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Index Numbers
Define Price Index.
Index number is a statistical measure showing percentage or relative changes in variables like prices, production, exports etc.
According to Spiegel:An index number is a statistical measure designed to show changes in a variable or group of related variables with respect to time, geographic location or other characteristics.
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In general, inflation is calculated by using:
The item having the highest weight in consumer’s price index for industrial workers is:
consumer price index measures changes in:
The wholesale price index.
D.A. paid to the workers is based on:
Why do we need an index number?
Why is it essential to have different CPIs for different categories of consumers?
What does a consumer price index for industrial workers measure?
What is the difference between a price index and a quantity index?
Is the change in any price reflected in price index number?
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