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 |
This chapter covers the following concepts:
- Concept and definition of index numbers
- Characteristics of index numbers
- Construction 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:
Price index based on price relative method is calculated as follows:
| Commodity | Price in 2004 (P0) | Price in 2018 (P1) | Price Relatives
|
| A | 50 | 70 | \(\begin{array}{l}\frac{70}{50}\times 100=140\end{array} \) |
| B | 40 | 60 | \(\begin{array}{l}\frac{60}{40}\times 100=150\end{array} \) |
| C | 80 | 90 | \(\begin{array}{l}\frac{90}{80}\times 100=112.5\end{array} \) |
| D | 110 | 120 | \(\begin{array}{l}\frac{120}{110}\times 100=109.1\end{array} \) |
| E | 20 | 20 | \(\begin{array}{l}\frac{20}{20}\times 100=100\end{array} \) |
| N = 5 | \(\begin{array}{l}\sum\left(\frac{P1}{P0}\times100\right)=611.6\end{array} \) |
These are considered to be the best solutions for Statistics for Economics Class 11 T.R. Jain and V.K. Ohri Chapter 13 – Index Numbers. Stay tuned to BYJU’S to learn more and score well in the upcoming board examinations.
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