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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
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.
Concrete to Abstract : Mathematics, like all human knowledge, grows out of our concrete experiences. Let us take the example of three-dimensional shapes. Think about how you came
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an insurance salesman sells policies to 5 men, all of identical age in good health. the probability that a man of this particular age will be alive 20 years hence is 2/3.Find the p
Bikes are on sale for 30% off the original price. What percent of the original price will the customer pay if he gets the bike at the sale price? The original price of the bike
$36.00*6/36+(-$3.60)x30/36
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