MICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY — Economics STD 11 Commerce — Question

Define market demand. State the law of demand and the assumption behind it.

A perfectly competitive firm faces the market price of ₹20 per unit. Derive its TR schedule for a range of output from 1 to 10 units. What will happen to market price if the firm decides to suspend its production for the time being?

State the factors which influence elasticity of supply.

'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.

What is meant by consumer's equilibrium? State its condition in case of a single commodity.

Can the CPI for urban non-manual employees represent the changes in the cost of living of the President of India?

Differentiate between absolute and relative measures of dispersion.

The monthly expenditure (₹) of a family on some important items and the Goods and Services Tax (GST) rates applicable to these items is as follows:

Item	Monthly Expense (₹)	GST Rate %
Cereals	1500	0
Eggs	250	0
Fish, Meat	250	0
Medicines	50	5
Biogas	50	5
Transport	100	5
Butter	50	12
Babool	10	12
Tomato Ketchup	40	12
Biscuits	75	18
Cakes, Pastries	25	18
Branded Garments	100	18
Vacuum Cleaner, Car	1000	28

Calculate the average tax rate as far as this family is concerned.

What are the advantages and disadvantages of tabular presentation of data?