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Index Numbers — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsIndex Numbers3 Marks
Question
Define price index number. How are these different from quantity index number?
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Answer

Price Index Numbers: Price index number measures the changes in the price level of one commodity or group of commodities between two points of time or two areas. Ex: Wholesale price index numbers; Retail price index numbers, Consumer price index numbers.
Quantity index number: Quantity index numbers measures the changes in the volume of production, sales, etc in different sectors of economy with respect to time period or space. For example, indices of agriculture production, industrial production, exports, imports etc.

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