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i. Etienne Laspeyres developed a method in the latter part of the 18th century to determine a weighted index using base-period weights.
Ii) If we are constructing a weighted index of the price of food for 2000 using the Laspeyres' method and 1982-84 = 100, we use the amounts consumed in the base period, q0, as weights.
Iii) The Laspeyres' method changes in buying patterns over time.
Highest 86%
Refers to the maximum value or percentile, likely in a set of data or scores, being at or reaching 86%.
Highest 7%
Refers to the top seven percent of a distribution or set of data points, often used in statistical analysis to identify outliers or exceptional cases.
-0.55 < Z < 0.55
Represents a range on the Z-score scale, which indicates values that are within this interval on a standard normal distribution.
-0.73 < Z < 2.27
A statistical range between Z-scores indicating that data points fall within this interval on a standard normal distribution.
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