Commerce Exam > Commerce Videos > Economics Class 11 > Index Numbers - 2
Index Numbers - 2 Video Lecture | Economics Class 11 - Commerce
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58 videos|215 docs|44 tests
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FAQs on Index Numbers - 2 Video Lecture - Economics Class 11 - Commerce
| 1. What are index numbers used for in statistics? |  |
Ans. Index numbers are used in statistics to measure changes in a specific variable over time. They are commonly used to track and compare changes in prices, quantity, or other economic indicators.
| 2. How are index numbers calculated? | |
Ans. Index numbers are calculated by dividing the value of the variable in a specific period by the value of the variable in a base period, and then multiplying the result by 100. This helps to create a relative measure of change, with the base period assigned a value of 100.
| 3. What are the limitations of index numbers? | |
Ans. Some limitations of index numbers include the fact that they may not capture the entire complexity of the variable being measured, as well as the potential for bias due to the choice of base period. Additionally, index numbers may not accurately represent changes in the variable for all subgroups or regions.
| 4. How are index numbers useful in comparing prices? | |
Ans. Index numbers are useful in comparing prices because they provide a standardized measure of price changes over time. By using a base period as a reference point, index numbers allow for easy comparison of price levels between different time periods or regions.
| 5. Can index numbers be used to predict future trends? | |
Ans. While index numbers can provide insights into past trends, they are not designed to predict future trends. Index numbers are primarily used to measure and analyze historical data, and their ability to forecast future changes is limited. Other forecasting methods, such as time series analysis, may be more appropriate for predicting future trends.
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Dec 23, 2024 Last updated |
Video Description: Index Numbers - 2 for Commerce 2024 is part of Economics Class 11 preparation.
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