Chain base index numbers (AQA GCSE Statistics): Flashcards
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What is a chain base index number?
What is a chain base index number?
A method comparing values to the previous year's data.
How to calculate a chain base index number?
How to calculate a chain base index number?
Use: (value this year / value last year) x 100.
What does a chain base index of 120 indicate?
What does a chain base index of 120 indicate?
Values increased by 20% from the previous year.
Calculate price this year with index 115 and last £200.
Calculate price this year with index 115 and last £200.
Price this year = £230 (115/100 x £200).
Difference between simple and chain base indices?
Difference between simple and chain base indices?
Simple uses a fixed base year; chain uses previous year.
Find chain base index from 2015 to 2016 with 0.7% rise.
Find chain base index from 2015 to 2016 with 0.7% rise.
Chain base index = 100.7 (100 + 0.7).
Calculate chain base index for car prices £18,900 and £18,500.
Calculate chain base index for car prices £18,900 and £18,500.
Index = 102.2 (18,900/18,500 x 100).
Why do equal price rises yield different index numbers?
Why do equal price rises yield different index numbers?
Larger base values lead to smaller percentage changes.
What does a 0% change indicate in index numbers?
What does a 0% change indicate in index numbers?
It gives an index of 100, not 0.
What does a chain base index of 100 indicate?
What does a chain base index of 100 indicate?
The price is unchanged from the previous year.