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Find the ideal index number from the following data for the year 2015:

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Here, p0 = Price in 2014,

q0 = Quantity in 2014,

P1 = Price in 2015,

q1 = Quantity in 2015.

After making the units of price and quantity, we will compute the ideal index number, i.e., Fisher’s index number.

Explanation :

Item A: The unit of price is 20 kg and the unit of quantity is kg.

∴ In 2014. the price per kg = \(\frac{120}{20}\) = ₹ 6

In 2015, the price per kg = \(\frac{280}{20}\) = ₹ 14

Item B: The unit of price is 5 dozen and the unit of quantity is dozen.

∴ In 2014, the price per dozen = \(\frac{120}{5}\) = ₹ 24

In 2015, the price per dozen = \(\frac{140}{5}\) = ₹ 28

In 2015, the quantity in dozen = \(\frac{48}{12}\) = 4 dozen

Item C : The unit of price is kg and the unit of quantity is gram.
∴ In 2014, the quantity in kg = \(\frac{5000}{1000}\) = 5 kg

Item D : The unit of price is 5 litre and the unit of quantity is litre.

∴ In 2014, the price per litre = \(\frac{52}{5}\) = ₹ 10.40

In 2015. the price per litre = \(\frac{58}{5}\) = ₹ 11.60

To compute Fisher’s index number, the table for calculation is prepared as follows:

Fisher’s index number:

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