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Home » Statistics Homework Help » Index Numbers
Index Numbers
Historically, the first index was constructed in 1764 to compare the Italian price index in 1750 with the price level in 1500. Though originally developed for measuring the effect of change in prices, index numbers have today become one of the most widely used statistical devices and there is hardly any field where they are not used. Newspapers headline the fact that prices are going up or down, that industrial production is rising or falling, that imports are increasing or decreasing, that crimes are rising in a particular period compared to the previous period as discussed by index numbers. They are used to feel the pulse of the economy and they have come to be used as indicators of inflationary of deflationary tendencies. In fact, they are described as barometers of economic activity. i.e. if one wants to get an idea as to what is happening to an economy, he should look to important indices like the index number of industrial production, agricultural production, business activity, etc.

Some prominent definitions of index numbers are given below:

Index numbers are devices for measuring differences in the magnitude of a group of related variables.

An index number is a statistical measure designed to show changes in a variable or a group of related variables with respect to time, geographic location or other characteristics such as income, profession etc.

In its simplest form and index number is the ratio of two index numbers expressed as a percent. An index number is a statistical measure-a measure designed to show changes in one variable or in a group of related variables over time, or with respect to geographic location, or in terms of some other characteristics.

Some of its important topics are:

1. Index number adequacy
2. Constructing index-method
3. Index numbers deflating use
4. Chain index numbers
5. Indices calculation
6. Geometric mean
7. Non-parametric tests
8. Quantity volume-index numbers
9. Light scattering rainbow
10. Simple aggregative method
11. Simple average price method
12. Relatives weighted average
13. Weighted aggregative indices

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