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Question
Find x if the Price Index Number by Simple Aggregate Method is 120, taking 1995 as base year.
| Commodity | A | B | C | D |
| Price (in ₹) for 1995 | 95 | y | 80 | 35 |
| Price (in ₹) for 2003 | 116 | 74 | 92 | 42 |
Solution
| Commodity | Price in 1995 (Base year) |
Price in 2003 (Current year) |
| p0 | p1 | |
| A | 95 | 116 |
| B | y | 74 |
| C | 80 | 92 |
| D | 35 | 42 |
| Total | y + 210 | 324 |
From the table, `sum "p"_0 = y + 210, sum "p"_1 = 324`
Given, Price Index Number (P01) = 120
Since `"P"_01 = (sum "p"_1)/(sum "p"_0) xx 100`
`120 = 324/("y" + 210) xx 100`
∴ y + 210 = `(324 xx 100)/120`
∴ y + 210 = 270
∴ y = 60
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