Find Price Index Number using Simple Aggregate method by taking 2… - Vidyadip

Question

Find Price Index Number using Simple Aggregate method by taking $2000$ as base year

Commodity	Price (in ₹) for year 2000	Price (in ₹) for year 2007
Watch	900	1,475
Shoes	1,760	2,300
Sunglasses	60	1,040
Mobile	4,500	8,500

✓

Answer

Commodity	Price in 2000 (Base year) $p_0$	Price in 2007 (Current year) $p_1$
Watch	900	1,475
Shoes	1,760	2,300
Sunglasses	60	1,040
Mobile	4,500	8,500
Total	7,760	13,315

From the table, $\sum p _0=7,760, \sum p _1=13,315$ Price Index Number $\left( P _{01}\right)=\frac{\sum p _1}{\sum p _0} \times 100$
$ =\frac{13,315}{7,760} \times 100$
$=171.59 $

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