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Target Exam

CUET

Subject

-- Applied Mathematics - Section B2

Chapter

Index Numbers and Time Based Data

Question:

Calculate Fisher’s price index number for the given data.

Commodity

Price

Quantity

2008

($p_0$)

2012

($p_1$)

2008

($Q_0$)

2012

($Q_1$)

Rice

10

13

4

6

Wheat

15

18

7

8

Rent

25

29

5

9

Fuel

11

14

8

10
Options:

118.45

121.2

125.60

132.1

Correct Answer:

121.2

Explanation:

The correct answer is Option (2) → 121.2

Commodity

Price

Price

  Quantity  

  Quantity  

  $p_0Q_0$  

$p_0Q_1$

$p_1Q_0$

$p_1Q_1$

 

2008

($p_0$)

2012

 ($p_1$)

2008

 ($p_0$)

2012

 ($p_1$)

 

 

 

 

Rice

10

13

4

6

40

60

52

78

Wheat

15

18

7

8

105

120

126

144

Rent

25

29

5

9

125

225

145

261

Fuel

11

14

8

10

88

110

112

140

 

 

 

Total

 

359

515

435

623

Fisher's price index number = $\sqrt{\frac{∑p_1Q_0}{∑p_0Q_0}×\frac{∑p_1Q_1}{∑p_0Q_1}}×100$

$=\sqrt{\frac{435}{359}×\frac{623}{515}}×100=121.2$

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