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Question
Choose the correct alternative:
Cost of living at two different cities can be compared with the help of
Options
Consumer price index
Value index
Volume index
Un-weighted index
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Solution
Consumer price index
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Reasoning (R): Index numbers measure only changes in the price level over a period of time.
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Discuss about Cost of Living Index Number
Construct the cost of living Index number for 2015 on the basis of 2012 from the following data using family budget method.
| Commodity | Price | Weights | |
| 2012 | 2015 | ||
| Rice | 250 | 280 | 10 |
| Wheat | 70 | 85 | 5 |
| Corn | 150 | 170 | 6 |
| Oil | 25 | 35 | 4 |
| Dhal | 85 | 90 | 3 |
Choose the correct alternative:
Laspeyre’s index = 110, Paasche’s index = 108, then Fisher’s Ideal index is equal to:
