Record the daily expenditure, quantities bought and prices paid per unit of the daily purchases of your family for two weeks. How has the price change affected your family?

Week I

 

Potato

Onion

Total

Expenditure

(Rs)

Days

Price

(per kg)

PWI

Quantity

QWI

Expenditure

PWI  QWI

Price (per kg)

PWI

Quantity

QWI

Expenditure

PWI  QWI

Monday

10

1

10

20

1

20

30

Tuesday

9

1

9

19

1

19

28

Wednesday

11

1

11

21

1

21

32

Thursday

12

15

18

20

1

20

38

Friday

8

1

8

19

2

38

46

Saturday

10

2

20

18

15

27

47

Sunday

9

1

9

20

1

20

29

 

 

 

Week II

 

Potato

Onion

Total

Expenditure

(Rs)

Days

Price

(per kg)

PWII

Quantity

QWII

Expenditure

PWII  QWII

Price (per kg)

PWII

Quantity

QWII

Expenditure

PWII  QWII

Monday

9

1

9

20

1

20

29

Tuesday

10

1.5

15

22

1.5

33

48

Wednesday

12

1

12

21

1

21

33

Thursday

10

1

10

19

1

19

29

Friday

11

2

22

18

1

18

40

Saturday

12

1

12

20

1

20

32

Sunday

10

1

10

22

1.5

33

43

 

The household on Monday of week one (WI) spend Rs 30, by buying 1 kg of Potato and 1kg of Onion at Rs 10 and Rs 20 per kg respectively, whereas, the price of Potato on Monday of the week second (WII) has reduced from Rs 10 to Rs 9 resulting in the reduction in the expenditure incurred by the household. Therefore, we can conclude that the decrease in price leads to decrease in expenditure given the quantity purchased. We can also analyze that the price and quantity purchased by the household shares a negative relationship with each other.


 

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