Maharashtra Board Class 12 Solutions for Economics Chapter 6 Index Numbers – Download Free PDF with Solution
Studying numbers is a crucial part of studying economics. The statistical analysis done using various methods needs supreme knowledge of different types of numbers and their calculations. One such type is index numbers.
Class 12 Economics Chapter 6 explains Index Numbers and how they are used in the calculations of the statistical measures. To understand its concepts, refer to the solutions developed by the experts of Vedantu.
FAQs on Maharashtra Board Class 12 Solutions for Economics Chapter 6 Index Numbers- PDF
1. What is the use of index numbers?
The concepts of index numbers can be used to formulate business and economic policies. They are also used to study trends and tendencies in economics.
2. What are the limitations of index numbers?
Index numbers have various limitations. The weights assigned to the variables are arbitrary. The data can be biased and so will the outcomes. The formulas developed can be defective.
3. What are the different methods followed to construct index numbers?
The two prime methods used to construct the formulas are simple index numbers and weighted index numbers. In the weighted versions, Paasche’s price index number and Laspeyre’s index number formulas are used.
4. How an index number is expressed?
An index number is expressed in percentages. The percentage sign is not used.
5. What will you get in this PDF file?
You will get a concise description of the concepts and exercise solutions for Class 12 Economics Chapter 6 Index Numbers.