Question

Define price index.
Topic: Index Number

Answer 1

A price index is the normal average of the price relative or a given class of goods or services in a given area/region, during a given interval of time.

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Answer 2

Definition price index

1. A price index is a average of price given class of the goods or services in a given region, given interval of time. In other words it is a changes in the level of prices are measured scale is known as price index.
2. It is provided as a useful tool for calculating . Price index as two types they are consumer price index and producers price index.
3. The consumer price index focuses on goods and services for households, the producer price index focuses on goods purchased by business.