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An index number is an economic data figure reflecting price or quantity compared with a standard or base value. [ 5 ] [ 6 ] The base usually equals 100 and the index number is usually expressed as 100 times the ratio to the base value.
The Marshall-Edgeworth index, credited to Marshall (1887) and Edgeworth (1925), [11] is a weighted relative of current period to base period sets of prices. This index uses the arithmetic average of the current and based period quantities for weighting. It is considered a pseudo-superlative formula and is symmetric. [12]
Price indices are represented as index numbers, number values that indicate relative change but not absolute values (i.e. one price index value can be compared to another or a base, but the number alone has no meaning). Price indices generally select a base year and make that index value equal to 100.
A price index is the relative price of a commodity bundle. A price index can be measured over time, or at different locations or markets. If it is measured over time, it is a series of values over time . A time series price index is calculated relative to a base or reference date.
In statistics and research design, an index is a composite statistic – a measure of changes in a representative group of individual data points, or in other words, a compound measure that aggregates multiple indicators. [1] [2] Indices – also known as indexes and composite indicators – summarize and rank specific observations. [2]
In economics, the Törnqvist index is a price or quantity index. In practice, Törnqvist index values are calculated for consecutive periods, then these are strung together, or " chained ". Thus, the core calculation does not refer to a single base year.
A CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. Sub-indices and sub-sub-indices can be computed for different categories and sub-categories of goods and services, which are combined to produce the overall index with weights reflecting their shares in the total of the consumer expenditures covered by the ...
The concept of revealed comparative advantage is similar to that of economic base theory, which is the same calculation, but considers employment rather than exports. Example: in 2010, soybeans represented 0.35% of world trade with exports of $42 billion.