A particular item is sold in each of the calendar years 2000 to 2003. In each year the price is held constant during the year. The following table gives the price in each year and the quantity sold in that year. The figure for the quantity sold in 2003 is omitted.
Year 2000 2001 2002 2003
Price £3.00 £3.39 £2.95 £3.19
Quantity sold 35,000 33,000 39,600 -
(a) Calculate the price relative for 2001 with 2000 as the base year.
(b) Calculate the quantity relative for 2002 with 2001 as the base year.
(c) Giving each figure correct to one decimal place, show the prices for 2001 to 2003 as a chain base index.
(d) The quantity relative for 2003 with 2002 as the base year is 0.97. Calculate the quantity sold in 2003.
(e) Provide an interpretation in percentage terms of the quantity relative for 2003 with 2002 as the base year, given in (d).