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.