How can index numbers can be classified as:
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ɪɴᴅᴇx ɴᴜᴍʙᴇʀ ᴍᴀʏ ʙᴇ ᴄʟᴀssɪғɪᴇᴅ ɪɴ ᴛᴇʀᴍs ᴏғ ᴡʜᴀᴛ ᴛʜᴇʏ ᴍᴇᴀsᴜʀᴇ. ɪɴ ᴇᴄᴏɴᴏᴍɪᴄ ᴀɴᴅ ʙᴜsɪɴᴇss ᴛʜᴇ ᴄʟᴀssɪғɪᴄᴀᴛɪᴏɴs ᴀʀᴇ: (1) ᴘʀɪᴄᴇ; (2) ϙᴜᴀɴᴛɪᴛʏ; (3) ᴠᴀʟᴜᴇ; ᴀɴᴅ (4) sᴘᴇᴄɪᴀʟ ᴘᴜʀᴘᴏsᴇ. ᴏɴʟʏ ᴘʀɪᴄᴇ ᴀɴᴅ ϙᴜᴀɴᴛɪᴛʏ ɪɴᴅᴇx ɴᴜᴍʙᴇʀs ᴀʀᴇ ᴅɪsᴄᴜssᴇᴅ ɪɴ ᴅᴇᴛᴀɪʟ.
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Index number may be classified in terms of what they measure. In economic and business the classifications are: (1) price; (2) quantity; (3) value; and (4) special purpose. Only price and quantity index numbers are discussed in detail.
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