00:01
In this problem we have been given the prices of training tickets from london to lancaster.
00:06
So train ticket prices are given for different time periods.
00:10
So we need to calculate the index number.
00:12
How we can do that? so in order to find the index number, firstly we need to understand what is index number.
00:18
So index number make comparison between a value in the current period and the corresponding value in the base period.
00:25
So index will be equals to value over base value.
00:30
Multiplied 100.
00:33
So, index, what is the function of index? it compares the value in the current period and the corresponding value in the base period.
00:41
So, let us see for different years the value of price index number.
00:46
So price index number can be written as pin.
00:49
So it is price index number.
00:53
If we try to calculate it for different periods or different years, we can write that pin...