Making Comparisons Flashcards by ELZER ASFAW | Brainscape

Q

Making Comparisons

A

Ratios

Percentage Changes

Index Numbers

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Q

Index Numbers

A

Revenue = price per item x no. items sold £/mth

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Q

Index Numbers

A

An Index Number is a ratio expressed as a percentage

Without % symbol

The reference points - called the base

Always takes the value 100

Index no. = value at time divided by value at reference time x100

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Q

Index Numbers

A

Monitor variation in the value of groups of items

Retail Price Index (RPI)

Monitor the cost of a basket of goods/services

Aggregated and weighted index number

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