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Tests for an Ideal Index Number
1. Factor Reversal Test
Factor Reversal Test indicates that when the price index is multiplied along with a quantity index that is factors are reversed, it should result in the value index.
2. The time reversal test
If we reverse the time subscripts of a quantity or price index, the result must be reciprocal of the original index.
Need solution For the universal set T = {1, 2, 3, 4, 5} and its subset A ={2, 3} and B ={5, } Find i) A 1 ii) (A 1 ) 1 iii) (B 1 ) 1
21-83/4
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