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Prices

Free Course Free Course Featuring: Audio Audio

This free course, Prices, looks at a wide variety of ways of comparing prices and the construction of a price index. You will also look at the Retail Price Index (RPI) and the Consumer Price Index (CPI), indices used by the UK Government to calculate the percentage by which prices in general have risen over any given period. You will also look at the important statistical and mathematical ideas that contribute to the construction of a price index.

After studying this course, you should be able to:

  • calculate the mean, weighted mean and the median of a batch of numbers
  • calculate a percentage and a percentage price increase
  • use a weighted mean to find an average percentage price increase (given the weights)
  • use the statistical facilities of your calculator to find the mean, the median and (given the weights) the weighted mean of a batch of numbers
  • produce simple sequences of numbers.

By: The Open University

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Prices

Introduction

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This course looks at a wide variety of ways of comparing prices and the construction of a price index. You will look at the Retail Price Index (RPI) and the Consumer Price Index (CPI), indices used by the UK Government to calculate the percentage by which prices in general have risen over any given period. You will also look at the important statistical and mathematical ideas that contribute to the construction of a price index.

In order to complete this course you will need to have obtained a Texas Instruments TI-83 calculator and the book Tapping into Mathematics With the TI-83 Graphics Calculator by Barrie Galpin and Alan Graham (eds), Addison Wesley, 1997 (ISBN 0201175479). This is referred to throughout the course as the Calculator Book.

This OpenLearn course provides a sample of level 1 study in Mathematics [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] .

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