Advertisements
Advertisements
Question
Compute the consumer price index for 2015 on the basis of 2014 from the following data.
| Commodities | Quantities | Prices in 2015 | Prices in 2016 |
| A | 6 | 5.75 | 6.00 |
| B | 6 | 5.00 | 8.00 |
| C | 1 | 6.00 | 9.00 |
| D | 6 | 8.00 | 10.00 |
| E | 4 | 2.00 | 1.50 |
| F | 1 | 20.00 | 15.00 |
Advertisements
Solution
| Commodities | Quantities (q0) |
Prices in 2015 (p0) |
Prices in 2016 (p1) |
p0q0 | p1q0 |
| A | 6 | 5.75 | 6.00 | 34.50 | 36.00 |
| B | 6 | 5.00 | 8.00 | 30.00 | 48.00 |
| C | 1 | 6.00 | 9.00 | 6.00 | 9.00 |
| D | 6 | 8.00 | 10.00 | 48.00 | 60.00 |
| E | 4 | 2.00 | 1.50 | 8.00 | 6.00 |
| F | 1 | 20.00 | 15.00 | 20.00 | 15.00 |
| Total | 146.50 | 174.00 | |||
Consumer price index = `(sum"p"_0"q"_1)/(sum"p"_0"q"_0) xx 100`
= `174.00/146.50 xx 100`
= 118.77
APPEARS IN
RELATED QUESTIONS
______ : Base year prices :: P1 : Current year prices.
Index number was originally developed to measure ______.
Identify & explain the concept from the given illustration.
Bombay Stock Exchange has developed “Sensex” as a stock market index for reflecting the share prices of listed companies.
Mention the classification of Index Number
The following are the group index numbers and the group weights of an average working class family’s budget. Construct the cost of living index number:
| Groups | Food | Fuel and Lighting |
Clothing | Rent | Miscellaneous |
| Index Number | 2450 | 1240 | 3250 | 3750 | 4190 |
| Weight | 48 | 20 | 12 | 15 | 10 |
Choose the correct alternative:
Cost of living at two different cities can be compared with the help of
Choose the correct alternative:
Most commonly used index number is:
Choose the correct pair.
| Group A | Group B |
| 1) Price Index | a) `(sump_1q_1)/(sump_0q_0)xx100` |
| 2) Value Index | b) `(sumq_1)/(sumq_0)xx100` |
| 3) Quantity Index | c) `(sump_1q_1)/(sump_0q_1)xx100` |
| 4) Paasche's Index | d) `(sump_1)/(sump_0)xx100` |
The base year's index of a selected variable is assumed as ______.
Complete the correlation:
P0 : ______ : : P1 : Current year price.
