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Weighted Index Numbers Video Lecture | Economics Class 11 - Commerce
FAQs on Weighted Index Numbers Video Lecture - Economics Class 11 - Commerce
| 1. What is a weighted index number? |  |
Ans. A weighted index number is a statistical measure used to track the changes in a group of variables over time, where each variable is assigned a specific weight based on its importance or significance. The weights are used to determine the relative importance of each variable in the overall index calculation.
| 2. How are weights assigned in a weighted index number? | |
Ans. The weights assigned in a weighted index number are typically based on the relative importance or significance of each variable being measured. These weights can be determined through various methods, such as expert opinion, market research, or economic indicators. The weights are then multiplied by the corresponding values of each variable to calculate the weighted index.
| 3. What is the purpose of using weighted index numbers? | |
Ans. The purpose of using weighted index numbers is to provide a more accurate representation of changes in a group of variables over time. By assigning weights to each variable, the index gives more importance to variables that have a greater impact on the overall measure. This allows for a better understanding of the relative importance and contribution of different variables in the index.
| 4. How are weighted index numbers used in economics and finance? | |
Ans. Weighted index numbers are widely used in economics and finance to track and analyze the performance of various economic indicators, such as stock market indices, consumer price index, or GDP growth. These indices often consist of multiple variables, and using weighted index numbers helps to reflect the importance of each variable and measure changes accurately.
| 5. What are the limitations of using weighted index numbers? | |
Ans. While weighted index numbers provide a more accurate representation of changes in a group of variables, they also have limitations. One limitation is the subjectivity involved in assigning weights, as different individuals or organizations may have different opinions on the relative importance of variables. Additionally, changes in the weights over time can affect the comparability of index values. Moreover, weighted index numbers may not capture all relevant variables, potentially leading to incomplete or biased assessments.
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