Download CBSE Important Questions for CBSE Class 11 Economics Introduction to Index Number Introduction to Index Numbers - meaning, types - wholesale price index, consumer price index and index of industrial production, uses of index numbers; Inflation and index numbers. Statistics for Economics Class 11 Notes Chapter 8 Index Numbers. Index Number An index number is a statistical device for measuring changes in the magnitude of a group of related variables. It represents the general trend of diverging ratios from which it is calculated. 1. The index number for the base year is 100 Explanation The base year is the year in relation to which the changes in the current year are measured. The index number for the base year is always taken as 100. 2. Index numbers are economic barometers. Explanation Index Numbers. Suppose the price of a commodity changes from 100 to 120 and then from 120 to 180. Here just by looking at this information, we can tell that the price has hiked by 20% and 80% respectively with respect to the initial price. Statistics Definitions >. An index number is the measure of change in a variable (or group of variables) over time. It is typically used in economics to measure trends in a wide variety of areas including: stock market prices, cost of living, industrial or agricultural production, and imports.

## 18 Dec 2010 When this method is used to construct a price index number the total of current year prices for the various commodities in question is divided by

About This Quiz & Worksheet. Index numbers are useful to know in the study of statistics and economics, and this quiz/worksheet will help you test your understanding of them as well as related Class 11 Economics Introduction to Index Number have different set of questions. The questions includes 1 mark questions, 2 mark questions, 3 mark questions, 4 mark questions, 5 mark questions and other questions as per the latest CBSE curriculum for the current session. Chapter Wise Important Questions Class 11 Economics Index numbers. Economists frequently use index numbers when making comparisons over time. An index starts in a given year, the base year, at an index number of 100.In subsequent years, percentage increases push the index number above 100, and percentage decreases push the figure below 100. The best app for CBSE students now provides Introduction to Index Number class 11 Notes Economics latest chapter wise notes for quick preparation of CBSE exams and school based annual examinations. Class 11 Economics notes on Chapter 8 Introduction to Index Number class 11 Notes Economics are also available for download in CBSE Guide website. Index Numbers (Source: NationRanking) So what are index numbers? Well, technically speaking, an index number is a statistical measure designed to show changes in a variable or group of related variables with respect to time, geographic location or other characteristics.. Let’s understand this with an example. A composite index number is built from changes in a number of different items. Price index Numbers: Price index numbers measure the relative changes in prices of a commodity between two periods. Prices can be either retail or wholesale. Price index number are useful to comprehend and interpret varying economic and business conditions over time.

### An index number is an economic data figure reflecting price or quantity compared with a standard or base value. The base

15. Basic Index Number Theory A. Introduction The answer to the question what is the Mean of a given set of magnitudes cannot in general be found, unless there is given also the object for the sake of which a mean value is required. There are as many kinds of average as there are purposes; and we may almost say, in the matter Class 11 Economics Introduction to Index Number have different set of questions. The questions includes 1 mark questions, 2 mark questions, 3 mark questions, 4 mark questions, 5 mark questions and other questions as per the latest CBSE curriculum for the current session. Download chapter wise important exam questions and answers Assignments of NCERT Economics, CBSE Class 11 Economics Introduction to index numbers. CBSE Assignment for Class 11 Economics -Introduction to index numbers . Based on CBSE and CCE guidelines. The students should read these basic concepts to gain perfection which will help him to get more marks in CBSE examination.UNIT Here, P1= Current year value of item with respect to the variable and P2= Base year value of the item with respect to the variable. Effectively, the formula for index number according to this method is: P = ∑[(P1÷P2) × 100] ÷N. Here, N= Number of goods and P= Index number. 2] Simple Aggregative Method Download CBSE Important Questions for CBSE Class 11 Economics Introduction to Index Number Introduction to Index Numbers - meaning, types - wholesale price index, consumer price index and index of industrial production, uses of index numbers; Inflation and index numbers. Statistics for Economics Class 11 Notes Chapter 8 Index Numbers. Index Number An index number is a statistical device for measuring changes in the magnitude of a group of related variables. It represents the general trend of diverging ratios from which it is calculated.