MICROECONOMICS CH : 1 ECONOMICS AND ECONOMY — Economics STD 11 Commerce — Question

What will be the effect of simultaneous change in demand and supply on price?

When the consumer is in equilibrium, MU of commodity-X is 45 and price of commodity-X is ₹9. Calculate the marginal utility of money. (Assuming marginal utility of money for the consumer is constant in equilibrium.)

Explain the law of demand with the help of a demand schedule.

Calculate mode for the following data:

Size of plant (in cm)	0-5	5-10	10-15	15-20	20-25	25-30
No. of plants	1	2	10	4	9	2

Present the data given in the table below with the help of a histogram.

Marks	Frequency
0-10	4
10-20	10
20-30	14
30-40	22
40-50	20
50-60	18
60-70	8
70-80	2

Distinguish between positive and normative economics.

Calculate the coefficient of rank correlation from the following data.

X	75	88	95	70	60	80	81	50
Y	120	134	150	115	110	140	142	100

What change in total revenue will result when:
(i) marginal revenue is constant? and
(ii) marginal revenue is decreasing?

Construct Index of Industrial Production (IIP) from the following data:

Industry	Output		Weights
	Base year	Current Year
Manufacturing	122	300	85
Electrical Product	203	400	5
Mining and Quarrying	65	87	10

Draw a marginal revenue curve of a perfectly competitive firm and explain why the marginal revenue of a perfectly competitive firm is always equal to its average revenue.