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Index Number

Gujarat Board · Class 12 · Statistics

Step-by-step guide to study Index Number in Gujarat Board Class 12 Statistics. Topics to cover, practice strategy, and time allocation.

5 concepts

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Study Plan

1
Day 1–2

Learn the Theory

Read the textbook chapter carefully. Note down definitions, formulas, and key concepts.

2
Day 3

Practice Problems

Solve textbook exercises and additional practice questions. Focus on numerical problems and application-based questions.

3
Day 4

Revise & Test

Revise key formulas and concepts without looking at notes. Take a practice quiz to test your understanding. Mark weak areas for re-revision.

4
Day 7

Spaced Revision

Revisit Index Number after a week. Use flashcards for quick recall. Solve previous year questions from 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

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Frequently Asked Questions

What are the important topics in Index Number for Gujarat Board Class 12 Statistics?
Key topics in Index Number include Index Number – Complete Chapter Overview, Which Formula to Use? — Index Number Decision Tree, Index Number - Complete Chapter Overview. These are the concepts Gujarat Board Class 12 examiners draw on most — study them first, then practise related questions.
How to score full marks in Index Number — Gujarat Board Class 12 Statistics?
Start by understanding all key concepts. Practise previous year questions from this chapter. Revise formulas and definitions regularly. Use flashcards for quick revision before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

More resources for Index Number

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