Home
Class 11
ECONOMICS
Given the following data and assuming 20...

Given the following data and assuming 2004 as the base year, find out index value of the prices of different commodities for the year 2018
`{:("Commodity","A","B","C","D","E"),("Price in 2004 (Rs)",50,40,10,5,2),("Price in 2018 (Rs)",80,60,20,10,6):}`

Text Solution

Verified by Experts


`P_(01)=(SigmaP_(1))/(SigmaP_(0))xx100`
`=(176)/(107)xx100`
`= 164.49`
Price Index = 164.49.
Promotional Banner

Topper's Solved these Questions

  • INDEX NUMBERS

    TARUN JAIN & VK OHRI|Exercise A. Multiple Choice Questions: Choose the Correct Answer|12 Videos

  • INDEX NUMBERS

    TARUN JAIN & VK OHRI|Exercise B. Choose appropriate word and fill in the blank|7 Videos

  • FREQUENCY DIAGRAMS - HISTOGRAM, POLYGON AND OGIVE

    TARUN JAIN & VK OHRI|Exercise EXERCISE NCERT|7 Videos

  • MEASURES OF CENTRAL TENDENCY - ARITHMETIC MEAN

    TARUN JAIN & VK OHRI|Exercise Illustration|72 Videos

Similar Questions

Explore conceptually related problems

Construct the price index from the following data, by taking 2004 as the base year. {:("Items","A","B","C","D","E"),("Price in 2004 (Rs)",6,2,4,10,8),("Price in 2018 (Rs)",15,3,8,14,16):}

Compute a price index from the following by (i) Simple Aggregative Method, and (ii) Average of Price Relative Method. {:("Commodity","A","B","C","D","E","F"),("Price in 2004 (Rs)",200,300,100,250,400,500),("Price in 2018 (Rs)",250,300,150,350,450,550):}

Compute a price index for the following by (i) Simple Aggregative Method, and (ii) Average of Price Relative Method: {:("Commodities","A","B","C","D","E","F",),("Price in 2004 (Rs.)",20,30,10,25,40,50,),("Price in 2018 (Rs.)",25,30,15,35,45,55,):}

Given the following data and taking 2004 as the base year, construct index of prices using: (i) Laspeyre's Method, (ii) Paasche's Method, and (iii) Fisher's Method.

Given the following data and using the Price Relatives Method, construct an index number for the year 2018 in relation to 2004 prices.

Given the following data and using Weighted Average Price Relative Method, construct index number for 2018 based on 2004 prices.

Taking 2004 as base year, construct the index numbers of the year 2014 and 2018. {:("Year",2004,2014,2015,2016,2017,2018,),("Prices (Rs.)"," 10"," 14"," 16"," 20"," 22"," 24",):}

Construct index number by Price Relative Method taking 2004 as base year. {:("Year","A","B","C","D"),(2004,25,18,16,21),(2016,20,22,24,22),(2017,25,20,25,25),(2018,28,24,30,26):}

The following are the prices of commodities in 2004 and 2018. Construct a price index based on price relatives taking 2004 as base year.

The demand function of a commodity is Q_(d) = 50-10P . Find out the level of demand when price of the commodity is (i) Rs. 3 , (ii) Rs. 2.