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Author Question: The table below shows hypothetical tuition costs at a Canadian ... (Read 45 times)

amymoore

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on: Oct 12, 2022

Question 1

Let 1 stand for "any given period" and 2 stand for "base period." The formula of any index number can be written as


◦

value of index at 1 =  × 100.


◦

value of index at 1 = .


◦

value of index at 1 =  × 100.


◦

value of index at 1 =  × 100.


◦

value of index at 1 = .



Question 2

The table below shows hypothetical tuition costs at a Canadian university.

YearTuition
2018$5000
2019$5050
2020$5100
2021$5150
2022$5200

TABLE 2-1

Refer to Table 2-1. Assume that 2018 is used as the base year, with the index number = 100. The value of the index number in 2017 is calculated as follows:
◦ (5000/5100) × 100 = 98.
◦ (5100/5000) × 100 = 102.
◦ 5000/5100 = 0.98.
◦ 5100/5000 = 1.02.
◦ 5100/5100 = 100.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by amymoore on Oct 12, 2022

queenBea90

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Reply #1 on: Oct 12, 2022
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amymoore

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Reply 2 on: Oct 12, 2022
Excellent

AmberC1996

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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