Business statistics 1What is an index number 2 Who was WR Ca

Business statistics:

1.What is an index number?

2. Who was WR. Carli?

3. Why convert data to indexes?

4. What are the methods for computing a weighted price index?

5. What is the function of the CPI?

6. How would you deflate sales?

7. What is the base year?

8. Be able to calculate the weighted index of price for a certain base.

9. Know how to classify an index.

10. What is a time series?

11. What is seasonality?

12. Know what the linear trend equation is.

13. Straight line trend vs. least squares method

14. Understand oscillation and amplitudes.

15. What is a seasonal index of 107?

16. How do you determine the trend component of a time series?

1) It is a statisitcal device used to measure changes in groups of data.

3) It is easier to comapre indexes and also easier to measure change using indees, rahter than data.

4) Laspeyre, Paasche, Dorbish bowley, Marshall edgeworth , Fisher, Weighted average method.

5) It is used to fix bonus and salary, It is used to convert real wage to money wage, It s used for deflating products of atonl income.

6) deflated sales=(Actual sales/an appropriate index)*100

7) The year which is takne as the refernce point is the base year.

8) we can do this using any one the weighted price index formula.

9) Index number are calssified according to theis objective.

10) Data collected according to time is called time series.

11) it is the characteristic of the time series data to change with regualr and predictable changes whcih recur in every calendar year.

12) y=a+bx.

13) we can used least sqaures method to fit a straight line trend.

14) the osicalltory nature of a time series. The measure of change of these osicalltions are amplitudes.

15) When there is change in the data after a very long time.