Producer price index b y vvr ias
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The Reserve Bank of India Governor proposed a Producer Price Index (PPI) on July 17th, 2012 to measure the average change in sale prices of domestic goods and services. A PPI is needed because the Wholesale Price Index does not capture price movements in services and the Consumer Price Index only measures retail price changes and lacks sufficient historical data. Unlike the CPI, the PPI measures price changes from the perspective of the seller. It is important to adopt PPI methodology for inflation measurement since seller and buyer prices differ due to factors like taxes and distribution costs.
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Public goods are characterized by non-excludability and non-rivalry. They cause market failure because the private sector cannot exclude non-payers or protect property rights. Examples include national defense, flood control, and street lighting. Quasi-public goods share some characteristics but can be made semi-excludable or semi-rival through congestion. While the private sector does not normally provide pure public goods, governments must determine optimal provision levels, though new technologies are blurring distinctions with private goods.
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2. The document outlines the key assumptions and implications of Say's law, including that production generates income to purchase goods, saving and investment automatically equalize, and wages adjust to maintain full employment.
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There are two main methods to measure inflation:
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2) By calculating the change in the GDP deflator, which is the ratio of nominal GDP to real GDP adjusted for inflation. For example, if nominal GDP is Rs. 1740.2 thousand crores and real GDP is Rs. 1136.9 thousand crores in 1999-2000, the GDP deflator would be 153%. The percentage change in the GDP deflator from one year to the next
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Investment multiplier is a concept developed by John Maynard Keynes to show the relationship between initial investment and the resulting increase in aggregate income. The multiplier (k) is calculated as the change in national income (ΔY) divided by the change in investment (ΔI). For example, if an additional investment of Rs. 4,000 crores leads to an additional income of Rs. 16,000 crores, then the multiplier is 4. The value of the multiplier depends directly on the marginal propensity to consume (MPC), as a higher MPC means more of additional income will be spent on consumption, leading to a larger increase in total income.
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This document provides an overview of index numbers, including their meaning, features, advantages, limitations, construction methods, and examples of important index numbers. Index numbers are statistical measures used to compare economic variables, like prices or production, over time. They show percentage changes from a base period and are widely used by governments, businesses, and economists to understand inflation trends and formulate policies. The document discusses various methods for constructing index numbers, such as Laspeyre's method, Paasche's method, and Fisher's method which involve assigning weights. Important commonly used index numbers mentioned include the Consumer Price Index, Sensex, Agricultural Production Index, and Wholesale Price Index.
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The wholesale price index (WPI) measures the average monthly price changes of goods sold in bulk between traders. It tracks price changes before the retail level and is used by the Reserve Bank of India and the government to monitor inflation trends and form monetary policies. The WPI is calculated using a fixed base year and Laspeyre's formula, which weights commodity prices by their importance. While it provides timely inflation data, the WPI only covers goods prices and may not accurately reflect consumer prices.
Fiscal policy and budget
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This document contains information about 5 individuals - Akshay Mahajan, Amit Aggarwal, Vaibhav Sharma, Suresh Kumar, and Bhrigu Monga. It also discusses the concepts of income effect and substitution effect in economics, including definitions and explanations provided by John Hicks and Eugene Slutsky. Key economists mentioned include Hicks, who received the Nobel Prize for his work on general equilibrium theory, and Slutsky, who introduced the Slutsky decomposition.
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1 say's law of markets
1. Say's law of markets states that supply creates its own demand and that full employment is the norm in economies.
2. The document outlines the key assumptions and implications of Say's law, including that production generates income to purchase goods, saving and investment automatically equalize, and wages adjust to maintain full employment.
3. Keynes criticized Say's law for failing to account for the possibility of overproduction and unemployment, and argued that demand does not necessarily increase with supply and that intervention may be needed to stimulate demand.
Features of indian economy.
Characteristics of Indian economy, low per capita income, population, emphasis on agriculture, unemployment, poor technology, poverty etc.
Measuring The Cost of living
The Consumer Price Index (CPI) measures changes in the cost of a fixed basket of goods and services purchased by typical consumers. Statistics BD identifies a market basket of commonly purchased items and surveys prices to calculate the CPI, which tracks costs over time. The CPI is used to calculate inflation rates by comparing costs in the current period to a base year. While useful, the CPI has limitations as it does not account for substitutions, new products, or quality changes that affect consumers' actual cost of living. Economic data can be adjusted for inflation effects by using price indexes to convert nominal values into real terms.
Theories of inflation
This document discusses different theories of inflation including:
1) Monetarist theory which links inflation to increases in the money supply.
