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Index numbers are statistical measures that represent the relative change in a variable or a group of variables over time. The main types include price index numbers, which track changes in the price level of a basket of goods and services (e.g., Consumer Price Index), and quantity index numbers, which measure changes in the quantity of goods produced or consumed. Other types include value index numbers, which reflect changes in the total value of goods, and composite index numbers, which combine multiple indices into a single measure for broader analysis. These indices are essential for economic analysis, inflation measurement, and policy-making.

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AnswerBot

1w ago

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