
For Calculating Mean:
Example 1: X = 699.99 + 699.99 + 689.99 = 2089.97 N X =3 = 2089.97 3
= 696.66
For Calculating Standard Deviation:
Example 2:
X2
= (699.99)2 + (699.99)2 + (689.99)2 = 1456058.2
(X2) 1456058.2 = n 3 = 485352.73 (Mean) 2 = (696.66)2 = 485335.16 [From Example 1]
Standard Deviation, S = (485352.73 485335.16) = 17.57 = 4.19
Table 4 (a): Shows prices of television by cash payment from 3 different shops
Brand
Size (Inches)
Price (RM) Shop A 699.99 * 849.99 1288.00 * 519.00 769.00 1199.00 * (3*,3-) Shop B 699.99 * 848.99 1269.99 550.00 * 789.00 * 1200.00 * (4*,-2) Shop C 689.99 859.99 * 1290.00 * 520.00 779.00 1190.00 (2*, 4-)
24 32 40 24 TOSHIBA 32 40 TOTAL [*] & [-] SHARP
Mean Price (RM) 696.66 852.99 1282.66 529.66 779.00 1196.33
Standard Deviation (RM) 4.19 4.97 9.46 14.62 8.16 5.31
Table 4 (b): Shows prices of television by instalment from 3 different shops
Brand
Size (Inches)
Price (RM) Shop A 899.99 1049.99 1499.00 * 720.00 979.00 1399.00 (1*, 5-) Shop B 899.99 * 1048.99 1469.00 780.00 * 989.00 * 1450.00 * (4*,2-) Shop C 889.99 1059.99 * 1500.00 * 750.00 979.00 1399.00 (2*,4-)
24 32 40 24 TOSHIBA 32 40 TOTAL [*] & [-] SHARP
Mean Price (RM) 896.66 1052.99 1489.33 750.00 982.33 1416.00
* Represents the price quoted is higher than the mean price calculated - Represents the price quoted is lesser than the mean price calculated
TOTAL SYMBOL [*] More Than Mean [-] Less Than Mean
Shop A 4 8
Shop B 8 4
Shop C 4 8
b) Based on the findings from part (a) above, I have decided to buy 32 TOSHIBA Television. My first reason is because when we compare the prices of Toshiba brand with Sharp Brand, it is fairly cheap and save my money. Its calculated that the Sharp Brand televisions are overpriced by average of 13.36 % percentage than Toshiba Brand televisions. Besides, when comes to the size of television I have analysed the standard deviation of the prices from 3 different shops. It is identified that 24 and 40 Toshiba television prices shows greater uncertainty and volatility (higher risk involved) compared to 32 Toshiba television. The greater the dispersion of the prices, the higher the risk associated with investment. In this case purchase of the television. The prices italicized on table below shows the standard deviation with higher uncertainty. Therefore, I have made a decision to buy 32 Toshiba Brand Television which is cheaper than Sharp Brand and at the same time worth the penny Ill spend with less uncertainty.
Brand
Size (Inches) 24 32 40 24 32 40
SHOP A 519.00 769.00 1199.00 720.00 979.00 1399.00
Price (RM) SHOP B 550.00 789.00 1200.00 780.00 989.00 1450.00
SHOP C 520.00 779.00 1190.00 750.00 979.00 1399.00
TOSHIBA (Cash Payment) TOSHIBA (Instalment)
Mean Price (RM) 529.66 779.00 1196.33 750.00 982.33 1416.00
c) If I am one of the panels for the Fair Price Shop Award from the Ministry of Domestic Trade and Consumer Affairs, I will choose Shop A as the most deserving shop for the award. The reasons are as below: Based on the findings from table 4 (a) and table 4 (b), its obvious that the prices of the television brands of TOSHIBA and SHARP in Shop A and Shop C both are fairer and cheaper compared to Shop B. The mark [*] inside each column indicates that the price quoted by the shops are more than the mean price whereas the mark [-] indicates the price quoted by the shops are lesser than the mean price calculated using the formula. By counting all the [*] and [-] for each shops, it is identified that Shop A & C ties with 8 [-] and 4 [*] while Shop B with 4 [-] and 8[*]. It is clearly proven that Shop C is out of the league. Next when comparing the standard deviation between Shop A & C with each price of the television, It is identified that the contribution of prices quoted in Shop A for the standard deviation calculated is very less compared to the prices quoted in Shop B & C. Hence it is safe to assume that the uncertainty and volatility (risk involved) of the prices of television in Shop A is very less and almost negligible which help customers to make a safe investment (in this content, purchase) with no unwanted confusions.
Therefore, the award should be presented to Shop A since it provides customers with correct information with fair and reasonable price for both brands of television, Sharp and Toshiba without exploiting the customers needs by burdening them with expensive and inconsistent prices.

