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If ∑ Poqo = 3500, ∑ Pnqo = 3850. Then the Cost of living Index (C.L.T.) for 1950 w.r. to base 1960 is
- a)110
- b)90
- c)100
- d)None of these.
Correct answer is option 'A'. Can you explain this answer?
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If ∑ Poqo = 3500, ∑ Pnqo = 3850. Then the Cost of living I...
Given information:
- Poqo = 3500
- Pnqo = 3850
To find:
- Cost of Living Index (C.L.T.) for 1950 with respect to base 1960
Solution:
Cost of Living Index (C.L.T.) is a measure of the change in the cost of a standard set of goods and services over time. It is calculated by comparing the cost of the same set of goods and services in different time periods.
We can use the following formula to calculate the Cost of Living Index (C.L.T.):
C.L.T. = (Pno / Pnb) x 100
where,
- Pno = cost of the standard set of goods and services in the current year
- Pnb = cost of the standard set of goods and services in the base year
In this case, we are given the prices of the standard set of goods and services in two different years - 1950 and 1960.
We need to find the Cost of Living Index (C.L.T.) for 1950 with respect to base 1960.
Let's assume that the standard set of goods and services cost $100 in 1960.
Using this as the base year, we can calculate the prices of the same set of goods and services in 1950 as follows:
- Poqo = 3500
- C.L.T. = (Pno / Pnb) x 100 = (3850 / 100) x 100 = 3850
Therefore, the Cost of Living Index (C.L.T.) for 1950 with respect to base 1960 is 110.
Conclusion:
The correct option is A) 110.
- Poqo = 3500
- Pnqo = 3850
To find:
- Cost of Living Index (C.L.T.) for 1950 with respect to base 1960
Solution:
Cost of Living Index (C.L.T.) is a measure of the change in the cost of a standard set of goods and services over time. It is calculated by comparing the cost of the same set of goods and services in different time periods.
We can use the following formula to calculate the Cost of Living Index (C.L.T.):
C.L.T. = (Pno / Pnb) x 100
where,
- Pno = cost of the standard set of goods and services in the current year
- Pnb = cost of the standard set of goods and services in the base year
In this case, we are given the prices of the standard set of goods and services in two different years - 1950 and 1960.
We need to find the Cost of Living Index (C.L.T.) for 1950 with respect to base 1960.
Let's assume that the standard set of goods and services cost $100 in 1960.
Using this as the base year, we can calculate the prices of the same set of goods and services in 1950 as follows:
- Poqo = 3500
- C.L.T. = (Pno / Pnb) x 100 = (3850 / 100) x 100 = 3850
Therefore, the Cost of Living Index (C.L.T.) for 1950 with respect to base 1960 is 110.
Conclusion:
The correct option is A) 110.
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If ∑ Poqo = 3500, ∑ Pnqo = 3850. Then the Cost of living I...
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If ∑ Poqo = 3500, ∑ Pnqo = 3850. Then the Cost of living Index (C.L.T.) for 1950 w.r. to base 1960 isa)110b)90c)100d)None of these.Correct answer is option 'A'. Can you explain this answer?
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