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Which of the following statements is/are correct about average prices if the price index is 110?
- a)The prices have increased by 10 per cent.
- b)The prices have increased by 110 per cent.
- c)The prices have decreased by 10 per cent.
- d)None of the above.
Correct answer is option 'A'. Can you explain this answer?
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Which of the following statements is/are correct about average prices ...
If the price index is 110, it means that prices have increased by 10 percent (Option A) relative to the base period. A price index of 100 would indicate no change, and values above 100 indicate an increase in prices.
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Which of the following statements is/are correct about average prices ...
Explanation:
To understand this question, we need to understand what a price index represents and how it is calculated.
A price index measures the average level of prices for a basket of goods and services in a given period compared to a base period. It is used to track changes in prices over time.
A price index of 110 means that prices have increased by 10% compared to the base period. This implies that the average level of prices for the basket of goods and services has increased by 10%.
Now let's analyze each statement to determine which one(s) are correct:
a) The prices have increased by 10 per cent:
This statement is correct. A price index of 110 indicates that prices have increased by 10% compared to the base period. The average level of prices has increased by 10%.
b) The prices have increased by 110 per cent:
This statement is incorrect. A price index of 110 does not mean that prices have increased by 110%. It means that prices have increased by 10% compared to the base period.
c) The prices have decreased by 10 per cent:
This statement is incorrect. A price index of 110 indicates that prices have increased by 10%, not decreased.
d) None of the above:
This statement is incorrect. As explained above, statement a) is correct. Therefore, the correct answer is option 'A'.
In summary, the correct statement is that the prices have increased by 10 per cent if the price index is 110.
To understand this question, we need to understand what a price index represents and how it is calculated.
A price index measures the average level of prices for a basket of goods and services in a given period compared to a base period. It is used to track changes in prices over time.
A price index of 110 means that prices have increased by 10% compared to the base period. This implies that the average level of prices for the basket of goods and services has increased by 10%.
Now let's analyze each statement to determine which one(s) are correct:
a) The prices have increased by 10 per cent:
This statement is correct. A price index of 110 indicates that prices have increased by 10% compared to the base period. The average level of prices has increased by 10%.
b) The prices have increased by 110 per cent:
This statement is incorrect. A price index of 110 does not mean that prices have increased by 110%. It means that prices have increased by 10% compared to the base period.
c) The prices have decreased by 10 per cent:
This statement is incorrect. A price index of 110 indicates that prices have increased by 10%, not decreased.
d) None of the above:
This statement is incorrect. As explained above, statement a) is correct. Therefore, the correct answer is option 'A'.
In summary, the correct statement is that the prices have increased by 10 per cent if the price index is 110.
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Which of the following statements is/are correct about average prices if the price index is 110?a)The prices have increased by 10 per cent.b)The prices have increased by 110 per cent.c)The prices have decreased by 10 per cent.d)None of the above.Correct answer is option 'A'. Can you explain this answer?
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