Weighted index numbers (AQA GCSE Statistics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is the purpose of weighted index numbers?
What is the purpose of weighted index numbers?
Track inflation rates
What does a weighted mean represent?
What does a weighted mean represent?
Average considering importance
What is the base year index value?
What is the base year index value?
100
How do you calculate the index number?
How do you calculate the index number?
Current mean divided by base mean
If the index number is 120, what does it indicate?
If the index number is 120, what does it indicate?
Increase in value
What is the formula for weighted mean?
What is the formula for weighted mean?
Sum of (value x weight) divided by sum of weights
What should you do if a weighted mean is outside the data range?
What should you do if a weighted mean is outside the data range?
Check calculations for errors
What does a weight signify in calculations?
What does a weight signify in calculations?
Relative importance of items
How do you find the percentage increase from the index?
How do you find the percentage increase from the index?
Index minus 100
What is the first step in creating a weighted index number?
What is the first step in creating a weighted index number?
Select the base year for comparison