Index Number — Study Plan
Gujarat Board · Class 12 · Statistics
A step-by-step study plan for Index Number, Gujarat Board Class 12 Statistics: what to learn first, what to practise and when to revise.
Interactive on Super Tutor
Studying Index Number? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for study plan and more.
Free trial, no card needed.
Study Plan
Learn the Theory
Read the textbook chapter carefully. Note down definitions, formulas and key ideas. Focus on: 1. Definition and Meaning of Index Number, 2. Characteristics and Uses of Index Number, 3. Base Year — Fixed Base Method and Chain Base Method.
Practise
Solve the textbook exercises and extra practice questions.
Revise & Test
Revise key points without looking at your notes. Take a practice quiz and mark weak areas for another pass.
Spaced Revision
Come back to Index Number after a week. Use flashcards for quick recall and try past exam questions on this chapter.
What to Focus On
- Index Number = (p₁/p₀) × 100; base year value is always taken as 100
- It is a relative measure — free from units of measurement
- Absolute difference is misleading when base values differ; use ratio method
- Index number is free from units — allows comparison across different commodities
- WPI is used by RBI to measure and control inflation
- Cost of Living Index → used for DA, bonus, wage revision
- Base Year Index is always 100
- Fixed Base: All years compared to ONE fixed year. FBI = (Current/Base Year) × 100
- Chain Base: Each year compared to PREVIOUS year. CBI = (Current/Previous) × 100
Common Mistakes to Avoid
In Laspeyre's formula, the weight used is the CURRENT year quantity (q1), and in Paasche's formula, the weight is the BASE year quantity (q0).
An index number of 120 means the price has increased by 120 rupees or by 120 units.
Fisher's Index Number is simply the arithmetic mean (average) of Laspeyre's and Paasche's index numbers.
Memory Tips
Definition of Index Number - percentage relative change compared to base year
Absolute vs Relative measure of change
Characteristics of Index Number - 5 key characteristics
Index Number as Barometer of Economy
Want a personalised study plan?
Super Tutor builds a day-by-day plan for Gujarat Board Class 12 Statistics that fits your exam date and pace.
Create My Study PlanFrequently Asked Questions
What are the important topics in Index Number for Gujarat Board Class 12 Statistics?
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
More resources for Index Number
For serious students
Get the full Index Number chapter — start free.
Quizzes, flashcards, an AI doubt solver and a study plan for Gujarat Board Class 12 Statistics. Free to start, no card needed.