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Using simple average of price relatives method, the price index for 2010, taking 2001 as base year was found to be 127. If `SigmaI=612+(50x)/(9)` and number of commondities = 6 then find the value of x .

A

20

B

27

C

25

D

29

Text Solution

AI Generated Solution

The correct Answer is:
To find the value of \( x \) using the given information, we can follow these steps: ### Step 1: Write down the known values We know: - Price index \( P = 127 \) - \( \Sigma I = 612 + \frac{50x}{9} \) - Number of commodities \( n = 6 \) ### Step 2: Use the formula for the price index The formula for the price index using the simple average of price relatives method is given by: \[ P = \frac{1}{n} \Sigma I \] Substituting the known values into the formula: \[ 127 = \frac{1}{6} \left( 612 + \frac{50x}{9} \right) \] ### Step 3: Multiply both sides by 6 To eliminate the fraction, multiply both sides by 6: \[ 127 \times 6 = 612 + \frac{50x}{9} \] Calculating \( 127 \times 6 \): \[ 762 = 612 + \frac{50x}{9} \] ### Step 4: Isolate \( \frac{50x}{9} \) Now, subtract 612 from both sides: \[ 762 - 612 = \frac{50x}{9} \] Calculating \( 762 - 612 \): \[ 150 = \frac{50x}{9} \] ### Step 5: Solve for \( x \) To solve for \( x \), multiply both sides by 9: \[ 150 \times 9 = 50x \] Calculating \( 150 \times 9 \): \[ 1350 = 50x \] Now, divide both sides by 50: \[ x = \frac{1350}{50} \] Calculating \( \frac{1350}{50} \): \[ x = 27 \] ### Final Answer Thus, the value of \( x \) is: \[ \boxed{27} \]
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