what is time reversal and factor reversal test mean?
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Time reversal test states that if the time subscripts that are o and n of a price or a quantity index number formula be interchanged, then the resulting price or quantity index
the factor reversal test if the factors i.e. Price and quantity in a price or quantity index formula be interchanged so that a quantity or price index number formula is obtained, then the product of these formulae should be the value index number.
the factor reversal test if the factors i.e. Price and quantity in a price or quantity index formula be interchanged so that a quantity or price index number formula is obtained, then the product of these formulae should be the value index number.
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