will able to
· understand the concept and purpose of Index Numbers.
· calculate the indices to measure price and quantity changes over period of time.
· understand different tests an ideal Index Number satisfies. understand consumer price Index Numbers.
· understand the limitations of the construction of Index Numbers.

**INDEX NUMBERS**

**Irving Fisher (1867–1947) **was an American Statistician born in New York** **and his father was a teacher. As a child, he had
remarkable mathematical ability and a flair for invention. In 1891, Fisher received
the first Ph.D in economics from Yale University. Fisher had shown particular
talent and inclination for mathematics, but he found that economics offered
greater scope for his ambition and social concerns. He made important
contributions to economics including index numbers. He edited the *Yale Review*
from 1896 to 1910 and was active in many learned societies, institutes, and
welfare organizations. He was a
president of the American Economic Association. He
died in New York City in 1947, at the age of 80.

The students will able to

·
understand the concept and purpose of Index Numbers.

·
calculate the indices to measure price and quantity changes over
period of time.

·
understand different tests an ideal Index Number satisfies.
understand consumer price Index Numbers.

·
understand the limitations of the construction of Index Numbers.

Index number is a technique of measuring changes in a variable or
a group of variables with respect to time, location or other characteristics.
It is one of the most widely used statistical methods. Index number is a
specialized average designed to measure the change in a group of related
variables over a period of time. For example, the price of cotton in 2010 is
studied with reference to its price in 2000. It is used to feel the pulse of
the economy and it reveals the inflationary or deflationary tendencies. In
reality, it is viewed as barometers of economic activity because if one wants
to have an idea as to what is happening in an economy, he should check the important
indicators like the index number of agricultural production, index number of
industrial production, and the index number business activity *etc*.,
There are several types of index numbers and the students will learn them in
this chapter.

Tags : Index Numbers , 12th Statistics : Chapter 6 : Index Numbers

Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail

12th Statistics : Chapter 6 : Index Numbers : Introduction | Index Numbers

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