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

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Find the ideal index number from the following data for the year 2015: +1 vote
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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: 