MICROECONOMICS CH : 13 MARKET EQUILIBRIUM UNDER PERFECT COMPETITION AND EFFECTS OF SHIFTS IN DEMAND AND SUPPLY — Economics STD 11 Commerce — Question

How will you make choice of a suitable measure of dispersion?

What is meant by elasticity of supply? State the formula for measuring it.

The following table gives production yield in kg per hectare of wheat of 150 farms in a village. Calculate mean.

Production	50-53	53-56	56-59	59-62	62-65	65-68	68-71	71-74	74-77
No. of farms	3	8	14	30	36	28	16	10	5

Find out the average revenue and marginal revenue on the basis of the following data:

Units of Production	Total Revenue (₹)	Average Revenue (₹)	Marginal Revenue (₹)
1	20
2	36
3	48
4	56
5	60
6	60
7	56

List some variables where accurate measurement is difficult.

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

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.

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)	10	9	7	4	0

Explain the concepts of total, average and marginal product with the help of a table.