Index Numbers
How can one number show whether life has become costlier than last year. This topic in NCERT Statistics for Economics for Class 11 studies index numbers as devices that track average change in prices, output or living cost over time. It explains simple and weighted indices, Laspeyres and Paasche methods, consumer price index, wholesale price index and uses in wage revision and policy. You will learn to construct basic indices and to read headlines on inflation with care and context.
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