Question

when the cost of living index is given at some base period. what is the formula for calculating purchasing power of 1 rupee? ​

Answer 1

Answer:

typical cost of living indicator would measure changes in costs over time that are required to maintain a specific standard of living. Also, a cost of living indicator would factor in changes in consumer buying that stem from economic conditions, adjustments in spending, and habits that people make, such as using alternative products when a product becomes prohibitively expensive.