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  • An index number is a statistical device for measuring relative change in a large number of items.
  • There are several formulae for computing an index number based on the choice of base period and on the question of interest
  • Every formula needs to be interpreted carefully
  • Widely used index numbers are wholesale price index, consumer price index, index of industrial production, agricultural production index and sensex.
  • The index numbers are irreplacable in economic policy making.

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