Applied Statistics-Index Numbers [ISS (Statistical Services) Statistics Paper III]: Questions 1 - 4 of 25

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Question 1

Appeared in Year: 2015

Describe in Detail Subjective▾

Discuss the considerations in the choice of (i) base period and (ii) the formula (method) , for constructing price index numbers.

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Explanation

(i) Choice of base period: Price index numbers are constructed in reference to a period against which the comparisons are to be made. Such a reference period is known as base period. The index for base period is always taken to be 100. The base primarily depends upon the purpose of the index number. Still there are certain requirements.

(a) It shoul…

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Question 2

Appeared in Year: 2015

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In the construction of price index numbers, explain the terms ‘time reversal test’ and ‘factor reversal test’ . Show that both these tests are satisfied by the Fisher index.

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Explanation

Price index numbers which measure the change in the retail or wholesale prices of a commodity at current period to some previous period. In the construction of price index numbers various test is consider tom find the accuracy of the formula. We explain the following test.

(i) Time reversal test: An index formula would be accurate if it maintains ti…

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Question 3

Appeared in Year: 2015

Write in Short Short Answer▾

State the problem of autocorrelation in a general linear model. Why does this problem arise? Demonstrate its effect on ordinary least square estimator (OLSE) .

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Question 4

Appeared in Year: 2015

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The following information concerns changes in price and consumption (quantity) of certain major of components of the consumption basket of the labour class:

In Detail Changes in Price and Consumption (Quantity) of Certain Major of Components of the Consumption Basket
---Year 2000Year 2000Year 2014Year 2014
SI. No.ItemUnitPrice (₹)ConsumptionPrice (₹)Consumption
1RiceQuintal5001664020
2WheatQuintal2405232010
3ClothMetre16502035

Compute price index using

(i) Fisher՚s method

(ii) Marshall-Edgeworth method

Also interpret the results.

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Explanation

To compute price index, various index methods is consider. Here for this portfolio we consider two index methods.

Where

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