Question 1 Define the term Statistics. Describe its functions and limitations with examples
Question 2
1. Explain the various measures of Dispersion
2. The following data relate to the prices and quantities of 4 commodities in the year 2004 and 2005. Construct the following index numbers of price for the year 2005 by using 2004 as the base year
- Laspeyre's Price Index
- Fisher's Ideal Index Method
|
Commodities
|
2004
|
2005
|
|
Price
|
Quantity
|
Price
|
Quantity
|
|
A
|
5
|
100
|
6
|
150
|
|
B
|
4
|
80
|
5
|
100
|
|
C
|
2.5
|
60
|
5
|
72
|
|
D
|
12.0
|
30
|
9
|
33
|
Question 3 What is statistical quality control? Discuss the various control charts.