21. What is mode? Give formula to find out mode in continuous series.
22. What is Wholesale Price Index? Write its drawbacks.
Answers
Answered by
2
Answer:
1) In case there are two values of variable which have equal highest frequency, then the series is bi-modal and mode is said to be ill-defined. In such situations mode is calculated by the following formula: Mode = 3 Median - 2 Mean.
2) A wholesale price index (WPI) is an index that measures and tracks the changes in the price of goods in the stages before the retail level. WPI considers the impact of only a sample of goods that are supposed to represent the entire population of goods. Always an inherent risk of business exists.24-Apr-2021
Similar questions