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What is index number?
Answers (1)
Index number is a specialised average designed to measure the change in the level of an activity or item, either with respect to time or geographic location or some other characteristic. It is described either as a ratio or a percentage. For example, when we say that consumer price index for 2008 is 175 compared to 2001,it means that consumer prices have risen by 75% over these seven years.
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