After studying this Unit 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;
calculate a percentage price increase and a price ratio from a price index;
use price ratios to calculate values of a price index;
calculate the RPI and the CPI given the relevant information;
describe the likely effect of particular price changes on the value of the RPI or CPI;
use the RPI and/or the CPI to calculate the annual rate of inflation, the value of an index-linked pension and the purchasing power of the pound at one date compared with another;
read and interpret data from a table, a graph or a diagram;
understand the distinction between relative and absolute comparisons;
understand the terms ‘ratio?, ‘proportion? and ‘similar?, and use them appropriately;
discuss the strengths and weaknesses of using words, tables, graphs and diagrams to present information;
explain a familiar mathematical idea in your own words;
understand the meaning of expressions such as Σ x and Σxw and use them.
You should also be able to use your calculator to:
clear exisitng data lists;
enter data into lists and edit the data;
find the median and the mean of a batch of data;
find the mean of a batch of frequency data;
find the weighted mean of a batch of data (with given weights);
produce simple sequences of numbers.
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