Index Numbers and Time Based Data — Flashcards
CBSE · Class 12 · Applied Mathematics
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What is an Index Number? Define and give its basic purpose.
Answer
An index number is a measure of change in a group of related variables over two different situations with respect to time, geographical location, or other characteristics. It tracks the movement in th…
What is the formula for calculating a Relative Index Number?
Answer
Relative Index Number for time period n = In = (pn/p0) × 100 Where: - pn = price in current period n - p0 = price in base period 0 For quantity index: In = (Qn/Q0) × 100 The base period always has …
Calculate the simple aggregative price index for 2008 using 2000 as base: Commodity A: 2000=₹3.20, 2008=₹3.80 Commodity B: 2000=₹1.70, 2008=₹2.10 Commodity C: 2000=₹148.10, 2008=₹149.50
Answer
Simple Aggregative Index = (Σpn/Σp0) × 100 Σp0 = 3.20 + 1.70 + 148.10 = ₹153.00 Σpn = 3.80 + 2.10 + 149.50 = ₹155.40 Index = (155.40/153.00) × 100 = 101.57 This shows prices increased by only 1.57%…
What are the main limitations of the Simple Aggregative Method?
Answer
1. Heavily influenced by commodities with large unit prices 2. Commodities with lower unit prices get dominated by high-priced items 3. High unit prices become 'concealed weights' causing bias 4. Uses…
What is Laspeyres' Index and what is its formula?
Answer
Laspeyres' Index uses base period quantities as weights. Developed by French economist Laspeyres in 1871. Formula: InLa = (Σpn × Q0)/(Σp0 × Q0) × 100 Where: - pn = current period prices - p0 = base …
What is Paasche's Index and how does it differ from Laspeyres' Index?
Answer
Paasche's Index uses current period quantities as weights. Developed by German statistician Paasche in 1874. Formula: InPa = (Σpn × Qn)/(Σp0 × Qn) × 100 Differences from Laspeyres: 1. Uses current p…
What is Fisher's Ideal Index and why is it called 'ideal'?
Answer
Fisher's Ideal Index is the geometric mean of Laspeyres' and Paasche's indices. Formula: InF = √[(Σp1Q0/Σp0Q0) × (Σp1Q1/Σp0Q1)] × 100 It's called 'ideal' because: 1. It satisfies both time-reversal …
What is the Time Reversal Test and which index numbers satisfy it?
Answer
Time Reversal Test checks if an index method works regardless of which period is chosen as base. Test: P01 × P10 = 1 Where P01 = index for period 1 with base 0 P10 = index for period 0 with base 1 I…
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