From the following data construct index number for 2015 taking 2012 as base year.
|
Commodity |
Price 2012 |
Price 2015 |
|
Milk |
₹33/litre |
₹44/litre |
|
Cloth |
₹140/metre |
₹145/metre |
|
Potato |
₹14/kg |
₹25/kg |
|
Wheat |
₹1200/quintal |
₹1550/quintal |
Answer & explanation
Correct answer: option 3
The correct answer is Option (3) → 136.157
|
Commodity |
$P_0$ |
$P_1$ |
Price Relative $P_R=\frac{P_1}{P_0}×100$ |
|
Milk |
33 |
44 |
$\frac{44}{33} \times 100 = 133.33$ |
|
Cloth |
140 |
145 |
$\frac{145}{140} \times 100 = 103.57$ |
|
Potato |
14 |
25 |
$\frac{25}{14} \times 100 = 178.57$ |
|
Wheat |
1200 |
1550 |
$\frac{1550}{1200} \times 100 = 129.16$ |
|
Total |
|
|
$\sum P_R = 544.63$ |
$P_{01} = \frac{\sum P_R}{N} = \frac{544.63}{4} = 136.157$