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Briefly explain TRT and FRT.

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TRT: Time reversal test requires that the index number computed backward (P10) should be reciprocal of the index number computed time forward (P10)

i.e., P10\(\frac{1}{P_{01}};\) Exccept the factor 100.

FRT: Factor reversal test requires that the product of price and quantity index numbers both computed time forward is equal to the total change in the value.

Except the factor 100.

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