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What do you mean by Index numbers?
Index numbers are part of statistics in which the measured part is one, which cannot be detected directly. It may not be the change in direct form. It may happen that some business activities get changed in the country, then this measurement can be done through indirect measurement. Thus, importance of index numbers in the business is essential for people to know about.
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What is the use of Index numbers?
Index numbers are very genuine used statistical device that can combine the fluctuations in relative variables. Suppose you compare an exact price of grains now with the price of grains before fifty years, then you will surely compare with all other products. So, what the composite number in this? This can be measured with the help of index numbers. This is an indirect way of measuring.
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What are different index number techniques used as?
The different index number techniques are –
So, if you want to improve your knowledge, then you need to understand about each above factor. Moreover, the variables are either related to any geographic location, or some other characteristics. You must have the knowledge of different techniques and its related terms. If you are not satisfied with your assignment solution, then take assistance of Index Numbers Homework Help.
What are the different types of Index numbers?
The different types of index numbers are as follow-
- Price index number
- Quantity Index numbers
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