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

In the previous question, calculate the relative measures of variation and indicate the value which, in your opinion, is more reliable.

Define elasticity of supply. On the basis of the value of coefficient of elasticity of supply, how many types of situations can you imagine? Represent those situations diagrammatically.

Explain market equilibrium when the number of firms happens to increase or decrease in the market and only normal profits are earned.

Distinguish among total, average and marginal revenue curves.

What is 'Indirect Interview method? How is it different from Personal Interview method? Explain.

1. Define Mean deviation.
2. Calculate Mean deviation in the following data using Median:

X	5	6	7	8	9	10	11	12	13
f	4	5	6	7	8	9	10	11	12

Define market demand. Explain the factors that affect it.

Which of the following methods give better results and why?

1. Census.
2. Sample.

In a trip, organised by a college, there were 80 people, each of whom paid ₹ 15.50 on an average. There were 60 students, each of whom paid ₹ 16. Members of teaching staff were charged at a higher rate, the number of servants (all males) were 6 and they were not charged anything. The number of females were 20% of the total and there was only one female staff member. Tabulate this information.

Calculate standard deviation and coefficient of variation from the following data.

Matks:	Below 20	Below 40	Below 60	Below 80	Below 100
Number of Students:	8	20	50	70	80

Hint: Since, less than distribution is given, we first convert into an exclusive distribution.