1) What was the rating for Tolerance of Nicotine? 2) What is the cumulative rating for marijuana? 3) Which addictive property had the highest rating for.

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Presentation transcript:

1) What was the rating for Tolerance of Nicotine? 2) What is the cumulative rating for marijuana? 3) Which addictive property had the highest rating for cocaine?

Section 2.6

Index Numbers A special ratio that is used to show percentage changes over a period of time. The most famous Index Number is called the Consumer Price Index (CPI).Consumer Price Index

Consumer Price Index: What is it? The CPI originated in 1919: Every 10 years, the Bureau of Labor Statistics (BLS) surveys the buying habits of American families to determine which items go into the market basket.

Currently, there are approximately 80,000 items in the "basket." Price data for these items is collected monthly from 22,500 specific outlets and 7,300 specific housing units in 44 urban areas.

HOW THE CPI IS USEDCPI IS USED measure of inflation guide to making economic decisions used by Congress, the President, and the Federal Reserve to help formulate fiscal and monetary policies.

CPI CALCULATOR How much does $20 now relate to $20 in 1982?

Formula for Index Numbers

BASE PERIOD You must know what the BASE PERIOD is before you can tabulate other index numbers. B.P. index number = 100. < 100 represents a decrease in value. > 100 represents an increase.

Consumer Price Index (Norway) The Consumer Price Index = 100 All-item index105.3 Food and non-alcoholic beverages105.3 Alcoholic beverages and tobacco110.7 Clothing and footwear91.0 Housing, water, electricity, fuels106.4 Furnishings household equipment101.6 Health108.9 Transportation Communications89.9 Recreation and culture104.1 Education108.5 Restaurants and hotels107.4 Miscellaneous goods and services107.3

Using INDEX NUMBERS

YearGold ValueIndex Number % Change YR to YR