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Answer:

PointPrice index numberQuantity index number
MeaningMeasures changes in the prices of goods over time.Measures changes in the physical quantity of goods produced, sold or consumed.
Formula\(P_{01} = \dfrac{\sum P_1}{\sum P_0}\times 100\)\(Q_{01} = \dfrac{\sum Q_1}{\sum Q_0}\times 100\)
UseMeasures inflation and cost of living (WPI, CPI).Measures changes in output, e.g. index of industrial production.
Doubtly AI · 29 Oct 2026 AI-verified · Nov 2026 Report
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