Question

can anyone explain me please what is mean by price index numbers?​

Answer 1

Answer is written below refer it

Answer 2

• Meaning:Changes in the levels of prices are mea­sured using a scale called a price index.

• Compilation and Uses of Price Indices:We know that goods and services are valued in terms of money. Their prices indicate their relative value. When prices go up, the amount which can be bought with a fixed amount of money goes down; when prices fall, the amount which can be bought increases. In other words, when prices fall, the value of money rises; and when prices rise, the value of money falls.useful device for measuring change in the price level.