## NCERT Solutions for Class 11 Statistics Chapter 8 - Index Numbers

## FAQs on NCERT Solutions for Class 11 Statistics Chapter 8 - Index Numbers

1. How Many Questions are There in NCERT Solutions Class 11 Statistics Chapter 8?

There are 21 questions in Chapter 8 of Class 11 Statistics. Along with the questions, there are elaborate and error-free answers. The sums are also solved in a simple manner so that students face no problem while preparing their syllabus.

2. When Should I Study NCERT Solutions for Class 11?

Students can refer to the NCERT Solutions simultaneously while reading their textbooks. Since the NCERT Solutions provide chapter-wise guidance, students can read them along with the textbook chapters. Students can also rely upon the NCERT Solutions for last-minute revisions before the exams.

3. What is the Significance of Index Numbers?

Index numbers are used to measure the change in the magnitude of different variables. It is used to compare various aspects of economics and business. In answer 7 of NCERT Solutions Class 11 Statistics Chapter 8, the uses of index numbers have been detailed. This includes measures of a change in the price level, calculating real wages CPI, indicating stock exchange numbers and so on.

4. What is the index number in Economics Class 11?

An index number in economics class 11 may be defined as the tool used in statistics for measuring changes in the magnitude of a group of related variables. It gives an idea about the general trend of diverging ratios from which it can be calculated. Index numbers are used to measure the difference in the magnitude of a group of variables. Visit the link-NCERT Solutions for Class 11 Statistics to know more.

5. How do you solve for index numbers?

Index numbers can help to understand the different ways of representing data and analyzing changes over time. You have to create an index with the time series of information available. Use simple division and multiplication for calculating the index numbers and convert different types of data into a uniform pattern. Use the output for different analyses including measuring your subject’s growth and comparing with the other sets of data.

6. Why are index numbers important in Class 11 Statistics?

An index number can be used to measure the changes in variables. We need an index number for the following reasons:

To measure the change in the price level

To study a change in the standard of living due to a change in the price level

It helps to understand planning and decision making

It helps to know the production level

It helps the government in making different policies

7. What consumer price index numbers reflect in Class 11 Statistics?

A consumer price index (CPI) also known as the cost of living index is the quantity that measures the average change in retail prices which shows the most relevant impact of price rise on the cost of living of common people in a society. It is an important topic studied in Class 11 Economics. Visit the page-NCERT Solutions for Class 11 Statistics to know more about CPI.

The consumer price index can help to measure changes in the following:

Retail prices

Wholesale prices

Producers’ prices.

8. Is it sufficient to study statistics from NCERT book Class 11 for Chapter 8?

Students should read all chapters thoroughly from the NCERT textbook. Most questions in Class 11 are asked from the NCERT book. Students can download NCERT Solutions Class 11 Statistics Chapter 8 free of cost from the vedantu website (vedantu.com). They can understand the concepts from the NCERT Solutions given at Vedantu app and the website. NCERT Solutions Class 11 Statistics Chapter 8 are given in simple and easy language so that students can understand and prepare for their exams.