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State the characteristics of index number.

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The characteristics of index number are as follows :

  • Index number is a relative measure expressing percentage changes in the value of a variable quantity.
  • It is independent of units of measurement.
  • It is a comparative measure.
  • It compares the situations prevailing at two different points of time by means of ratio.
  • It is an average measure. Hence, it possesses all characteristics of an average.
  • It is a weighted average.

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