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Index Numbers

Question

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What points should be kept while Delecting the items to be included in the index number? (any two).

Solution

1. Items selected should be relevant to the purpose of the index.

2. The total number of commodities selected for the index should be neither too small nor too large.

Some More Questions From Index Numbers Chapter

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?

Can the CPI for urban non-manual employees represent the changes in the cost of living of the President of India?

Try to list the important items of consumption in your family.

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