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

What are different sources of Secondary data?

List some variables where accurate measurement is difficult.

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

Prepare ‘less than' and 'more than' cumulative frequency series:

Marks	0-10	10-20	20-30
No.of Student	4	6	10

Draw a scatter diagram and indicate the nature of correlation.

X	10	20	30	40	50	60	70	80
Y	5	10	15	20	25	30	35	40

Distinguish between substitute good and complementary good.

What are meant by total revenue, average revenue and marginal revenue?

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

Explain the relationship between marginal revenue and total revenue.

Prove how statistical methods are no substitute for common sense.