Manual A Practical Introduction to Index Numbers

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Index numbers statistics pdf

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The item having the highest weight in consumer price index for industrial workers is. Food is the most essential commodity for living.

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Industrial workers have to spend more on food because they are engaged in physical labour. Wholesale price index II.

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Consumer price index III. Why do we need an index number? Answer: Index numbers are the statistical tools which measure the changes in the magnitude of a variable with respect to chosen base year. They measure average change in a group of related variables over two different situations. The changes measured are from time to time or from place to place.

They are usually expressed in percentages. Index number is one of the most widely used statistical tools.

Index numbers are now-a-days called economic barometers. The importance of index numbers can be judged from the following points:. Helpful in measuring changes in value of money: Index numbers are widely used in the measurement of changes in the value of money.

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The value of money depends on its purchasing power which in turn depends on the prices of the commodities. The change in price inversely affects the value of money. Thus, the price index number throws light on the change of the value of money. Helpful to policy makers: Index numbers serve as a useful guide to the business community in planning their decisions.

The employers depend upon the cost of living index for deciding the increase in the dearness allowances of their employees. Index numbers play the role of essential guide in policy formulation related to inflation, unemployment, agricultural, industrial production etc. There are certain changes whose measurements are not possible without index number Index numbers make possible the measurement of relative changes of a group of related variables.

With the help of index numbers, the comparative study of changes in two variables becomes easy. Index numbers help us to study the general trend of a phenomenon so as to draw important conclusions. Index numbers help to determine real rise or fall in per capita income. Base year is the period against which comparisons are to be made. The selection of the base year is very important. The year selected as base year should be free from abnormal conditions like war, droughts, famines, earthquakes, booms, depressions etc.

While selecting the base year, choice has to be made between fixed base and chain base methods. In the fixed base method, we take a particular year as the base year and express changes in items on the basis of this year. Whereas in the chain based method, the base year goes on changing. For every successive year, the preceding year is taken as base year. Answer: CPI, Consumer price index is a measure of average change in retail prices. It indicates the average change in the price paid by the final consumer for specified quantity of goods and services over a period of time.

So, it is essential to have different CPI for different categories of consumers because the nature of consumption basket of consumers from different economic status varies hugely.

Over time, it is increasingly considered as the appropriate indicator of general inflation because it shows the most accurate impact of price rise on the cost of living. What is the difference between price index and quantity index? A quantity index is related to quantity and measures the changes in production, sales, consumption, etc. Answer: The change in any price may or may not be reflected in a price index number. An index number shows changes in terms of average.

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