2) Keynesian theory which attributes inflation to increases in aggregate demand beyond what aggregate supply can meet at full employment.
3) Structural theory which sees inflation as caused by inelasticities in an economy's production capacity, capital formation, institutions, agriculture sector, and labor markets.
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Inflation
Inflation is defined as a sustained increase in prices for goods and services. There are two main theories for the causes of inflation: demand-pull, where too much money chases too few goods, and cost-push, where companies raise prices to maintain profits as costs increase. India calculates inflation using the Wholesale Price Index (WPI) and Consumer Price Index (CPI), though WPI is outdated and CPI has time lags in reporting. While India recently saw negative inflation rates, food prices are still affecting people despite the overall decline in inflation.
What is Inflation and How to Beat Inflation 2024.pdf
Inflation Rate in India: Inflation is a crucial economic indicator that affects every aspect of a country’s economy, including the purchasing power of its citizens, investment decisions, and overall economic stability. In India, like many other countries, inflation plays a significant role in shaping monetary policies and influencing consumer behavior.
To calculate one’s purchasing power, inflation is essential. To put it another way, inflation is a phenomenon that raises costs for products and services over time, making consumers feel the squeeze when it comes to their own finances, especially with regard to spending and purchasing patterns.
For example, let’s assume you spent INR 1,000 last month on a list of essentials for your home, but this month the cost increased by INR 1,100 since the price of a particular food item on the list went up. This is an example of inflation in action. You might have to pay more to purchase the inflated-priced item or delete one from your basket, which could have an impact on your monthly spending plan.
Thus, inflation is the result of any factor that drives up the cost of products and services on the market and disturbs consumer demand. According to economists, the economy will grow at a baseline if inflation is controlled to encourage spending. On the other hand, low inflation, often known as deflation, is also concerning. High inflation, on the other hand, is a sign that an economy is having significant problems.
What is inflation? Inflation Meaning
In simple terms, inflation refers to the sustained increase in the general price level of goods and services over a period of time. It means that, on average, consumers need to spend more money to purchase the same basket of goods and services. Inflation is often measured as an annual percentage increase in the Consumer Price Index (CPI) or the Wholesale Price Index (WPI).
The Consumer Price Index, or CPI, examines retail inflation of goods and services across 260 categories in the economy. The change in prices at which consumers purchase things is taken into account in CPI-based retail inflation. The Ministry of Labor and Statistics and Program Implementation gather the data independently from each other.
The Wholesale Price Index, or WPI, examines the inflation of only goods across a range of 697 categories. The change in prices at which customers purchase goods at a wholesale price or in bulk from factories, mandis, etc. is taken into account by the WPI-based wholesale inflation.
India’s Average Inflation Rate for the Previous Year: Inflation Rate in India
The consumer price index (CPI), which is used to monitor retail inflation in India, increased to 5.69% in December 2023 from 5.55% in November 2023, as per the most recent statistics released by the Ministry of Statistics and Programme Implementation. May 2023 saw the lowest CPI of 2023, at 4.25%. The CPI peaked in April 2022 at 7.79% and peaked in January 2021 at 4.06%.
The WPI, which determines the total co
Assignment
The Producer Price Index (PPI) measures the average change in selling prices received by domestic producers for their output. The PPI publishes over 600 industry price indexes and over 2,000 commodity price indexes. It differs from the Consumer Price Index in that it excludes services and uses prices received by producers rather than consumer expenditures. The March 2010 PPI report showed a 0.7% rise in finished goods and increases of 0.6% for intermediate goods and 3.2% for crude goods.
Usman economic presentation (CPI).ppt
The document defines the Consumer Price Index (CPI) as a measure of the general price level of goods and services in an economy compared to a base year. It measures the average cost of a basket of consumer goods and services in the current year as a percentage of the cost of the same basket in the base year. There are many indexes that measure different sectors, such as housing, imports, stock prices, palm oil, and rubber. The CPI is used to measure inflation, the value of money over time, and economic growth. It is constructed by selecting consumer goods and services, weighting their importance, and choosing a base year or period.
1 MBA 530 ECONOMICS Unit 11 An Introduction to Mea.docx
1
MBA 530 ECONOMICS
Unit 11: An Introduction to Measures of Macroeconomic Performance
Part 3: Inflation: Measuring the Cost of Living
** This material is the copyrighted property of Peter W. Schuhmann**
Any form of distribution without written permission from the author is
prohibited
These lecture notes contain links to further reading or data, highlighted in blue.
