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jack bopp jack bopp
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A year ago
The table below shows hypothetical tuition costs at a Canadian university.

YearTuition
2018$5000
2019$5050
2020$5100
2021$5150
2022$5200

TABLE 2-1

Refer to Table 2-1. Assume that 2020 is used as the base year, with the index number = 100. The value of the index number in 2018 is calculated as follows:

▸ (5100/5000) × 100 = 102.

▸ 5100/5100 = 100.

▸ 5100/5000 = 1.02.

▸ (5000/5100) × 100 = 98.

▸ 5000/5100 = 0.98.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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