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In 1996 the average price of a commodity was 20% more than that in 1995 but 20% less than that in 1994 and more over it was 50% more than that in 1977.the price relatives using 1995 as base year then the reduce data is?
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In 1996 the average price of a commodity was 20% more than that in 199...
Solution:
Given data:
- Price in 1996 = 120% of price in 1995
- Price in 1996 = 80% of price in 1994
- Price in 1996 = 150% of price in 1977
To find: Price relatives using 1995 as the base year
Step 1: Find the price of the commodity in each year using the price relative formula:
Price relative = (Price in a particular year / Price in base year) x 100
- Price relative for 1995 = (Price in 1995 / Price in 1995) x 100 = 100
- Price relative for 1996 = (Price in 1996 / Price in 1995) x 100 = (120 / 100) x 100 = 120
- Price relative for 1994 = (Price in 1994 / Price in 1995) x 100 = (80 / 100) x 100 = 80
- Price relative for 1977 = (Price in 1977 / Price in 1995) x 100 = (150 / 100) x 100 = 150
Step 2: Calculate the price relatives for each year with respect to the base year 1995:
- Price relative for 1996 with respect to 1995 = (Price relative for 1996 / Price relative for 1995) x 100 = (120 / 100) x 100 = 120
- Price relative for 1994 with respect to 1995 = (Price relative for 1994 / Price relative for 1995) x 100 = (80 / 100) x 100 = 80
- Price relative for 1977 with respect to 1995 = (Price relative for 1977 / Price relative for 1995) x 100 = (150 / 100) x 100 = 150
Step 3: Represent the price relatives using a suitable chart or table:
| Year | Price relative | Price relative with respect to 1995 |
|------|---------------|-------------------------------------|
| 1995 | 100 | 100 |
| 1996 | 120 | 120 |
| 1994 | 80 | 80 |
| 1977 | 150 | 150 |
The reduce data is:
- Price relative for 1996 with respect to 1995 = 120
- Price relative for 1994 with respect to 1995 = 80
- Price relative for 1977 with respect to 1995 = 150
Therefore, the price of the commodity increased by 20% in 1996 as compared to 1995, decreased by 20% in 1994 as compared to 1995, and increased by 50% in 1977 as compared to 1995.
Given data:
- Price in 1996 = 120% of price in 1995
- Price in 1996 = 80% of price in 1994
- Price in 1996 = 150% of price in 1977
To find: Price relatives using 1995 as the base year
Step 1: Find the price of the commodity in each year using the price relative formula:
Price relative = (Price in a particular year / Price in base year) x 100
- Price relative for 1995 = (Price in 1995 / Price in 1995) x 100 = 100
- Price relative for 1996 = (Price in 1996 / Price in 1995) x 100 = (120 / 100) x 100 = 120
- Price relative for 1994 = (Price in 1994 / Price in 1995) x 100 = (80 / 100) x 100 = 80
- Price relative for 1977 = (Price in 1977 / Price in 1995) x 100 = (150 / 100) x 100 = 150
Step 2: Calculate the price relatives for each year with respect to the base year 1995:
- Price relative for 1996 with respect to 1995 = (Price relative for 1996 / Price relative for 1995) x 100 = (120 / 100) x 100 = 120
- Price relative for 1994 with respect to 1995 = (Price relative for 1994 / Price relative for 1995) x 100 = (80 / 100) x 100 = 80
- Price relative for 1977 with respect to 1995 = (Price relative for 1977 / Price relative for 1995) x 100 = (150 / 100) x 100 = 150
Step 3: Represent the price relatives using a suitable chart or table:
| Year | Price relative | Price relative with respect to 1995 |
|------|---------------|-------------------------------------|
| 1995 | 100 | 100 |
| 1996 | 120 | 120 |
| 1994 | 80 | 80 |
| 1977 | 150 | 150 |
The reduce data is:
- Price relative for 1996 with respect to 1995 = 120
- Price relative for 1994 with respect to 1995 = 80
- Price relative for 1977 with respect to 1995 = 150
Therefore, the price of the commodity increased by 20% in 1996 as compared to 1995, decreased by 20% in 1994 as compared to 1995, and increased by 50% in 1977 as compared to 1995.
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In 1996 the average price of a commodity was 20% more than that in 1995 but 20% less than that in 1994 and more over it was 50% more than that in 1977.the price relatives using 1995 as base year then the reduce data is?
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In 1996 the average price of a commodity was 20% more than that in 1995 but 20% less than that in 1994 and more over it was 50% more than that in 1977.the price relatives using 1995 as base year then the reduce data is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In 1996 the average price of a commodity was 20% more than that in 1995 but 20% less than that in 1994 and more over it was 50% more than that in 1977.the price relatives using 1995 as base year then the reduce data is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In 1996 the average price of a commodity was 20% more than that in 1995 but 20% less than that in 1994 and more over it was 50% more than that in 1977.the price relatives using 1995 as base year then the reduce data is?.
In 1996 the average price of a commodity was 20% more than that in 1995 but 20% less than that in 1994 and more over it was 50% more than that in 1977.the price relatives using 1995 as base year then the reduce data is? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about In 1996 the average price of a commodity was 20% more than that in 1995 but 20% less than that in 1994 and more over it was 50% more than that in 1977.the price relatives using 1995 as base year then the reduce data is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In 1996 the average price of a commodity was 20% more than that in 1995 but 20% less than that in 1994 and more over it was 50% more than that in 1977.the price relatives using 1995 as base year then the reduce data is?.
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