Скачать или смотреть Index Number - 14 Index Number of Industrial Output

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A general impression is like that index numbers are calculated for prices only, but it is not true. Of course, in real life we mostly hear or read about various types of price indices. Actually whenever we need to compare a numerical information at two different points of time or locations or reference points we use index number of it in the form of ratio or percentage. Even we can compare our performance in any subject of study in different grades/classes by calculating index number(s) of the marks in that subject we obtained in the final exams of two different grades/classes.

Case/Problem/Question - When
The index numbers of output/production of different industries in a state and the weights of these industries are as follows. Construct the index number of the industrial output/production.
Industry Index Number Weight
Iron 390.2 30
Textile 247.6 31
Chemical 510.2 18
Auto Parts 403.3 17
IT 624.4 4

Weighted Index Number
In case of Weighted Index Number, instead of simple average, the general index number is calculated as a weighted average of the price relatives.
(Weighted) Index Number = (∑IW) / (∑W)
Where, I= Price index number, i.e. I = [(P1/Po) x 100]
Here, in case of weighted index number, the price relatives are taken as percentage, i.e. index number of price.

Weight
Where the relative importance of the items in the group are different we should calculate the weighted average. For this purpose the numerical measures of the different items are used as weights in the calculations. In case of the weighted index number, relative importance of the items in the form of ratio (as given in the above case) or percentage or quantity or varieties of the item or total expenditure in the base year of current year etc are the popular types of weights taken into consideration to construct different types of index numbers.

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