MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

What are real class limits? How are they computed?

Explain the central problem of 'what to produce'.

What is the relation between Good-X and Good-Y in each case, if with fall in the price of Good-X demand for Good-Y (i) rises, and (ii) falls? Give reason.

Find the standard deviation using the actual mean method.

X	2	3	4	5	6	7
Frequency	2	3	9	21	11	5

The following table shows the estimated sectoral real growth rates (percentage change over the previous year) in GDP at factor cost.

Year	Agriculture and allied sectors	Industry	Services
1994-95	5.0	9.2	7.0
1995-96	-0.9	11.8	10.3
1996-97	9.6	6.0	7.1
1997-98	-1.9	5.9	9.0
1998-99	7.2	4.0	8.3
1999-2000	0.8	6.9	8.2

Represent the data as multiple time series graphs.

What change does it make to the equation of consumer's equilibrium when he decides to spend his income on two commodities rather than one?

Calculate Simple Aggregative Price Index on the basis of the following data:

Commodity	Prices in 2018	Prices in 2019
Rice	120	180
Wheat	80	100
Oil	300	400
Pulses	130	180
Suger	150	200

Give three mathematical properties of Arithmetic Mean.

Explain the steps involved in construction of a discrete series.