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Index Numbers — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsIndex Numbers3 Marks
Question
What is an index number? State its any two features.
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Answer

An index number is a statistical device for measuring relative change in a group of related variables like prices, production etc. over two or more different time periods. In other words, an index number is defined as a specialised type of average which measures changes in the price of commodity, industrial production, cost of living, etc.The two features of index numbers are:
  1. They are expressed in percentages.
  2. They are special types of averages.

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