Retail price index, Mathematics

Retail price index

This is weighted average of price relatives based on an average household in the base year. The items consumed are divided into groups as liker food, transport, housing, alcoholic drinks, fuel, footwear, light, water, services household goods, e.t.c. all item involved in the index is described a weighting and a price relative to the base is calculated. Modified form of laspeyre's price index formula is utilized as a weighted arithmetic mean (a.m.) of price relatives.


    Retail Price index     179_Retail price index.png


The index is utilized by the Government as a guide in finding the minimum wages, pension rates unemployed benefits in UK. Trade unions employ, it as a basis for their wages claims.


Posted Date: 2/18/2013 2:26:19 AM | Location : United States

Related Discussions:- Retail price index, Assignment Help, Ask Question on Retail price index, Get Answer, Expert's Help, Retail price index Discussions

Write discussion on Retail price index
Your posts are moderated
Related Questions
Mike sells on the average 15 newspapers per week (Monday – Friday). Find the probability that 2.1 In a given week he will sell all the newspapers

what is the totel

Launching a new product (Blackberry Cube) Analysis (target market) Product features Promotions and advertisement sample design (location)

Find out if the following set of vectors are linearly independent or linearly dependent. If they are linearly dependent get the relationship among them. Solution : Ther

A manufacturer assures his customers that the probability of having defective item is as 0.005. A sample of 1000 items was inspected. Determine the probabilities of having the give

What is the square root of -i and argument of -i Ans) argument of -i is 270 ad 1 is the square root of -i

what is market,what is marketing

Example of Integrals Involving Trig Functions Example: Estimate the following integral. ∫ sin 5 x dx Solution This integral no longer contains the cosine in it that

Mean, variance, skewness and kurtosis of a probability density function f(r)that has a distribution of a passive scalar filed in a stationary isotropic turbulence for initial condi

Tchebyshev Distance (Maximum Travel Distance per Trip Using Rectilinear Distance): It can be calculated by using following formula: d(X, Pi) = max{|x - ai|, |y - bi|} (Source