Question

 General index number of a group formula.

Answer 1

Price relative = \(\frac{p_{1i}}{p_{0i}}\) i = 1, 2, 3, …, n

\(I =\frac{ Σ\left(\frac{p_{1i}}{p0}\right)}{n} × 100\)

Where, p_1i = Current year’s price of ith item
p_0i = Base year’s price of ith item
n = No. of items in group