Question

What are index numbers? Write few applications of index numbers.

Answer 1

Answer:

Polio was eliminated in the United States with vaccination, and continued use of polio vaccine has kept this country polio-free. But, polio is still a threat in some other countries.

Answer 2

Answer:

An index number measure the relative change in price, quantity, value, or some other item of interest from one time period to another. Index numbers are specialized averages. Index numbers measure the change in the level of a phenomenon.

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