Chapter 5 Statistics Class 11 Notes
Important Notes of complete Chapter 5 Statistics Class 11 Notes written by Professor Mr. Faraz Qasir Suib. These notes are very helpful in the preparation of Chapter 5 Statistics Class 11 Notes for the students of the intermediate and these are according to the paper patterns of all Punjab boards.
Summary and Contents:
Topics which are discussed in the notes are given below:
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- Define price index number
- Define index number
- Give any two uses of index numbers.
- Define base period.
- In price in current year n price in base year = ×100
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- Define link relative.
- Define composite index number
- Define price relative.
- Define un-weighted index number.
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- What is the relationship between Laspeyre’s, Paasche’s and Fisher’s ideal index number?
- Given ∑P0 =2550 and ∑Pn = 2590. Find price index number using simple aggregative method.
- Given ∑p0qn = 1000 and ∑pnqn = 1360, find current year weighted index.
- We will use the following notations in this chapter.
- Po price of the ith commodity in the base year.
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- Given ∑p0q0 = 850, ∑pnq0 = 1170. Find Laspayre’s price index number.
- If ∑p1q1 = 480, ∑p0q1 = 410, find current year weighted index number?
- Which averages are used in index numbers? Name any two.
- Differentiate between fixed base and chain base method.
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- Given Laspayre’s price index number = 120 and Paasche’s price index number = 119.6, then find Fisher’s index number.
- If Paasche’s index number is 105.72 and Laspeyre’s index number is 107.22, then find Fisher’s index number?
- Given ∑w = 20, ∑wI = 1800. Find the cost of living index number by weighted average of relatives method.
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- Define simple and composite index numbers.
- Define paasche’s index numbers.
- Given 𝒑𝟏 𝒒𝒐 = 𝟏𝟐𝟓𝟎 and 𝒑𝒐 𝒒𝒐 = 𝟏𝟐𝟎𝟎, find base year weighted index number.
- Define weighted index number.
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- Write down two advantages of chain base method.
- Why fisher index number is called ideal?
- What are limitations of index numbers?
- Write down some names of consumer items, considered in CPI?
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- What is a market basket?
- The buying power of a rupee varies from time to time as the amount of a commodity. One could buy by 10 rupees in 1960 now costs about 60 rupees in 1995, so to make meaningful comparisons overtime it is necessary to take into account the variability in the buying power of a rupee.
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- For example to compare the cost of 2-year college education today with its cost in 1960, it is necessary to consider the buying power of a rupee today as compared with the buying power of a rupee in 1960. Similarly one may be interested to know the average hourly wages of a labourer in 1995 as compared with their wages in 1960.
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- The numbers known as Index numbers are computed for this purpose and measure the relative change in a variable overtime. These are usually constructed for the variables such as prices, quantities, wages, investment and cost of living to help governments, economists and business people.
- quantity of the ith commodity in the base year.
- Po price of the ith commodity in the current year.
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- An index number is a ratio or an average of ratios usually expressed as a percentage. To construct index numbers two or more time periods are considered. The values at one of the time periods are taken as a base. This ratio of the values at the other time periods to the base period when expressed as a percentage show percentage change in the value from the value of the base period. The index number is usually denoted by I, and is calculated by the relation:
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