Question 11:What is the difference between a price index and a quantity index?
Question 11:
What is the difference between a price index and a quantity index?
1 answers
Answer:
Price Index | Quantity Index | ||||
1. | Price Index Number is calculated by two methods, namely | 1. | Quantity Index Number is calculated by two methods, namely | ||
a. | Simple Aggregative Method | a. | Weighted Average of Price Relative Method | ||
b. | Simple Average of Price Relative Method | b. | Weighted Aggregative Method. | ||
2. | Price Index number is also known as Unweighted Index Number | 2. | Quantity Index Number is also known as Weighted Index Number. | ||
3. | Price Index Number takes into account the prices of the commodity of the base year as well as of the current year. | 3. | Quantity Index takes into consideration the weights of goods assigned according to the quantity. | ||
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