11. Index Numbers and Moving Averages
Index numbers are essential statistical tools that measure relative changes over time in various economic variables. Moving averages help smooth data fluctuations, allowing for clearer trend analysis. This chapter provides a foundation for understanding these concepts through definitions, types, and construction methods.
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What we have learnt
- Index numbers track changes in prices, quantities, or values over time.
- Different types of index numbers include price, quantity, and value index numbers.
- Moving averages help analyze data trends by smoothing short-term fluctuations.
Key Concepts
- -- Index Numbers
- Statistical measures used to track changes in economic data over time, often relative to a base period.
- -- Moving Averages
- A method to analyze trends by calculating averages of data points over fixed intervals to reduce short-term fluctuations.
- -- Simple Moving Average
- An average calculated from a fixed number of consecutive data points.
- -- Weighted Moving Average
- An average that assigns different weights to various data points, reflecting their importance.
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