16643 Lecture Notes - Lecture 9: Big Mac Index, Webcrawler, All Ordinaries
Document Summary
Indices are an attempt to answer the question what is the average price of everything? : measure the average performance" (most typically price level) of something" so as to produce a benchmark". Wage price index (abs 6345. 0: one billion prices project. Selective" bias e. g. not all goods online: big mac index. Attempt to establish ppp (sydney/melbourne/perth etc. ) Consumer price index: directly or indirectly affects all australians, an important economic indicator. A general measure of changes in prices of consumer goods & services: used for a variety of purposes. Development & analysis of government economic policy. Common for some leases to be indexed to cpi: cpi is not a cost of living" index. Measures the change in the minimum expenditure needed to maintain a certain. Why are indices important: the benefit of having a benchmark is that it is an effective way to compare a.
