The following table gives the changes in price and quantity of the consumption basket of the labour class. Commodity 2022 2023 Price Quantity Price…
BBS Business Statistics · 2082 · Solved Question with Answer
The following table gives the changes in price and quantity of the consumption basket of the labour class.
| Commodity | 2022 | 2023 | ||
| Price | Quantity | Price | Quantity | |
| A | 1200 | 10 | 1500 | 11 |
| B | 1700 | 12 | 1800 | 18 |
| C | 500 | 50 | 700 | 60 |
| D | 300 | 40 | 500 | 50 |
Calculate the cost of living index. If the average of a labour wage was Rs. 24,000 per month in 2022, what should be the average wage per worker per month in 2023, so that the standard of living of the workers does not falls in the year 2023 level?