By Jeff Ralph, Rob O'Neill, Joe Winton
This e-book offers an advent to index numbers for statisticians, economists and numerate individuals of the general public. It covers the fundamental fundamentals, blending theoretical points with useful suggestions to offer a balanced and obtainable advent to the topic. The innovations are illustrated by means of exploring the development and use of the shopper costs Index that's arguably an important of all reputable statistics within the united kingdom. The booklet additionally considers present concerns and advancements within the box together with using large-scale cost transaction data.
A useful creation to Index Numbers could be the excellent accompaniment for college kids taking the index quantity elements of the Royal Statistical Society usual and better certificates assessments; it offers advised routes throughout the e-book for college kids, and units of routines with solutions.
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Extra info for A Practical Introduction to Index Numbers
6%. b) Item 4 (Vodka – single). 3%. The same considerations apply to the quantities; we can define quantity relatives and calculate percentage changes as for prices. Let qti be the quantity of item i in the current period and let q0i be the quantity of item i in the base period. 2 Simple, un-weighted indices for price change We have seen how to calculate the change in price of a single item; however, in order to measure price changes for an entire economy, we need some way of combining measures of price change for groups of items.
The relationship between price and quantity is explored in the next section and in the following chapter. 3 Price, quantity and value The relationship between price, quantity and value is central to index number theory. These three variables are linked in the following way. 16) i=1 Depending on the setting, value can also be thought of as expenditure, turnover or cost; these terms are interchangeable in discussions of value and will be used throughout this book. 17) V = 0 = ∑n 0i i0 v i=1 pi qi This is useful as a quick calculation of change; again this can be calculated as a percentage by multiplying (V 0,t − 1) by 100.
E. 0791. 2. N. (1956) My Father Irving Fisher, Comet Press, New York, p. 235. 3. page=Gilts/consultation_papers (accessed 13 January 2015). MEASURING INFLATION 25 Exercise B These questions are intended to encourage you to think more broadly about the topics discussed in the first three chapters and how they can be applied in practice. Formal solutions are not provided for these questions; however, some brief supporting information for this exercise is available as part of the on-line content associated with this book.
A Practical Introduction to Index Numbers by Jeff Ralph, Rob O'Neill, Joe Winton