Courses for Kids
Free study material
Offline Centres
Store Icon

Maharashtra Board Class 12 Solutions for Economics Chapter 6 Index Numbers- PDF

Last updated date: 19th Apr 2024
Total views: 162.9k
Views today: 4.62k

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.

Importance of Maharashtra Board Class 12 Economics Chapter 6 Index Numbers

This chapter explains what Index Numbers are. The definition is given based on the explanation proposed by Spiegel. It is a statistical measure that describes how changes happen when a set of variables is defined with respect to time.

It will also explain the features of these numbers and describe how users can define a cumulative change in all the variables chosen for the statistical calculation. The formulas will be defined following the definition with a proper explanation of the mathematical terms used.

Proceeding further, this chapter will also describe the different types of index numbers. The types of index numbers are:

  • Price index number

  • Quantity index number

  • Special purpose index number

  • Value index number

In the first type, there are subtypes of retail, wholesale, and cost living index number. All these divisions are done based on the variables chosen for the statistical measure of changes. The features and significance of the index numbers will also be explained in this chapter.

This chapter will also explain how an index number is constructed by focusing on a set of variables. Every step is explained with proper mathematical expressions. Students will learn how to assign weights to the variables and how to formulate the calculations.

To understand these basic concepts, you can refer to the Maharashtra Board Class 12 Economics Solutions Chapter 6 Index Numbers and focus on how the experts have explained them in an easier format.

Benefits of Index Number Class 12 Solutions

  • The experts have followed the latest MH Board Class 12 syllabus to cover all the concepts and fundamental principles of index numbers. You will find the precise format of solutions for this chapter and can prepare it well.

  • The easier format of this chapter will also enable you to concentrate on the prime concepts. You will also be able to memorise and recall them when needed to frame accurate answers for fundamental questions.

  • After completing studying this chapter, you can use the Index Number exercise solutions to evaluate your skills. Find out where you need to work more by comparing your answers with the solution file.

  • Learn how the experts have framed the Index Number Class 12 solutions using the concepts. Focus on how the answers are framed to enhance your skills and score well in the exams.

Download Index Number Class 12 Solutions Economics PDF

Get the free PDF version of these solutions and make your study sessions more fruitful. Forget the hassles of making solutions when the experts have already done it for you. Refer to these solutions to grab the concepts of index numbers, their formulas and calculations and score well in the exams.

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.