Question

Define Price Index.

Solution

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.

Some More Questions From Index Numbers Chapter

In general, inflation is calculated by using:

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

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Index Numbers

Define Price Index.

Some More Questions From Index Numbers Chapter

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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