Tracks changes in the prices of goods at the wholesale level. Key Formulas and Methods
For weighted methods, create additional columns for P0Q1cap P sub 0 cap Q sub 1 Sum the Totals: Sum these columns to find the Σcap sigma values required for the formulas. Important Exam Tips Tracks changes in the prices of goods at the wholesale level
Be prepared for theory questions on the limitations of index numbers , such as the difficulty in choosing a base year or the fact that they don't account for changes in quality. Formula Precision: Always double-check your ΣP1Q0cap sigma cap P sub 1 cap Q sub 0 f_0 = 9
Modal class = 20-30 (( f_1 = 15 )) ( L = 20, f_0 = 9, f_2 = 8, h = 10 ) Mode = ( 20 + \frac15 - 92\times15 - 9 - 8 \times 10 = 20 + \frac613 \times 10 ) = ( 20 + 4.615 = 24.615 ) f_2 = 8
Write the empirical formula for mode. Ans. Mode = 3 Median – 2 Mean