MICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR — Economics STD 11 Commerce — Question

What is a false base line? How is it different from a kinked line?

What is a cumulative frequency distribution? What are its two types?

Calculate coefficient of variation from the following data.

Number of Goals Scored:	0	1	2	3	4
Number of Matches Played:	27	9	8	5	4

Distinguish between inclusive series and exclusive series.

Distinguish between classification and tabulation of data.

If the prices of other goods, the consumer's income and her tastes and preferences remain unchanged, the amount of a good that the consumer optimally chooses, becomes entirely dependent on its price. The relation between the consumer's optimal choice of the quantity of a good and its price is very important and this relation is called the demand function. Thus, the consumer's demand function for a good gives the amount of the good that the consumer chooses at different levels of its price when the other things remain unchanged. The graphical representation of the demand function is called the demand curve. The relation between the consumer's demand for a good and the price of the good is likely to be negative in general. In other words, the amount of a good that a consumer would optimally choose is likely to increase when the price of the good falls and it is likely to decrease with a rise in the price of the good.
1. Do you agree with the view that law of demand need not necessarily fail in case of inferior goods?
2. Cross price effect occurs in case of substitute goods, and not in case of complementary goods. Comment.

The following table gives absolute values (in lakh of tonne) of foodgrains production in India.

Year	Foodgrains production (in lakh of tonnes)
2002-03	1994
2003-04	1923
2004-05	2030
2005-06	1091

Represent the data by an appropriate bar diagram.