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Target Exam

CUET

Subject

-- Applied Mathematics - Section B2

Chapter

Index Numbers and Time Based Data

Question:

Calculate index number of prices for three years with average price of three years as base and using average of price relative method from the data given below:

Year

Commodity    (Rate ₹ Per Unit)

 

A

B

C

I

26

25

41

II

30

23

37

III

34

27

39
Options:

Year I: 100.00, Year II: 92.50, Year III: 105.20

Year I: 97.27, Year II: 95.62, Year III: 107.11

Year I: 105.13, Year II: 100.00, Year III: 94.87

Year I: 90.00, Year II: 100.00, Year III: 110.00

Correct Answer:

Year I: 97.27, Year II: 95.62, Year III: 107.11

Explanation:

The correct answer is Option (2) → Year I: 97.27, Year II: 95.62, Year III: 107.11

Commodity

I

II

III

Total Price

Avg. Price

Price

Relative

Price

Relative

Price

Relative

A

26

$\frac{26}{30} \times 100 = 86.67$

30

$\frac{30}{30} \times 100 = 100$

34

$\frac{34}{30} \times 100 = 113.33$

90

30

B

25

$\frac{25}{25} \times 100 = 100$

23

$\frac{23}{25} \times 100 = 92$

27

$\frac{27}{25} \times 100 = 108$

75

25

C

41

$\frac{41}{39} \times 100 = 105.12$

37

$\frac{37}{39} \times 100 = 94.87$

39

$\frac{39}{39} \times 100 = 100$

117

39

Total of Price Relatives

 

291.79

 

286.87

 

321.33

 

  

Price Indices (using AM)

 

97.26

 

95.62

 

107.11

 

 

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