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2 cards from this section. Quick, good the night before a test.
What is the basic purpose of an index number?
Think about how you compare prices at different times.
Can you name a type of index number?
Consider indices related to consumer prices.
What does an index number typically measure?
Think about how we compare prices.
True or False: A weighted index gives equal importance to all items within it.
Consider how you spend your income.
If the CPI increases from 300 to 450, by what percentage has the cost of living changed?
Use the percentage change formula.
Analyze the impact of rising petrol prices on the Laspeyres index, assuming petrol has a 5% weight.
Consider how this affects consumer expenditure over time.
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