Question
Download Solution PDFIf Laspeyres’ index is 223 and Paasche’s index number is 169, then Fisher's ideal index number is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFFisher's Ideal index number is calculated as the geometric mean of Laspeyres' and Paasche's index numbers. The geometric mean is a type of average that is calculated by taking the nth root of the product of n values. Given, Laspeyres' index of 223 and Paasche's index of 169. To calculate Fisher's Ideal index number, we have the formula:
\(\sqrt {(Laspeyres' index \times Paasche's index)} = \sqrt{(223 \times 169)} = \sqrt{37687} \approx 194.1314 \)
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