State the properties of the index number?
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➡️ Aɴ ɪɴᴅᴇx ɴᴜᴍʙᴇʀ ɪs ᴀ ᴍᴇᴛʜᴏᴅ ᴏғ ᴇᴠᴀʟᴜᴀᴛɪɴɢ ᴠᴀʀɪᴀᴛɪᴏɴs ɪɴ ᴀ ᴠᴀʀɪᴀʙʟᴇ ᴏʀ ɢʀᴏᴜᴘ ᴏғ ᴠᴀʀɪᴀʙʟᴇs ɪɴ ʀᴇɢᴀʀᴅs ᴛᴏ ᴛʜᴇ ɢᴇᴏɢʀᴀᴘʜɪᴄᴀʟ ʟᴏᴄᴀᴛɪᴏɴ, ᴛɪᴍᴇ, ᴀɴᴅ ᴏᴛʜᴇʀ ғᴇᴀᴛᴜʀᴇs.
➡️ Tʜᴇ ʙᴀsᴇ ᴠᴀʟᴜᴇ ᴏғ ᴛʜᴇ ɪɴᴅᴇx ɴᴜᴍʙᴇʀ ɪs ᴜsᴜᴀʟʟʏ 100 ᴀɴᴅ ɪɴᴅɪᴄᴀᴛᴇs ᴇɪᴛʜᴇʀ ᴛᴏ ᴘʀɪᴄᴇ, ᴅᴀᴛᴇ, ᴀ ʟᴇᴠᴇʟ ᴏғ ᴘʀᴏᴅᴜᴄᴛɪᴏɴ, ᴇᴛᴄ.
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Meaning and Characteristics of Index Numbers. An index number is a method of evaluating variations in a variable or group of variables in regards to the geographical location, time, and other features. The base value of the index number is usually 100 and indicates either to price, date, a level of production, etc.
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