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4 cards from this section. Quick, good the night before a test.
What is the purpose of an index number?
Think about how we compare different years or periods.
Define a moving average.
Consider how averages help to simplify data.
What does an index number represent?
Focus on how comparisons are made.
True or False: Moving averages can help identify long-term trends.
Think about how averages work over time.
A company has a quantity index of 120 in 2022 compared to 100 in 2020. If the value index in 2020 was $50, what will it be in 2022?
Use the percentage increase based on the quantity index.
If a store's average sales over the last 5 days were $200, $250, $300, $150, and $280, what is the simple moving average?
Think about how to calculate the average by summing and dividing.
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