The table below shows hypothetical tuition costs at a Canadian university. Year Tuition 2015 $5000 2016 $5050 2017 $5100 2018 $5150 2019 $5200 If 2015 is the base year, then the value of the index number in 2017 is... a. (5000 / 5100) × 100 = 98. b. 5000 / 5100 = 0.98. c. 5100 / 5100 = 100. d. 5100 / 5000 = 1.02. e. (5100 / 5000) × 100 = 102.
The table below shows hypothetical tuition costs at a Canadian university. Year Tuition 2015 $5000 2016 $5050 2017 $5100 2018 $5150 2019 $5200 If 2015 is the base year, then the value of the index number in 2017 is... a. (5000 / 5100) × 100 = 98. b. 5000 / 5100 = 0.98. c. 5100 / 5100 = 100. d. 5100 / 5000 = 1.02. e. (5100 / 5000) × 100 = 102.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Q63
The table below shows hypothetical tuition costs at a Canadian university.
If 2015 is the base year, then the value of the index number in 2017 is...
Year | Tuition |
2015 | $5000 |
2016 | $5050 |
2017 | $5100 |
2018 | $5150 |
2019 | $5200 |
If 2015 is the base year, then the value of the index number in 2017 is...
a.
(5000 / 5100) × 100 = 98.
b.
5000 / 5100 = 0.98.
c.
5100 / 5100 = 100.
d.
5100 / 5000 = 1.02.
e.
(5100 / 5000) × 100 = 102.
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