# Consumer Price Index

The index which measures the change in prices of goods and services purchased by specific class or group of people for a particular period of time is called consumer price index. Since the income level…

The index which measures the change in prices of goods and services purchased by specific class or group of people for a particular period of time is called consumer price index. Since the income level…

In case of average of weighted relatives, price relative of each commodity is multiplied by the weight of that commodity and the sum of these products is divided by the sum of weights of all…

In case of unweighted average of relatives, price relative of each commodity is first calculated and then average (mean, median or geometric mean) of these price relatives for all the commodities is taken. average of…

The ratio of the sum of weighted prices of current and base time periods multiplied by 100 is called weighted aggregate price index. This index is calculated after allocating weights to each commodity on the…

The method in which sum of prices of all the commodities in the current period is divided by the total prices in the base period is called unweighted aggregate index. Since simple aggregate index does…

Simple price index is a percentage ratio that represents a comparison for a single commodity. For example, let the price of a calculator is $60 in 2005 and $80 in 2006. To compare the two…

The line which expresses the trend of two observed values is called a regression line. For example if the sample data is given then the value of y corresponding to the given value of x…

Rank correlation is used in a situation when the variable under consideration is not measurable e.g. intelligence, knowledge, experience, beauty etc. Such types of variables are judged by two different people or by two procedures….

Correlation measures the degree of interdependence (association) between two variables. If two variables are so related that an increase or decrease of one is found in connection with increase or decrease of the other, then…

Characteristic of data which describes the extent to which the observations vary among themselves is called dispersion. In other words it is the scatter or spread of the values from one another or from some…

Close

Get our Newsletters

Receive The Latest Posts Directly To Your Email - It's Free!!