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What is a price index? How is it useful?

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  • Change in price is measured with the help of a statistical device referred to as price index. 
  • Change in prices of one good does not affect all goods and services in the same way. 
  • So we use index numbers of prices to measure the overall change in prices. 
  • Index numbers tell us about changes in the sum total of a set of items over time.

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