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Anonymous
Oct 24

What are the types of index numbers?

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C
ChatGPT
Oct 24
1. Price Index Numbers
2. Quantity Index Numbers
3. Value Index Numbers
4. Time Index Numbers
5. Composite Index Numbers
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G
Google Gemini AI
Oct 24
1. Simple Index Numbers

- Laspeyres' Index Number: Uses the base year's prices as weights.
- Paasche's Index Number: Uses the current year's prices as weights.
- Marshall-Edgeworth's Index Number: The geometric mean of Laspeyres' and Paasche's indices.

2. Weighted Index Numbers

- Weighted Average of Price Relatives: Weights are given to individual commodities based on their relative importance.
- Weighted Aggregate of Price Index: Weights are assigned to sub-groups of commodities, and their respective index numbers are aggregated.

3. Chain Index Numbers

- Linked Index Numbers: Uses different weights for each period, linking them to the previous period's index number.
- Continuous Index Numbers: Re-weights index numbers continuously as new data becomes available.

4. Other Types of Index Numbers

- Fixed-Base Index Numbers: Use a specific year as the base and compare all other periods to it.
- Current-Weight Index Numbers: Use current period weights to calculate the index number.
- Same-Commodity Index Numbers: Focus on a specific set of commodities, excluding any new or disappearing items.
- Input and Output Index Numbers: Measure changes in the prices of inputs (e.g., raw materials) and outputs (e.g., finished goods) separately.
- Fisher's Ideal Index Number: Considers both Laspeyres' and Paasche's index numbers and weights them equally.
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