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Classification of Index Number

Index number may be classified in terms of what they measure. In economic and business the classifications are: (1) price; (2) quantity; (3) value; and (4) special purpose.

Only price and quantity index numbers are discussed in detail. The others will be mentioned, but without detail, of how to construct them since both value and special purpose index numbers do not offer new problems in construction. Since the method of construction of various types of index numbers can be understood if the technique of constructing price index number is clear, we shall devote major attention to them.

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