The Table Below Lists Two Index Number Series for Median

question 10

Essay

The table below lists two index number series for median household income of a particular country. $$\begin{array} { | c | c | c | } \hline & \mathbf { 2 0 0 0 } & \mathbf { 2 0 1 0 } \\\hline \text { Year } & \text { Base } & \text { Base } \\\hline \mathbf { 2 0 0 2 } & 98 & \\\hline \mathbf { 2 0 0 3 } & 100 & \\\hline \mathbf { 2 0 0 4 } & 101 & \\\hline \mathbf { 2 0 0 5 } & 103 & \\\hline \mathbf { 2 0 0 6 } & 104 & \\\hline \mathbf { 2 0 0 7 } & 105 & \\\hline \mathbf { 2 0 0 8 } & 107 & \\\hline \mathbf { 2 0 0 9 } & 113 & 90 \\\hline \mathbf { 2 0 1 0 } & & 95 \\\hline \mathbf { 2 0 1 1 } & & 96 \\\hline \mathbf { 2 0 1 2 } & & 98 \\\hline \mathbf { 2 0 1 3 } & & 100 \\\hline \mathbf { 2 0 1 4 } & & 110 \\\hline \mathbf { 2 0 1 5 } & & 116 \\\hline \mathbf { 2 0 1 6 } & & 117 \\\hline\end{array}$$ (a) Complete the 2000 index and the 2010 index by filling in the missing values.
(b) Interpret the 2016 value using each index.
(c) Which of your interpretations in part (b) do you prefer? Explain.

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