T.R. Jain and V.K. Ohri Solutions for Class 11 Statistics for Economics Chapter 13 – Index Numbers is regarded as an important concept to be studied thoroughly by the students. Here, we have provided T.R. Jain and V.K. Ohri Solutions for Class 11.
| Board | CBSE |
| Class | Class 11 |
| Subject | Statistics for Economics |
| Chapter | Chapter 13 |
| Chapter Name | Index Numbers |
| Number of questions solved | 02 |
| Category | T.R. Jain and V.K. Ohri |
Chapter 13 – Index Numbers covers the below-mentioned concepts:
- Concept and definition of Index Numbers
- Characteristics of Index Numbers
- Constructed of weighted Index Numbers
- Fisher’s Index Numbers as an ideal method
- Consumer price index or cost of living Index Number
T.R. Jain and V.K. Ohri Solutions for Class 11 Statistics for Economics Chapter 13 – Index Numbers
Question 1
What is Index Number?
Answer: According to Croxton and Cowden, “Index numbers are devices for measuring the difference in the magnitude of a group of related variables.”
Question 2
The following are the prices of commodities in 2004 and 2018. Construct a price index based on price relatives taking 2004 as the base year.
| Commodity | A | B | C | D | E |
| Price in 2004 | 50 | 40 | 80 | 110 | 20 |
| Price in 2018 | 40 | 60 | 90 | 120 | 20 |
Solution:
Construction of a price index-
Simple average of price relatives
| Commodity | Price in 2004 (P0) | Price in 2018 (P1) | Price Relatives (left(frac{P1}{P0} imes100 ight)) |
| A | 50 | 70 | (frac{70}{50} imes 100=140) |
| B | 40 | 60 | (frac{60}{40} imes 100=150) |
| C | 80 | 90 | (frac{90}{80} imes 100=112.5) |
| D | 110 | 120 | (frac{120}{110} imes 100=109.1) |
| E | 20 | 20 | (frac{20}{20} imes 100=100) |
| N = 5 | (sumleft(frac{P1}{P0} imes100 ight)=611.6) |
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