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2 cards from this section. Quick, good the night before a test.
What is an index number?
Think about how we might compare today’s prices to prices in the past.
Name a type of index number.
Remember the P-Q-V acronym.
What does an index number measure?
Think about what we've discussed on how we measure changes over time.
True or False: A weighted moving average gives equal importance to all data points.
Consider how different items might affect averages differently.
Given the following price levels: Year 1: 90, Year 2: 110, Year 3: 120. Calculate the price index number for Year 3 using Year 1 as the base.
Remember to compare the current price to the base year price.
Using a weighted moving average of three data points: 5, 10, 15 with weights 0.5, 1, 1.5 respectively, find the moving average.
Make sure to multiply each data point by its weight before adding them up.
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