Transcription of SUPPORT CENTRE - University of Sheffield
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SUPPORT CENTRE - University of Sheffield
MATHEMATICS SUPPORT CENTRE Title: Simple Index numbers Target: On completion of this worksheet you should be able to calculate simple index numbers, and a weighted index. Index numbers make a comparison between a value (quantity or price) in the current period and the corresponding value in a base period. All calculations are given in percentages without the % sign. 100 =valuebasevaluenumberindex Example. A pint of milk cost 26p in January 1988, 29p in 1990, 36p in 1997 and 34p in 1999. The milk price index in 1990 with 1988 as base is 51111002629 = Exercise Find the milk price index in each case: 1. For 1999 with 1988 as base. 2. For 1999 with 1997 as base. Answers: The index in 1999 with base 1988 is 130 8 The index in 1999 with base 1997 is 94 4 Index numbers can go down as well as up! Notice that milk went up by 5p between 1990 and 1999 (a increase) but the index increased from 111 5 to 130 8, or 19 3 points.
J p Often we look at the price of a group of goods in various quantities - 'baskets'. Quantities and prices can vary from year to year, so to make 'fair' comparisons the
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