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Index Numbers

An index number is commonly used in the study of the economic status of a particular region. As mentioned, the index number defines the level of a variable relative to the level in a particular period span. These index numbers serve as a measure to study the change in the effects of all the factors that cannot be measured or estimated on a direct basis.

Thus, Index numbers occupy an important place due to their efficacy in measuring the extent of economic changes across a stipulated period. It helps to study such changes’ effects due to factors that cannot be directly measured.

Characteristics of Index Numbers

Types of Index Numbers

Various types of index numbers have particular usage. We will study the types of Index numbers to know the same. This section which is related to the types of Index numbers will help the students to understand the importance of each type regarding the task which is practiced for.

Uses of Index Number in Statistics

Advantages of Index Number

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