Simple Average of Price Relatives Method, What is Price Relative? | Index Numbers
🚩Timestamps:-
00:14 SIMPLE AVERAGE OF PRICE RELATIVES METHOD
00:47 What is Price Relative?
03:08 An Important Caution
04:44 Practical Problem (Simple Average of Price Relatives Method)
09:22 Concluding Remarks
Learning Outcomes:-
Through this module, you will gain understanding
on:-
1.
SIMPLE
AVERAGE OF PRICE RELATIVES METHOD
2.
What
is Price Relative?
SIMPLE AVERAGE OF PRICE RELATIVES METHOD
According to this method,
we first find out price relatives for each commodity and then take simple
average of all the price relatives.
What is Price Relative?
A price relative is the
percentage ratio of the value of a variable in the current year to its value in
the base year. In other words, a price relative is a percentage ratio between
price of a commodity in the current year and that in the base year.
An Important Caution
Prices for different
commodities are expressed with reference to different units of measurement.
Price of steel, for example, is expressed as rupee per kg, while the price of
milk is expressed as rupee per litre, and the price of cloth is expressed as
rupee per metre. Simple aggregate method of index numbers cannot be used for
commodities with different units of measurement. It can be used only for those
commodities which have a common unit of measurement.
VIDEO DESCRIPTION (max 5,000 characters)
SIMPLE AVERAGE OF PRICE RELATIVES METHOD, What is Price Relative?, An Important Caution, Practical Problem (Simple Average of Price Relatives Method) | Index Numbers | 11th Commerce | by @statomics11comm
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