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Index number formula in statistics
Types of Index Numbers: There are three main kinds of index numbers depending on the phenomena being compared with respect to the base year. They are: Price Index Number. Quantity Index Number. Value Index Number. 1. Price Index Number. The price index...
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1. Simple Aggregative Method: In this method, the index number is equal to the sum of prices for the year for which index number is to be found divided by the sum of actual prices for the base year. The formula for finding the index number through this...
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An index number is the measure of change in a variable (or group of variables) over time. It is typically used in economics to measure trends in a wide variety of areas including: stock market prices, cost of living, industrial or agricultural...
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An index is a tool that simplifies the measurement of movements in a numerical series. For example, most of the specific Consumer Price Indexes (CPIs) have a 1982-84 reference base. That is, BLS sets the average index level (representing the average...
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Index (statistics) In statistics and research design, an index is a composite statistic - a measure of changes in a representative group of individual data points, or in other words, a compound measure that aggregates multiple indicators. [1] [2]...
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A commodity's value is nothing more than the sum of the commodity's price and its quantity. As a result, the value index number is equal to the sum of the current year's commodity value divided by the total of the base year's...
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Read about the role of an index number in economics and how index numbers can be applied to all kinds of data, such as inflation or productivity.
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Lesson Summary. An index number is a statistic that helps quantify and track changes in a certain field, variable, or group of variables. Index numbers are used in various settings, such as in ...
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Simple Aggregative Method. The formula is as follows: P 01 = ΣP 1 ÷ ΣP 0 x 100. Where: P 01 is the index number. ΣP 1 is the sum of all prices in the year for which one has to compute the index number. ΣP 0 is the base year. Simple Average of Relatives...
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A statistic which assigns a single number to several individual statistics in order to quantify trends. The best-known index in the United States is the consumer price index, which gives a sort of "average" value for inflation based on price...
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