Simple Price Index Formula Explained | Economics 12th
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Simple Price Index Formula Explained | Economics 12th
Learn how to calculate a simple price index number with this easy-to-understand explanation. The formula is $P_01 = fracsum p_1sum p_0 times 100$, where $sum p_1$ is the sum of the prices of the current year and $sum p_0$ is the sum of the prices of the base year. This concept is crucial for students studying Economics in the 12th grade ...
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