Applied Statistics-Spectral Analysis of Weakly Stationary Process [ISS (Statistical Services) Statistics Paper III]: Questions 1 - 1 of 1

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Question 1

Appeared in Year: 2009

Describe in Detail Subjective▾

Distinguish between fixed base and chain base methods for the construction of index numbers.

Discuss their relative merits.

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Explanation

Fixed base method: In this method, the base year remains fixed for all the years of calculation. The base year price (quantity) selected may be the price of a given year or the average of prices of a given number of years. In the absence of any instruction to this effect, the foremost year՚s price is taken as the base year՚s price. Formula for calc…

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