Topics in this lecture:
1. Purchasing power
2. Inflation
3. Index numbers and the Consumer Price Index (CPI)
4. Problems with the CPI
5. Real and nominal wages and income
6. Real and nominal interest rates
We all have a sense of what “inflation” means… The prices that we pay for goods
and services are rising over time. The goal of this lecture is to carefully define the
concept of inflation and understand how it is measured. Along the way, we’ll
develop the idea of using an “index” that will allow us to distinguish changes in
nominal output and real output. This can be applied to national output (GDP) or to
firm-level output.
Why is an understanding of price changes and the “cost of living” an important
concept?
Understanding how prices have changed over time allows for some insight into
whether or not people are better off or worse off over time. For example, your
grandparents might lament the relatively high prices of certain goods or services
today compared to prices in “the old days”. In 1950, a new house could be
purchased for around $8,000. Most new cars could be purchased for less than
$2,000 and the price of a gallon of gasoline was less than 20 cents. Compared with
prices today, these prices are quite low. Do today’s higher prices mean that we are
worse off? Not necessarily. In 1950 U.S. per capita GDP was around $14,000.
2
Today it is well over $50,000. To decide whether the average person is better off
or worse off than in the past, we need to look at purchasing power.
Purchasing power is the value of currency in terms of its ability to be traded for
goods and services. In terms of the above example comparing the price of goods
and services in 1950 to those same prices today, we’d ask how far the average
income of 1950 went in terms of a consumer’s ability to purchase things compared
to today’s average income.
How do we compare values over time?
In order to help with comparisons of value over time, economists often rely on
index numbers. Index numbers indicate the value of something relative to a
baseline value. The baseline value is usually a number that makes mathematical
comparisons easy, like 100. A price index can be used to calculate the rate of
inflation to help understand changes in the cost of living over time. Other examples
include stock market indices like the Standard & Poor's 500 and the Nasdaq
Composite Index.
For example, the consumer price index (CPI) allows us to make such comparisons
for consumer goods. The CPI is a measure of the average cost of a standard
...
IFM.pptx
GDP is the total monetary value of all finished goods and services produced within a country in a specific time period. It provides an economic snapshot and can be calculated in three ways: expenditures, production, or incomes. Real GDP accounts for inflation, while nominal GDP does not. Though it has limitations, GDP is a key tool used by policymakers and businesses. Purchasing power parity (PPP) is a theory that compares the relative prices and cost of living between countries, accounting for exchange rates and inflation differences. It helps determine exchange rates and compare standards of living.
Macroeconomics 12th-edition-dornbusch-solutions-manual
This document provides an introduction and outline for Chapter 2 of the textbook Macroeconomics. It discusses key concepts that will be covered in the chapter, including GDP, the expenditure and value added approaches to calculating GDP, price indexes like CPI and PPI, the unemployment rate, and real vs nominal variables. It provides suggestions for instructing students on these topics, such as deriving important equations and identities and relating the economic indicators to current events. The goal is to help students understand national income accounting and how it can be used to analyze the macroeconomy.
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Producer price index b y vvr ias
- 1. Producer Price Index On the occasion of 6th annual Statistics Day on July 17th, 2012, the Governor of Reserve Bank of India D. Subbarao proposed a Producer Price Index (PPI) which would be useful in measuring the average change over time in the sale price of domestic good and services. Why the need of a third index? A comparison between WPI, CPI & PPI In its present structure, the Wholesale Price Index (WPI) does not capture the price movement of services, for example the WPI captures the price of important commodities from the retail market and at the producer level. And as far as the Consumer Price Index (CPI) in concerned, though it is considered a better measure of inflation than WPI but at the same time CPI does not have adequate history of supporting data analysis, because it only measures the changes in prices paid by the consumer at the retail level only, hence it also can't be used alone as an inflationary measure. While contrary to the CPI, PPI measures price changes from the perspective of the seller. Since seller & buyers prices differ due to government subsidies, taxes and distribution cost. Therefore it is highly desirable to adopt Producer Price Index (PPI) methodology for inflationary measurement. Wholesale Price Index (WPI): It measures the change in price of a selection of goods at wholesale, prior to retail sales & excluding sales taxes. It is a bit similar to Producer Price Index. Consumer Price Index (CPI): It measures the change in prices paid by the consumer at the retail level. It can be for the whole community or group specific. e.g. - CPI for industrial workers etc. Producer Price Index (PPI): It measures the change in the prices received by a producer. Its difference with the WPI is accounted by logistics, profits & taxes mainly. It also measures the price pressure due to increase in the cost of raw material. In general terms, it means prices of goods as they are sold by the producers to the wholesalers. Inflation Inflation is defined as the persistent rise in the price of goods & services. It reduces saving and the purchase power of money. It also leads to depreciation of currency & makes imports costlier. Importance from examination point of view:
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