Class 11 Statistics for Economics Chapter 8 is Index Numbers. Chapter 8 in the syllabus is about Index numbers, their nature, functions and so on. Students can study the chapter from NCERT Solutions Class 11 Statistics Chapter 8. The chapter-based solutions published by NCERT are perfect for reference, practice, as well as revision. Apart from that, the solutions also help students get a better idea regarding the question-types, exam pattern, marks weightage, and so on. Vedantu provides the PDF of all NCERT Solutions, including NCERT Solutions for Class 11 Statistics Chapter 8. Students can download it to prepare well and score high in their upcoming exams.
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Statistics is all about accuracy and in-depth understanding. Considering the Class 11 syllabus for this subject, students need to refer to good textbooks and solutions to score well. The NCERT Solutions for Class 11 Statistics syllabus includes basic as well as intricate chapters. The chapters include:
Introduction
Collection of Data
Organisation of Data
Presentation of Data
Measures of Central Tendency
Measures of Dispersion
Correlation
Index Numbers
Use of Statistics Tools
Index numbers are used to indicate a change in variable or magnitude over a specified period. It is expressed in a percentage form. Index numbers are required to assess economic changes during a given period. Different types of index numbers include:
Value Index
Quantity Index
Price Index
Class 11 NCERT Solutions Statistics Ch 8 contains 21 question-answers in total. This includes calculative as well as informative questions. Have a look at what the 21 questions are about:
Question 1: The first question in the 8th Chapter of Class 11 NCERT Statistics is of an objective approach. It asks for the term that defines an index number which accounts for the relative importance of the items. Students get three options to select the correct answer from. The correct answer to this particular question is â€˜weighted indexâ€™. Here students learn about the concept of a weighted index.
Question 2: The second question in NCERT Solutions for Class 11 Statistics for Chapter 8 asks about what the weight in most weighted index numbers pertains to. The answer to this question would be â€˜Base yearâ€™. Base year refers to the fixed year, which is used for comparing various aspects of the economic index or business activities. Students also get an idea about the Laspeyres method, Fisherâ€™s index method and Paascheâ€™s index through this answer.
Question 3: Question 3 is regarding the impact of change in the price of a commodity with little weight in the index. The three options to this question are â€˜smallâ€™, â€˜largeâ€™ and â€˜uncertainâ€™. The correct answer to this question would be â€˜smallâ€™ change. An equal rise in a lower weighted item's price implies a comparatively lower overall change in the price index of that of a more weighted item.
Question 4: This question in NCERT Solutions Class 11 Statistics Chapter 8 is about the aspect on which consumer price index register deviations. This is rather a crucial topic in this chapter. CPI or Consumer Price Index is also known as the cost of living index. It measures the average change in retail prices that implies the most accurate impact of price rise on the cost of living.
Question 5: Through this question, the student gets to know the item which has the highest weight when it comes to the Consumer Price Index for industrial workers. The answer is food. It holds about 57% weight in the CPI for industrial workers.
Question 6: The 6th question in Class 11 Statistics Chapter 8 Index Numbers is about the calculation of inflation. Here students get to know that inflation is determined using the wholesale price index.
Question 7: Question 7 is â€˜Why do we need an index number?â€™ Index numbers help us to calculate a single measure of change of a large number of items. In this solution, you get to know the various uses of Index numbers. NCERT Solutions Class 11 Statistics Chapter 8 lists six uses of the index numbers.
Question 8: This question is about the desirable characteristics of a base period. The answer to this question includes four properties which a base period must possess. This includes the following:
It should be a normal period and not the one in which there have been exceptions.
It should not contain extreme values.
It should not be a year which has passed long back. It must be somewhere near to the current period so that a relevant comparison can be drawn.
It should be updated as required.
Question 9: Question 9 in NCERT Solutions Class 11 Statistics Chapter 8 discusses why it is important to have different CPI for different types of consumers. CPI is calculated for three various types of consumers. This includes industrial workers, agricultural workers and urban non-manual employees.
Question 10: This question discusses what CPI for industrial workers measure. This points to the average change in retail prices of commodities which are generally consumed by industrial workers.
Question 11: Answer 11 in NCERT Solutions Class 11 Statistics Chapter 8 details the difference between the price index and quantity index. There are 3 points in total.
Question 12: Here, students learn if the change in any price is reflected in a price index number. The answer is no. The change is not reflected in a price index number.
Question 13: The 13th question is â€˜Can the CPI number for urban non-manual employees represent the changes in the cost of living of the President of India?â€™. You can refer to the NCERT Solutions to get a detailed answer to this question.
Question 16: This question asks students to list the important items of consumption in their family. This could include food, clothing, electricity, education, house rent and so on.
Question 14, 15, 17, 18, 19, 20, and 21 are numerical problems. NCERT Solutions Class 11 Statistics Chapter 8 gives perfect solutions to these sums. It contains statements too so that students can easily understand the solutions.
Q1. How Many Questions are There in NCERT Solutions Class 11 Statistics Chapter 8?
Ans. 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.
Q2. When Should I Study NCERT Solutions for Class 11?
Ans. 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.
Q3. What is the Significance of Index Numbers?
Ans. 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.
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