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Quantitative Techniques – I Dilfraz Singh, Lovely Professional University
Notes Unit 10: Index Number
CONTENTS
Objectives
Introduction
10.1 Definitions and Characteristics of Index Numbers
10.2 Uses of Index Numbers
10.3 Construction of Index Numbers
10.4 Notations and Terminology
10.5 Price Index Numbers
10.6 Quantity Index Numbers
10.7 Value Index Number
10.8 Comparison of Laspeyres’s and Paasche’s Index Numbers
10.9 Relation between Weighted Aggregative and Weighted Arithmetic Average of Price
Relatives Index Numbers
10.9.1 Change in the Cost of Living due to Change in Price of an Item
10.10 Chain Base Index Numbers
10.10.1 Chained Index Numbers
10.10.2 Conversion of Chain Base Index Number into Fixed Base Index Number
and vice-versa
10.11 Summary
10.12 Keywords
10.13 Review Questions
10.14 Further Readings
Objectives
After studying this unit, you will be able to:
Define the term index number
Discuss the features and uses of an index number
Familiar with notations and terminologies used in index numbers
Establish relation between weighted aggregative and weighted arithmetic average of
price relatives index numbers
Make comparison of Laspeyres's and Paasche's Index Numbers
Tell about chain base index numbers
200 LOVELY PROFESSIONAL UNIVERSITY
