Chapters
Chapter 2: Collection of Data
Chapter 3: Organisation of Data
Chapter 4: Presentation of Data
Chapter 5: Measures of Central Tendency
Chapter 6: Measures of Dispersion
Chapter 7: Correlation
Chapter 8: Index Numbers
Chapter 9: Use of Statistical Tools
Chapter 8: Index Numbers
NCERT solutions for Economics - Statistics for Economics Class 11 Chapter 8 Index NumbersExercise [Pages 118 - 121]
An index number that accounts for the relative importance of the items is known as ______
weighted index
simple aggregative index
simple average of relatives
In most of the weighted index numbers, the weight pertains to ______
base year
current year
both base and current year
The impact of change in the price of a commodity with little weight in the index will be ______
small
large
uncertain
A consumer price index measures change in ______
retail prices
wholesale prices
producers prices
The item having the highest weight in the consumer price index for industrial workers is ______
Food
Housing
Clothing
In general, inflation is calculated by using ______
wholesale price index
consumer price index
producers’ price index
Why do we need an index number?
What are the desirable properties of the base period?
Why is it essential to have different CPI for different categories of consumers?
What does a consumer price index for industrial workers measure?
What is the difference between a price index and a quantity index?
Is the change in any price reflected in a price index number?
Can the CPI for urban non-manual employees represent the changes in the cost of living of the President of India?
The monthly per capita expenditure incurred by workers for an industrial centre during 1980 and 2005 on the following items are given below. The weights of these items are 75,10, 5, 6, and 4 respectively. Prepare a weighted index number for the cost of living for 2005 with 1980 as the base.
Items |
Price in 1980 |
Price in 2005 |
Food |
100 |
200 |
Clothing |
20 |
25 |
Fuel and Lighting |
15 |
20 |
House rent |
30 |
40 |
Misc. |
35 |
65 |
Read the following table carefully and give your comments.
INDEX OF INDUSTRIAL PRODUCTION BASE 1993-94
Industry | Weight in % | 1996-97 | 2003-2004 |
General index | 100 | 130.8 | 189.0 |
Mining and quarrying | 10.73 | 118.2 | 146.9 |
Manufacturing | 79.58 | 133.6 | 196.6 |
Electricity | 10.69 | 122.0 | 172.6 |
Try to list the important items of consumption in your family.
If the salary of a person in the base year is Rs 4,000 per annum and the current year salary is Rs 6,000, by how much should his salary be raised to maintain the same standard of living if the CPI is 400?
The consumer price index for June 2005 was 125. The food index was 120 and that of other items 135. What is the percentage of the total weight given to food?
An enquiry into the budgets of the middle-class families in a certain city gave the following information:
Expenses on items |
Food 35% |
Fuel 10% |
Clothing 20% |
Rent 15% |
Misc. 20% |
Price (in Rs) in 2004 |
1500 |
250 |
750 |
300 |
400 |
Price (in Rs) in 1995 |
1400 |
200 |
500 |
200 |
250 |
What is the cost of living index of during the year 2004 as compared with 1995?
Record the daily expenditure, quantities bought and prices paid per unit of the daily purchases of your family for two weeks. How has the price change affected your family?
Given the following data-
Year | CPI of industrial workers (1982 = 100) | CPI of agricultural labourers (1986-87 = 100) | WPI (1993-94 = 100) |
1995-96 | 313 | 234 | 121.6 |
1996-97 | 342 | 256 | 127.2 |
1997-98 | 366 | 264 | 132.8 |
1998-99 | 414 | 293 | 140.7 |
1999-00 | 428 | 306 | 145.3 |
2000-01 | 444 | 306 | 155.7 |
2001-02 | 463 | 309 | 161.3 |
2002-03 | 482 | 319 | 166.8 |
2003-04 | 500 | 331 | 175.9 |
Given the following data-
Year | CPI of industrial workers (1982 = 100) | CPI of agricultural labourers (1986-87 = 100) | WPI (1993-94 = 100) |
1995-96 | 313 | 234 | 121.6 |
1996-97 | 342 | 256 | 127.2 |
1997-98 | 366 | 264 | 132.8 |
1998-99 | 414 | 293 | 140.7 |
1999-00 | 428 | 306 | 145.3 |
2000-01 | 444 | 306 | 155.7 |
2001-02 | 463 | 309 | 161.3 |
2002-03 | 482 | 319 | 166.8 |
2003-04 | 500 | 331 | 175.9 |
The monthly expenditure (Rs.) of a family on some important items and the Goods and Services Tax (GST) rates applicable to these items is as follows:
Item | Monthly Expense (Rs) | GST Rate % |
Cereals | 1500 | 0 |
Eggs | 250 | 0 |
Fish, Meat | 250 | 0 |
Medicines | 50 | 5 |
Biogas | 50 | 5 |
Transport | 100 | 5 |
Butter | 50 | 12 |
Babool | 10 | 12 |
Tomato Ketchup | 40 | 12 |
Biscuits | 75 | 18 |
Cakes, Pastries | 25 | 18 |
Branded Garments | 100 | 18 |
Vacuum Cleaner, Car | 1000 | 28 |
Calculate the average tax rate as far as this family is concerned.
Chapter 8: Index Numbers
NCERT solutions for Economics - Statistics for Economics Class 11 chapter 8 - Index Numbers
NCERT solutions for Economics - Statistics for Economics Class 11 chapter 8 (Index Numbers) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the CBSE Economics - Statistics for Economics Class 11 solutions in a manner that help students grasp basic concepts better and faster.
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Concepts covered in Economics - Statistics for Economics Class 11 chapter 8 Index Numbers are Lorenz Curve, Measures of Central Tendency - Mean, Measures of Central Tendency - Median, Measures of Central Tendency - Mode, Measures of Central Tendency - Central Value Or Representative Value, Measures of Central Tendency - Series, Measures of Central Tendency - Partition Value, Measures of Central Tendency - Quartile, Measures of Central Tendency - Deciles, Measures of Central Tendency - Percentile, Measures of Dispersion - Absolute Dispersion, Measures of Dispersion - Relative Dispersion, Lorenz Curve, Correlation Meaning, Properties of Correlation,, Types of Correlation, Scatter Diagram of Correlation, Measures of Correlation - Karl Pearson'S Method (Two Variables Ungrouped Data), Measures of Correlation - Spearman's Rank Correlation, Meaning of Index Numbers, Uses of Index Numbers, Types of Index Number - Wholesale Price Index, Types of Index Number - Consumer Price Index, Types of Index Number - Index of Industrial Production, Construction of Price Index, Cost of Living Index Number, Inflation and Index Numbers, Method to Measure - Simple Aggregate Method, Method to Measure - Simple Average Price Relative Method, Method to Measure - Laspeyer Method, Method to Measure - Paasche's Index Numer, Method to Measure - Fisher's Method.
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