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Introduction to Index Number, Introduction -:, An index number is a method of evaluating variations in a variable or group of variables in regards to the geographical location, time, and other features. The base value of the index number is usually 100 and indicates either to price, date, a level of production, etc., Types of Index Number, Price Index Number: It evaluates the relative differences in costs between two particular points in time., Quantity Index Number: It measures differences in the physical quantity of products manufactured, bought or sold of one item or group of items., What are Index Numbers? Meaning and Characteristics