Organisation of Data — Economics STD 11 Commerce — Question

Locate median of the following distribution:

Variable (X)	10	11	12	13	14	15	16
Frequency (f)	8	15	25	20	12	10	5

Wages of 50 workers are given. Present them in the form of exclusive frequency distribution with class interval as 45-55, 55-65, etc.
95, 92, 91, 90, 88, 82, 86, 87, 87, 88, 70, 72, 76, 77, 77, 79, 79, 79, 78, 78, 68, 67, 67, 66, 65, 63, 63, 63, 63, 64, 58, 59, 60, 60, 60, 60, 61, 62, 62, 62, 55, 55, 55, 56, 57, 54, 53, 52, 52, 50

Read the following case study carefully and answer the questions 1-2 on the basis of the same:
The elasticity of demand is great for high prices, and great, or at least considerable, for medium prices; but it declines as the price falls; and gradually fades away if the fall goes so far that satiety level is reached. Water is one of the few things the consumption of which we are able to observe at all prices, from the very highest down to nothing at all. At moderate prices the demand for it is very elastic. But the uses to which it can be put are capable of being completely filled: and as its price sinks towards zero the demand for it loses its elasticity. Nearly the same may be said of salt. Its price in England is so low that the demand for it as an article of food is very inelastic: but in India the price is comparatively high and the demand is comparatively elastic.
1. From a point of intersection of the two demand curves, a flatter demand curve shows higher elasticity of demand. Do you agree?
2. Higher the price level, higher should be the elasticity of demand. Comment.

'Statistics is defined as aggregate of numerical facts.' Give a few examples.
OR
‘Statistics are figures, but all figures are not statistics'. Justify the statement.

Price elasticity of demand of a good is (-) 1. At a price the consumer buys 60 units of the good. How many units will the consumer buy if the price falls by 10 per cent?

Calculate total variable cost and total cost from the following cost schedule of a firm whose fixed costs are ₹10:

Output (Units)	1	2	3	4
Marginal Cost (₹)	6	5	4	6

What is meant by diminishing returns to a factor? Explain its causes.

Draw one diagram showing average total cost curve, average variable cost curve and marginal cost curve.

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.