Explain the meaning and importance of index number?


Question: Explain the meaning and importance of index number?

An index number is a statistical measure used to express the change in the value of a group of related variables over time. It is an important tool for analyzing trends and making comparisons between different time periods or geographical regions. Index numbers can be used to track changes in inflation, economic growth, and other important factors that affect individuals and businesses. They allow for easy comparison of data and can help to inform decision-making and policy development.


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