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The Marshall-Edgeworth index, credited to Marshall (1887) and Edgeworth (1925), [11] is a weighted relative of current period to base period sets of prices. This index uses the arithmetic average of the current and based period quantities for weighting. It is considered a pseudo-superlative formula and is symmetric. [12]
2003: original index value was $2.80; $2.80/$2.50 = 112%, so new index value is 112 When an index has been normalized in this manner, the meaning of the number 112, for instance, is that the total cost for the basket of goods is 4% more in 2001 than in the base year (in this case, year 2000), 8% more in 2002, and 12% more in 2003.
A consumer price index ( CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. Changes in measured CPI track changes in prices over time. [ 1] The CPI is calculated by using a representative basket of goods and services. The basket is updated periodically to reflect changes ...
Index numbers are used especially to compare business activity, the cost of living, and employment. They enable economists to reduce unwieldy business data into easily understood terms. In contrast to a cost-of-living index based on the true but unknown utility function, a superlative index number is an index number that can be calculated. [1]
The heat index ( HI) is an index that combines air temperature and relative humidity, in shaded areas, to posit a human-perceived equivalent temperature, as how hot it would feel if the humidity were some other value in the shade. For example, when the temperature is 32 °C (90 °F) with 70% relative humidity, the heat index is 41 °C (106 °F ...
The U.S. Dollar Index ( USDX, DXY, DX, or, informally, the "Dixie") is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, [ 1] often referred to as a basket of U.S. trade partners' currencies. [ 2] The Index goes up when the U.S. dollar gains "strength" (value) when compared to other ...
v. t. e. Body mass index ( BMI) is a value derived from the mass ( weight) and height of a person. The BMI is defined as the body mass divided by the square of the body height, and is expressed in units of kg/m 2, resulting from mass in kilograms (kg) and height in metres (m). The BMI may be determined first by measuring its components by means ...
Viscosity index. The viscosity index ( VI) is an arbitrary, unit-less measure of a fluid's change in viscosity relative to temperature change. It is mostly used to characterize the viscosity-temperature behavior of lubricating oils. The lower the VI, the more the viscosity is affected by changes in temperature.