Part 4: a)
My family has a fixed monthly income. In order to buy the television, my family needs to make some adjustment on transportation and utilities. When it comes to the transportation my family agreed to stop using car to go to work and shopping and use public transportation like bus and KTM instead. This is to safe few Ringgits to be used for petrol. Besides, all of our family members have agreed to stop using air-conditioned during night in living room and bedrooms. This definitely will cut down the electricity cost by half since air-condition uses high units which eventually costs a lot. We have decided to buy the 32 Toshiba Television by instalment. The table below shows my familys new modified table of monthly expenditure. In the new monthly expenditure the allocation for transportation has decreased from RM 400 to Rm 300. Here weve saved RM 100.00. Allocation for utilities has dropped from RM 300 to RM150. Here weve saved RM 150. On the other hand, weve increased the allocation for miscellaneous from RM100 to RM 250 to include the new expenditure for television instalment. We estimated 4 months to complete the payment for the television instalment.
Item
Food Accommodation (Rental/Loan) Transportation (Petrol/Bus/Loan) Clothing Education Recreation Utilities (Water/Electricity/Telephone) Medication Miscellaneous
Average Monthly Expenditure For The Year 2013 (To The Nearest RM) 1000 950 300 (decreased by RM100) 100 500 200 150 (decreased by RM100) 150 350 (increased by RM250)
Percentage Of Monthly Expenses (To The Nearest %) 27.02 25.68 8.10
2.70 13.51 5.41 4.05
4.05 9.46
TOTAL
3700
100.00
New Monthly Expenditure Pie Chart
Weightage %
Food 4.05 9.46 Accomodation (Rental/Loan) 27.02 Transportation (Petrol/Bus/Loan) Clothing Education 13.51 Recreation Utilities (Water/Electricity/Telephone) 25.68 2.7 8.1 Miscellaneous Medication
4.05 5.41

b) Assuming I have just started working with a monthly salary of RM 2500, I have planned a monthly expenditure and intending to save 10% of my salary every month. The table below shows the completed monthly expenditure.
Item
Food Accommodation (Rental/Loan) Transportation (Petrol/Bus/Loan) Clothing Saving Recreation Utilities (Water/Electricity/Telephone)
My Monthly Expenditure (RM)

500
Percentage Of Monthly Expenses (To The Nearest %)

20.00
400 300
16.00 12.00
200 250 200
8.00 10.00 8.00
250
10.00
Contribution To Parents Medication Miscellaneous
150 150 100
6.00 6.00 4.00
TOTAL
2500
100.00

REFLECTION:
The things I have learnt while conducting this project Learnt to use Microsoft Word and Microsoft Excel efficiently. For example I have used various symbols, and charts to insert correct formulas with correct graphical representation. I have improved my communication skills by talking to number of people from various races and ages when conducting the survey for television prices. I have learnt to calculate basic calculation for finding instalment rates for televisions by taking months into consideration as thought by the television shop owners I have learnt to apply the concept of statistics which I learnt in additional mathematics subject in school by implying mean and standard deviation formulas. I have learnt to write a proper report by including all the important details and tabulating them in correct order.
While conducting this report, I practiced the moral value of being honest. I thoroughly researched and surveyed each shop I conducted the survey without being biased. All the prices of the televisions and my familys monthly expenditure allocations are accurate and true.

Additional Mathematics Project Work 2013

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Additional Mathematics Project Work

Price Index time Weightage

: a weighting factor assigned to compensate for perceived disadvantage with a value

Prepared By Linkham Vijayan