STANDARD OF LIVING Assignment

1. Distinguish between standard of living and cost of living
2. Examine the factors that lead to high standards of living of people in a country
3. Study the table below and answer the questions that follow;

Calculate

• Price relatives for each commodity for 2017
• Simple price index for 2017
• Weighted price index for each commodity in 2017   S
• Average weighted price index for 2017