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Index Numbers

Question

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If a salary of a person in the base year is Rs. 4000 per annum and the current year is Rs. 6000 by how much should his salary rise to maintain the same standard of living if the CPI in Rs. 4000.

Solution

Annual income in base year = Rs. 4000. Annual income required in the base
year to maintain the same standard

Present annual salary = Rs.6000.

The increase in annual salary = 16,000 - 6,000 = Rs.10,000

Some More Questions From Index Numbers Chapter

As index number which accounts for the relative importance of the items is knwon as:

In most of the weighted index numbers the weight pertains to:

The impact of change in the price of a commodity with little weight in the index will be:

A consumer price index measures changes in:

The item having the highest weight in consumer price index for industrial workers is:

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:

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