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Mention the classification of Index Number. |
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Answer» Classification of Index Numbers: Index number can be classified as follows 1. Price Index Number: It measures the general changes in the retail or wholesale price level of a particular or group of commodities. 2. Quantity Index Number: These are indices to measure the changes in the number of goods manufactured in a factory. 3. Cost of living Index Number: These are intended to study the effect of change in the price level on the cost of living of different classes of people. |
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