Value For Money OCR Stage 7

What is it? We use Value for Money when deciding which of TWO [or more] choices of what to buy For example 750g of Corn Flakes for £2.25 250g of Corn Flakes for £0.80

How to decide on Corn Flakes This is a simple case The 750g pack is 3 x 250g 3 x 250g = 3 x £0.80 £2.40 A 750g pack only costs £2.25 Best Value for Money is the 750g pack Get same amount for LESS cost

Other Methods But most questions are not that simple Need another method There are actually 2 ways to compare prices and Value for Money

#1 Price Per Unit 250g Pack £0.80 750g Pack £2.25 0.8 250 2.25 750 In the Cornflakes example, we can compare price per gram 250g Pack £0.80 750g Pack £2.25 0.8 250 2.25 750 = £0.0032 = £0.003 per gram per gram Best Value is LOWEST cost per gram

#2 Units per pence [or £] 250g Pack £0.80 750g Pack £2.25 250 0.8 750 In the Cornflakes example, we can compare UNITS per £ 250g Pack £0.80 750g Pack £2.25 250 0.8 750 2.25 = 312g = 333.3…g per £ per £ Best Value is HIGHEST quantity per £