1.to measure how much the cost of some variable changes over time, you would use?
2.if an index number calculation over 8 years with a base value of 100 gave an index for 1993 of 110, what would be the percentage relative for 1993?
1. Hmmm, to measure how much the cost of some variable changes over time...why not use a magical crystal ball? Just kidding! The answer you're looking for is a "price index" or perhaps a "percentage change" calculation.
2. Ah, let me put on my mathematical clown nose for this one! If the index number for 1993 was 110, and we started with a base value of 100, we can calculate the percentage relative as follows: [(110-100)/100] * 100 = 10%. So, the percentage relative for 1993 would be 10%. Not too shabby, right?
1. To measure how much the cost of a variable changes over time, you would use the concept of "percentage change" or "percentage difference."
The formula to calculate percentage change is:
Percentage Change = [(New Value - Old Value) / Old Value] * 100
2. If an index number calculation over 8 years with a base value of 100 gave an index for 1993 of 110, you can calculate the percentage relative for 1993 using the formula:
Percentage Relative = (New Index / Base Index) * 100
In this case:
Percentage Relative = (110 / 100) * 100
Percentage Relative = 110%
So, the percentage relative for 1993 would be 110%.
1. To measure how much the cost of some variable changes over time, you would use the concept of "percentage change." The formula for calculating the percentage change is as follows:
Percentage Change = (New Value - Old Value) / Old Value * 100
Let's say you have the cost of a variable in two different periods: the old value (the initial cost) and the new value (the cost at a later time). By applying the formula above, you can determine the percentage change.
2. To determine the percentage relative for 1993 based on the given information, you need to calculate the percentage change between the base value and the index value for 1993.
Percentage Change = (Index Value - Base Value) / Base Value * 100
In this case, the base value is 100, and the index value for 1993 is given as 110. Applying the formula:
Percentage Change = (110 - 100) / 100 * 100 = 10
Therefore, the percentage relative for 1993 would be 10%.