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STAT 100 (65)
Chapter 16

Chapter 16 STATS.docx

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Simon Fraser University
STAT 100
Derek Bingham

Chapter 16 The Consumer Price Index and Government StatisticsIndex numbersThe CPI is a new kind of numerical description an index number and index number can attach to any quantitative variable that we measure repeatedly over timeAn index number describes the percentage change from a base periodAn index number measures the value of a variable relative to its value at a base period Index numbervaluebase value x 100In news reports concerning the CPI you will notice the mysterious equation 198282 100 thats a shorthand for the fact that the years 1982 to 1984 are the base period for the CPI An index number just gives the current value as a percentage of the base value Index number 57 means that the current value is 57 of the base 43 decreaseFixed market basket price indexesThe term index number usually means more than a measure of change relative to a baseIt also tells us the kind of variable whose change we measure That variable i
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