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From the following data for the 5 groups combined Group. Weight. Index number Food. 35. 425 Cloth. 15. 235 Power. 20. 215 Rent. 8. 115 Miscellaneous 22. 150 The general index number is?
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From the following data for the 5 groups combined Group. Weight. Index...
Calculation of General Index Number
- Step 1: Calculate the weighted average of each group
- Step 2: Calculate the weighted average of all the groups combined
- Step 3: Divide the weighted average of all the groups combined by the total weight of all the groups combined
- Calculation of weighted average of each group
- Calculation of weighted average of all the groups combined
- Calculation of general index number
The weighted average of each group is calculated by multiplying the weight of each group with its index number, and then adding up all the products and dividing by the total weight of all the groups combined.
The weighted average of all the groups combined is calculated by multiplying the weight of each group with its index number, and then adding up all the products.
This will give us the general index number.
Weighted average of Food = (35 x 425) = 14875
Weighted average of Cloth = (15 x 235) = 3525
Weighted average of Power = (20 x 215) = 4300
Weighted average of Rent = (8 x 115) = 920
Weighted average of Miscellaneous = (22 x 150) = 3300
Weighted average of all the groups combined = 14875 + 3525 + 4300 + 920 + 3300 = 27020
General index number = Weighted average of all the groups combined / Total weight of all the groups combined
General index number = 27020 / 100 = 270.2
Explanation
The general index number is a measure of the average change in the prices of a basket of goods and services over time. In this question, we are given the weights, index numbers, and prices of five different groups of goods and services. To calculate the general index number, we first need to calculate the weighted average of each group. We do this by multiplying the weight of each group with its index number and then adding up all the products. We then add up the weighted averages of all the groups combined to get the weighted average of all the groups combined. Finally, we divide the weighted average of all the groups combined by the total weight of all the groups combined to get the general index number. In this case, the general index number is 270.2. This means that the average price of the basket of goods and services has increased by 270.2% over time.
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From the following data for the 5 groups combined Group. Weight. Index number Food. 35. 425 Cloth. 15. 235 Power. 20. 215 Rent. 8. 115 Miscellaneous 22. 150 The general index number is?
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From the following data for the 5 groups combined Group. Weight. Index number Food. 35. 425 Cloth. 15. 235 Power. 20. 215 Rent. 8. 115 Miscellaneous 22. 150 The general index number 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 From the following data for the 5 groups combined Group. Weight. Index number Food. 35. 425 Cloth. 15. 235 Power. 20. 215 Rent. 8. 115 Miscellaneous 22. 150 The general index number is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following data for the 5 groups combined Group. Weight. Index number Food. 35. 425 Cloth. 15. 235 Power. 20. 215 Rent. 8. 115 Miscellaneous 22. 150 The general index number is?.
From the following data for the 5 groups combined Group. Weight. Index number Food. 35. 425 Cloth. 15. 235 Power. 20. 215 Rent. 8. 115 Miscellaneous 22. 150 The general index number 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 From the following data for the 5 groups combined Group. Weight. Index number Food. 35. 425 Cloth. 15. 235 Power. 20. 215 Rent. 8. 115 Miscellaneous 22. 150 The general index number is? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following data for the 5 groups combined Group. Weight. Index number Food. 35. 425 Cloth. 15. 235 Power. 20. 215 Rent. 8. 115 Miscellaneous 22. 150 The general index number is?.
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