From the following data calculate Price index number using ($i$) 2010 as the base ($ii$) 2013 as the base ($iii$) 2010 to 2012 as the base
|
Year |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
|
Prices (₹) |
50 |
53 |
32 |
40 |
46 |
41 |
42 |
Answer & explanation
Correct answer: option 2
The correct answer is Option (2) → (i) 84.0, (ii) 105.0, (iii) 93.3
$\text{*Mean of prices from 2010 to 2012} = \frac{50 + 53 + 32}{3} = \frac{135}{3} = 45$
|
Year |
Prices (₹) |
Index Nos. (Base = 2010) |
Index Nos. (Base = 2013) |
*Index Nos. (Base = 2010 to 2012 i.e., 45) |
|
2010 |
50 |
100 |
$\frac{50 \times 100}{40} = 125.0$ |
$\frac{50 \times 100}{45} = 111.11$ |
|
2011 |
53 |
$\frac{53 \times 100}{50} = 106$ |
$\frac{53 \times 100}{40} = 132.5$ |
$\frac{53 \times 100}{45} = 117.78$ |
|
2012 |
32 |
$\frac{32 \times 100}{50} = 64$ |
$\frac{32 \times 100}{40} = 80.0$ |
$\frac{32 \times 100}{45} = 71.11$ |
|
2013 |
40 |
$\frac{40 \times 100}{50} = 80$ |
100 |
$\frac{40 \times 100}{45} = 88.89$ |
|
2014 |
46 |
$\frac{46 \times 100}{50} = 92$ |
$\frac{46 \times 100}{40} = 115.0$ |
$\frac{46 \times 100}{45} = 102.22$ |
|
2015 |
41 |
$\frac{41 \times 100}{50} = 82$ |
$\frac{41 \times 100}{40} = 102.5$ |
$\frac{41 \times 100}{45} = 91.11$ |
|
2016 |
42 |
$\frac{42 \times 100}{50} = 84$ |
$\frac{42 \times 100}{40} = 105.0$ |
$\frac{42 \times 100}{45} = 93.33$ |