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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.
5 years however, a man's age will be 3times his son's age and 5 years ago, he was 7 times as old as his son. Find their present ages.
one half y minus 14
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1) Let the Sample Space S = {1, 2, 3, 4, 5, 6, 7, 8}. Suppose each outcome is equally likely. Compute the probability of event E = "an even number is selected". P(E) = 2) A s
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