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MEANING OF INDEX NUMBER
“An index number is a statistical measure, designed to measure changes in a variable or a group of related variables”.
“Index number is a single ratio (or a percentage) which measures the combined change of several variables between two different times, places or situations”.
INDEX NUMBER expresses the relative change in price, quantity, or value compared to a base period.
An index number is used to measure changes in prices paid for raw materials; numbers of employees and customers, annual income and profits, etc.
If the index number is used to measure the relative change in just one variable, such as hourly wages in manufacturing, it is referred to as a simple index.
An index number can also be used to measure changes in the value of the group of variables such as prices of a specified list of commodities.
The volume of production in different sectors of industry, production of various agricultural crops, cost of living, etc.
It is referred to as a composite index. Index number measures the average change in a group of related variables over two different situations such as prices of a specified list of commodities.
The volume of production in different sectors of industry, production of various agricultural crops, cost of living, etc.
The index number does not indicate that the change is uniform for all commodities or groups of related variables. used to calculate it.
It may be noted that in the case of, say, Price Index, the price of some of the items may be rising, while it is falling in other items.
The price index will only indicate the average change in the price of a group of related commodities.
INDEX NUMBER expresses the relative change in price, quantity, or value compared to a base period.
An index number is used to measure changes in prices paid for raw materials; numbers of employees and customers, annual income and profits, etc.
If the index number is used to measure the relative change in just one variable, such as hourly wages in manufacturing, it is referred to as a simple index.
An index number can also be used to measure changes in the value of the group of variables such as prices of specified list of commodities, volume of production in different sectors of an industry, production of various agricultural crops, cost of living etc, it is referred to as composite index.
Index number measures average change in a group of related variables over two different situations such as prices of specified list of commodities, volume of production in different sectors of an industry, production of various agricultural crops, cost of living etc.
Index number does not indicate that the change is uniform for all commodities or group of related variables
used to calculate it.
It may be noted that in case of, say, Price Index, price of of some of the items may be rising, while it is falling in other items.
Price index will only indicate the average change in the price of group of related commodities.
Conventionally, index numbers are expressed in terms of percentage.
Of the two periods, the period with which the comparison is to be made, is known as the base period.
The value in the base period is given the index number 100. Suppose the change in price in the year 2013 is measured in comparison to the year 2000, then 2000 become the base year and 2013 becomes the current year.
For Example By saying that the price index for the year 2013 is 125, taking base year as 2000, it means that there is an increase of 25% in the general price as compared to the corresponding figure for the year 2000.
Price index numbers measure and permit comparison of the prices of certain goods.
Quantity index numbers measure the changes in the physical volume of production, construction or employmen
| Author | NCERT |
| Language | English |
| Pages | 16 |
| PDF Size | 200 KB |
| Category | Mathematics |
Index Number In Statistics Notes PDF Free Download