T.R. Jain and V.K. Ohri Solutions for Class 11 Statistics for Economics Chapter 13 – Index Numbers is a crucial principle that students can study extensively. T.R. Jain and V.K. Ohri Solutions for Class 11 are available here.
| Board | CBSE |
| Class | Class 11 |
| Subject | Statistics for Economics |
| Chapter | Chapter 13 |
| Chapter Name | Index Numbers |
| Number of questions solved | 02 |
| Category | T.R. Jain and V.K. Ohri |
This chapter covers the following concepts:
- Concept and definition of index numbers
- Characteristics of index numbers
- Construction of weighted index numbers
- Fisher’s index numbers as an ideal method
- Consumer price index or cost of living index number
T.R. Jain and V.K. Ohri Solutions for Class 11 Statistics for Economics Chapter 13 – Index Numbers
Question 1
What is Index Number?
Answer:
According to Croxton and Cowden, “Index numbers are devices for measuring the difference in the magnitude of a group of related variables.”
Question 2
The following are the prices of commodities in 2004 and 2018. Construct a price index based on price relatives taking 2004 as the base year.
| Commodity | A | B | C | D | E |
| Price in 2004 | 50 | 40 | 80 | 110 | 20 |
| Price in 2018 | 40 | 60 | 90 | 120 | 20 |
Solution:
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