Question
A typical consumer records the amount of fuel consumed each year for his or her personal car, the total amount paid for fuel consumed each
A typical consumer records the amount of fuel consumed each year for his or her personal car, the total amount paid for fuel consumed each year and the average average fuel price for that year from 2017 to 2021. The data is shown in the table below. Year Quantity of fuel consumed (litres) Value of fuel (RON) Average annual fuel price (RON) 2017 465 1953.2 4.52 2018 455 2592.5 5.74 2019 470 2707.5 5.95 2020 300 1787.3 6.02 2021 350 2275.7 6.54 a) Determine: which are the statistical variables analysed and their type
b) Determine the direction and intensity of the relationship between the quantity of fuel consumed and its price. Interpret the results.
c) Estimate from the data what the average annual fuel price will be in the year 2025 (use the mean absolute change method).
d) Using the average index method, what will be the price paid for fuel consumed in the year 2023?
e) Determine and interpret the absolute change on a fixed basis for 2019.
f) Determine and interpret the average dynamic index.
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