A school wants to track how the cost of hiring a coach for the annual Year 10 geography trip has changed over time, by building a simple price index. It plans to follow the statistical enquiry cycle.
(a)(Plan) State one decision the school must make before it can build a fixed-base index for the coach hire cost.(1)
(b)(Collect) The school could get one coach hire quote each year from a single company, or collect quotes from several companies each year and use the average. Give one reason why using the average of several companies' quotes gives a more reliable index.(1)
(c)(Process) The school used 2019 as the base year, when the average coach hire quote was £360. In 2024, the average quote was £441. Calculate the index number for the coach hire cost in 2024.(2)
(d)(Interpret) Interpret the index number found in part (c) in the context of the coach hire cost.(1)
(e)(Evaluate) The school only tracked the coach hire cost, but the total cost of the trip also includes entry fees and food. Suggest one improvement the school could make to better track the overall cost of the whole trip using index numbers.(1)
(Total for Question 14 is 6 marks)