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This might be a very trivial question; however I can't seem to find a very useful answer for this.
Problem:
How are the weights of the various household items in the Consumer Price Index (C.P.I.) basket decided, i.e., how are they re-evaluated every year? Is it done manually or automatically?
If its done manually, then how can they be sure (i.e., what methods, statistical or mathematical) that the weights represent the general average consumption of that item in the household? Else, if its done automatically, then what is the strategy (i.e., what sort of algorithms or data structures) used to ensure the accuracy of the weights.
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q.gdp taxes di c i g cig1250 200 800 300 200 1500 200 1000 300 200 1750 200 1200 300 200 2000 200 1400 300 200 2250 200
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q.you are given the market data that says when the price of cake is rs. 60 the quantity demanded of cake is 80 slices
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