The total value of retained imports into India in 1960 was Rs. 71.5 million per month. The corresponding total for 1967 was Rs. 87.6 million per month. The index of volume of retained inports in 1967 composed with 1960( =100) was 62.0. The price index for retained inputs for 1967 our 1960 as base is 
  • a)
    198.61
  • b)
    197.61
  • c)
    198.25
  • d)
    None of these 
Correct answer is option 'B'. Can you explain this answer?
Related Test: Test: Index Numbers- 5

CA Foundation Question

Vivek Vivek answered Jun 06, 2020
Here value means price×quantity .
quantity is considered as volume .
value index=price index×quantity index(without 100)

(87.6 million/71.5 million)×100 =price index ×(62/100)
price index =

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