Index Numbers Assignment Help Service
Definition of Index Numbers
Defining simply, Index number is ranked similar to a relative number which explains the relationship between two figures, wherein a single figure can be used as a base. Students need to develop detailed understanding of index number covered in the below listed points:
- Index numbers have specialized averages: Index numbers have been used for the motive of holding comparison in various situations. In such instance, when two or more series are articulated in terms of different units. The series comprise of different category of items.
- These numbers measure net change in related variables existing in a group: Index numbers have essential average which can be described in single figure wherein hike or decrease in group that is related variables under specific study. A specific group of variables wherein prices need to be specified within a set of commodities, production volume in different sectors among others.
- These numbers measure the effect of alterations over a specific time period: Index numbers have been widely used for assessing changes over a specific time period. The users need to compare industrial production, agricultural production, imports, wages, exports, etc., at two different times.
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Different Types of Index Numbers
Three principal types of index are categorised into 3 broad categories:
- Price Index: This index category compares different level of prices from single period to another. Consumer price index estimated price changes for various consumer goods and services. This is done to define cost of living.
- Quantity Index: This index category measures quantities of variable changes that alters over a time period.
- Value Index: Quantity times price is equal to the item value. Indexes are explained incorporate the quantity of product and price are known as value index. This is described as an informative index.
Discussing Problems Related to Index Numbers
There are a number of things can distort index numbers Explained in our assignment service on Index number
- Purpose: No all-purpose index exists in actual. As a matter of fact, every index is rated of limited use. So, it is important to clarify the prime purpose for which an index number of needed. There is a different index problem wherein purpose of index and data is set available.
- Indices Incomparability: When an index number is compared to another. There is a basic change which is measured so that the same cannot be compared the indices wherein situation indices are unparalleled.
- Item Selection: It is important that commodities selections differ with the purpose within which index number is needed.
- Base Period Choice: The base period must be covered under conditions which can be set stable and normal. It should not be too detached.
- Weighing factors: Weighing factors needs to alter an index. In order to develop a composite index, that is inclusive of Consumer Price index. These need to consider a range of changes wherein a range of variables which is much more important as compared to other changes.
The Use of Index Numbers
Index number has high relevance and application wherein it has a wide spectrum of services that is linked to business and economics. These numbers are extremely useful in studying trends as well as predicting / forecasting. Index numbers is used for a number of purposes that include calculating forex rates, computing of wages, prices, outputs, bank deposit details, and other macroeconomic factors.
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