Retail price index, Mathematics

Assignment Help:

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.

 


Related Discussions:- Retail price index

How to solve two-step equations, How to solve Two-Step Equations? Two-s...

How to solve Two-Step Equations? Two-step equations involve two math operations - one operation is addition or subtraction. The second operation is multiplication or division.

How many rolls will she required to purchase, Karen is buying a wallpaper b...

Karen is buying a wallpaper border for her bedroom, that is 12 ft by 13 ft If the border is sold in rolls of 5 yards each, how many rolls will she required to purchase? The dis

The invisible effort on learning maths, The Invisible Effort :   Although t...

The Invisible Effort :   Although the development of children is a process, what is noticed and given recognition to is the end-product. We usually speak of children having achieve

Explain the counting principle in maths, Explain the Counting Principle in ...

Explain the Counting Principle in maths? The fundamental counting principle is used when you want to calculate the total number of possible outcomes (or combinations) of an exp

Example for articulate reasons and construct arguments, A Class 4 teacher w...

A Class 4 teacher was going to teach her class fractions. At the beginning of the term she asked the children, "If you had three chocolates, and wanted to divide them equally among

Explain the dependent events, Explain the Dependent Events? Events are ...

Explain the Dependent Events? Events are called dependent events when the outcome of one event influences the outcome of the second event. P(A and B) = P(A) P(B following A

Credit and invoice, mr ouma bought two sets of spanners for sh 300per set ...

mr ouma bought two sets of spanners for sh 300per set two machanic vice at sh 1000each three set of screw driver at sh 115 per set and tool box for sh 300

Marketing management , #How are Indian customers visiting Shoppers’ Stop an...

#How are Indian customers visiting Shoppers’ Stop any different from customers of developed western countries?

How many inches long is the bedroom, Raul's bedroom is 4 yards long. How ma...

Raul's bedroom is 4 yards long. How many inches long is the bedroom? There are 36 inches within a yard; 4 × 36 = 144 inches. There are 144 inches in 4 yards.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd