Index Numbers Flashcards
1
Q
What are the different types of index numbers?
A
Price relative, chain base index and weighted index numbers
2
Q
How do you find out a index number(formula)?
A
Quantity divided by quantity in base year(start year) ,time 100
3
Q
What is an index number?
A
A statistical measure designed to follow or track changes over a period of time in the price, quantity or value of an item or group of items.
