The base period is the period against which comparison is made. Generally a year is taken as base period. The base period should be free from economic and natural disturbances. Base period refers to the benchmark against which economic data from other periods is measured. This allows practitioners to spot changes in price levels which are not driven by fluctuations in inflation. With the spread of data science and analytics processing, the use of base period has spread across multiple fields of study, such as natural sciences. Base period is also referred to as reference period.

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Fisher's ideal index number is

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Important Questions on Index Numbers

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Mathematics>Statistics>Index Numbers>Types and Uses of Index Numbers

For year

2015

, price index was

267 %

with base year

2005

. The percentage increase in price index over base year

2005

is_____.

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Mathematics>Statistics>Index Numbers>Types and Uses of Index Numbers

Index Number are expressed as _________

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Mathematics>Statistics>Index Numbers>Types and Uses of Index Numbers

The weighted aggregative price index numbers for $2001$ with $2000$ as the base year using Paasche's Index Number is:

Commodity	Price (in $₹$ )		Quantities
	$2000$	$2001$	$2000$	$2001$
$A$	$10$	$12$	$20$	$22$
$B$	$8$	$8$	$16$	$18$
$C$	$5$	$6$	$10$	$11$
$D$	$4$	$4$	$7$	$8$

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Mathematics>Statistics>Index Numbers>Types and Uses of Index Numbers

The consumer price Index goes up from

120

180

when salary goes up from

₹ 240

₹ 540

, what is the increase in real terms?

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Mathematics>Statistics>Index Numbers>Types and Uses of Index Numbers

The weighted aggregative price index hymbers for $2001$ with $2000$ as the base year using Fisher's Index Number is

Commodity	Price (in $₹$ )		Quantities
	$2000$	$2001$	$2000$	$2001$
$A$	$10$	$12$	$20$	$22$
$B$	$8$	$8$	$16$	$18$
$C$	$5$	$6$	$10$	$11$
$D$	$4$	$4$	$7$	$8$

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Mathematics>Statistics>Index Numbers>Types and Uses of Index Numbers

The value of the base time period serves as a standard point of comparison:

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Mathematics>Statistics>Index Numbers>Types and Uses of Index Numbers

The weighted aggregative price index numbers for $2001$ with $2000$ as the base year using Marshal - Edgeworth Index Number is:

Commodity	Price (in $₹$ )		Quantities
	$2000$	$2001$	$2000$	$2001$
$A$	$10$	$12$	$20$	$22$
$B$	$8$	$8$	$16$	$18$
$C$	$5$	$6$	$10$	$11$
$D$	$4$	$4$	$7$	$8$