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

Differentiate between graphs and diagrams.

Explain the measurement of price elasticity of demand with the help of percentage method.

Wages of 50 workers are given. Present them in the form of exclusive frequency distribution with class interval as 40–50.
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.

Can there be any advantage in classifying things? Explain with an example from your daily life.

What can be the effects on the equilibrium price of a commodity when its demand and supply curves both shift to the right simultaneously? Show any two of these effects on a diagram.

MC is only a variable cost. Why?

Giving reason, comment on the shape of production possibilities curve based on the following schedule:

Good-X (Units)	0	1	2	3	4
Good-Y (Units)	8	6	4	2	0

Convert the following into ordinary frequency distribution:

1.  

Less than	25	30	35	40	45	50
f	8	22	50	85	105	12

2.  

More than	0	10	20	30	40	50
f	50	46	40	20	11	4

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

Distinguish between normal good and inferior good.