Index Numbers
Class 11 Economics · Statistics for Economics · Chapter 7
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Economics
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Physics, Chemistry, Maths + English
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Physics, Chemistry, Biology + English
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Accountancy, Business Studies, Economics + English
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Economics
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Economics
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Accountancy
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Hindi Elective
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Hindi Core
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Chemistry
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Political Science
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Urdu Elective
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Hindustani Music (Vocal / Melodic)
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Home Science
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English Core
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Geography
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Sociology
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Physics
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Mathematics
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Physics
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Physics
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Chemistry
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Chemistry
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Biology
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Accountancy
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Accountancy
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Business Studies
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History
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Geography
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Geography
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Geography
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Political Science
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Political Science
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Sociology
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Sociology
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Psychology
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English Core · Hornbill
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English Core · Snapshots
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English Elective · Woven Words
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हिंदी (आधार)
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हिंदी (आधार)
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हिंदी (ऐच्छिक)
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हिंदी (ऐच्छिक)
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संस्कृतम् (केन्द्रिकम्)
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संस्कृत (ऐच्छिक)
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اردو (کور)
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اردو (اختیاری)
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Urdu Elective
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Computer Science
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Informatics Practices
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Home Science
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Home Science
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Fine Art · Painting
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Biotechnology
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Knowledge Traditions
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सृजनात्मक लेखन और अनुवाद
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Health and Physical Education
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हिंदुस्तानी संगीत (गायन / वादन)
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हिंदुस्तानी संगीत (गायन / वादन)
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हिंदुस्तानी संगीत (तबला / पखावज)
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Summary
An index number is a statistical device for measuring the average change in the magnitude of a group of related variables over two situations, usually expressed as a percentage of a base period whose value is taken as 100. An index of 250 means values are two-and-a-half times those of the base year. Index numbers measure changes in prices (price index) or in physical volume (quantity index). They are constructed by the aggregative method or the method of averaging relatives, and may be unweighted or weighted. A simple aggregative price index is \(P_{01}=\dfrac{\sum P_1}{\sum P_0}\times100\), but giving every item equal weight is its main limitation. Laspeyre's index uses base-period quantities as weights, \(\dfrac{\sum P_1 q_0}{\sum P_0 q_0}\times100\), while Paasche's index uses current-period quantities, \(\dfrac{\sum P_1 q_1}{\sum P_0 q_1}\times100\); they differ only in the weights chosen. Important official indices include the Consumer Price Index or cost-of-living index, which tracks retail prices for a group such as industrial workers; the Wholesale Price Index, which reflects the general price level of goods and underlies "headline" inflation; and the Index of Industrial Production, a quantity index. The Sensex is the Bombay Stock Exchange's sensitive index of 30 stocks. Index numbers help compute the purchasing power of money (the reciprocal of the cost-of-living index) and real wages (money wage divided by the cost-of-living index, times 100). Choosing a normal base year, representative items and the right formula are key issues in construction.
Index Numbers
Key terms
Index number
A statistical device measuring the average change in a group of related variables over time, expressed relative to a base of 100.
Base period
The reference period of comparison whose index value is taken as 100.
Laspeyre's index
A weighted price index using base-period quantities as weights, \(\dfrac{\sum P_1 q_0}{\sum P_0 q_0}\times100\).
Paasche's index
A weighted price index using current-period quantities as weights, \(\dfrac{\sum P_1 q_1}{\sum P_0 q_1}\times100\).
Consumer Price Index
A cost-of-living index measuring the average change in retail prices of goods bought by a particular group.
Wholesale Price Index
An index reflecting the general price level of goods, used to measure headline inflation.
Extra questions & answers
Try one from this chapter
An index number measures the average change in a group of related variables, usually expressed as a: