How can indexes be classified Value Price Weighted or unwei

How can indexes be classified? -Value - Price -Weighted or unweighted -Quantity

Solution

Value Index

An index number of the total value of any economic aggregate at current prices.

A price index (plural: “price indices” or “price indexes”) is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a given region, during a given interval of time. It is a statistic designed to help to compare how these price relatives, taken as a whole, differ between time periods or geographical locations.

Unweighted price indices or elementary price indices only compare prices between two periods. They do not make any use of quantities or expenditure weights. These indices are called \"elementary\" because they are often used at the lower levels of aggregation for more comprehensive price indices. At these lower levels, weights are not necessary since only one type of good is being aggregated.

Weighted Index Number:

An index number in which the component items are weighted according to some system of weights reflecting their relative importance. In one sense nearly all index numbers are weighted by implication; for example, an index number of prices amalgamates prices per unit of quantity and the size of these units may vary from one commodity to another in such a way as to constitute weighting.

Quantity Index Number: