Index Number — Chapter Summary
Gujarat Board · Class 12 · Statistics
Summary of Index Number for Gujarat Board Class 12 Statistics. Key concepts: An index number is, 1 and Index numbers serve as.
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Overview
An Index Number is a statistical tool that measures the relative percentage change in the value of a variable (price, quantity, production, etc.) for a current period compared to a fixed base period. Rather than using absolute differences, index numbers use ratios (relative measures), making them un
Key Concepts
An index number is the percentage
An index number is the percentage of relative change in the value of a variable for the current period compared to the base period. **Formula:** Inde
1
1. **Unit-free (Dimensionless):** Since it is a ratio, index numbers have no units. Prices in ₹/kg and ₹/litre can both be compared. 2. **Comparative
Index numbers serve as economic indicators
Index numbers serve as economic indicators across 11 major fields: 1. **Trade Index** – General economic activity 2. **Wholesale Price Index (WPI)** –
**Definition
**Definition:** A single stable, normal year is selected as a constant base year. All subsequent years are compared to this fixed year. **Formula:**
**Definition
**Definition:** For each year, the immediately preceding year is taken as the base year. The base keeps 'chaining' forward. **Formula:** Chain Base I
Learning Objectives
- Understand the definition, meaning, and characteristics of index numbers
- Identify the uses of index numbers in economics, trade, and social planning
- Distinguish between Fixed Base Method and Chain Base Method for selecting base year
- Convert Fixed Base Index Numbers to Chain Base Index Numbers and vice versa
- Compute index numbers using Laspeyre's, Paasche's, and Fisher's formulae
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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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