Index Number - 20 Ideal Index Number - How and Why

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#Fisher's Price Index is also known as "Ideal Index Number". Why it is called an ideal index number that I have briefly explained in this lecture.

Fisher's Price Index is the geometric mean of the Laspeyre Index Number and Paasche Index Number. Both of these index number consider the quantity of only one year is their common limitation. Fisher suggested to consider the quantity of both the years, current as well as base and he also suggested to use the geometric mean to calculate the index number, which is believed to be the best average for index number.

I(F) = [I(L) * I(P)]^1/2 = √‾[I(L)(I(P)‾

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