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in Applied Statistics by (48.4k points)
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Using the following data, construct Fisher’s Ideal Index Number and show that it satisfies the Factor Reversal Test and Time Reversal Test?

Commodities Price Quantity
Base Year Current year Base Year Current year
Wheat 6 10 50 56
Ghee 2 2 100 120
Firewood 4 6 60 60
Suger 10 12 30 24
Cloth 8 12 40 36

1 Answer

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Best answer

This shows Fisher’s ideal index number satisfies time reversal test.

This shows Fisher’s ideal index number satisfies factor reversal test.

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