1
Question
Calculate the cost of living index number for 2016 taking 2012 as base year from the following data by family budget Method.
Times
Quantity (in kg.)
Price 2012 (in ₹/kg)
Price 2016 (in ₹/kg)
A
15
10.00
12.00
B
20
16.50
20.00
C
8
6.00
7.50
D
12
15.00
16.00
E
10
8.00
11.50
| Times | Quantity (in kg.) | Price 2012 (in ₹/kg) | Price 2016 (in ₹/kg) |
| A | 15 | 10.00 | 12.00 |
| B | 20 | 16.50 | 20.00 |
| C | 8 | 6.00 | 7.50 |
| D | 12 | 15.00 | 16.00 |
| E | 10 | 8.00 | 11.50 |
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Solution
Family Budget Method
Items
Price
Price Relative
(R)
Quantity
2012
(p0)
2016
(p1)
2012
(q0)
p0q0
(W)
RW
A
10.00
12.00
120.00
15
150
18000.0
B
16.50
20.00
121.21
20
330
39999.3
C
6.00
7.50
125.00
8
48
6000.0
D
15.00
16.00
106.67
12
180
19200.6
E
8.00
11.50
143.75
10
80
11500.0
ΣW = 788
ΣRW = 94699.9
| Items | Price | Price Relative (R) |
Quantity | |||
| 2012 (p0) |
2016 (p1) |
2012 (q0) |
p0q0 (W) |
RW | ||
| A | 10.00 | 12.00 | 120.00 | 15 | 150 | 18000.0 |
| B | 16.50 | 20.00 | 121.21 | 20 | 330 | 39999.3 |
| C | 6.00 | 7.50 | 125.00 | 8 | 48 | 6000.0 |
| D | 15.00 | 16.00 | 106.67 | 12 | 180 | 19200.6 |
| E | 8.00 | 11.50 | 143.75 | 10 | 80 | 11500.0 |
| ΣW = 788 | ΣRW = 94699.9 | |||||
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