Question

What are the uses of fixed based index number in real life?

Answer 1

Answer:

Various advantages of index numbers are given below:

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• General Importance: In general, index numbers are very useful in a number of ways: ...

• Measurement of Value of Money: ...

• Changes in Cost of Living: ...

• Changes in Production: ...

• Importance in Trade: ...

• Formation of Economic Policy: ...

• Useful in All Fields:

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