Index Numbers — Economics STD 11 Commerce — Question

Discuss the concept of opportunity cost with an example.

The following table shows the estimated sectoral real growth rates (percentage change over the previous year) in GDP at factor cost.

Year	Agriculture and allied sectors	Industry	Services
1994-95	5.0	9.2	7.0
1995-96	-0.9	11.8	10.3
1996-97	9.6	6.0	7.1
1997-98	-1.9	5.9	9.0
1998-99	7.2	4.0	8.3
1999-2000	0.8	6.9	8.2

Represent the data as multiple time series graphs.

Compute the median for the following data:

Value	Less than 10	Less than 20	Less than 30	Less than 40	Less than 50
f	11	18	34	48	60

We are given the % of marks scored by six students in two subjects. Calculate co-efficient of rank co-relation.

Student	A	B	C	D	E	F
Marks in Mathematics	85	60	55	65	75	90
Marks in Economics	60	48	49	50	55	62

Find out Paasche's Price Index from the following data:

Iteam	Base Year		Current Year
	Price	Quantity	Price	Quantity
A	10	8	20	10
B	35	6	40	9
C	30	20	32	25
D	40	5	44	6

The total utility schedule of individual 'A' is given below. Derive the marginal utility schedule.

Units Consumed	0	1	2	3	4	5
Total Utility	0	15	27	38	48	55

What do you find in following cases correlation/ causation?

1. When investigating the cause of crime in New York City in the 80s, when they were trying to clean up the city, an academic found a strong correlation between the amount of serious crime committed and the amount of ice cream sold by street vendors!
2. The size of your palm is negatively correlated with how long you will live (really!). In fact, women tend to have smaller palms and live longer.
3. I heard of a study a few years ago that found the amount of soda a person drinks is positively correlated to the likelihood of obesity.

Explain the utility of diagrammatic presentation by giving any four points.

Given the following data:

Year	1995-96	1996-97	1997-98	1998-99	1999-2000	2000-01	2001-02	2002-03
WPI (1993-94)	121.6	127.2	132.8	140.7	145.7	155.7	161.3	166.8

Calculate the inflation rate and interpret the result.

Complete the following table:

Output (Units)	Average Fixed Cost (₹)	Average Variable Cost (₹)	Marginal Cost (₹)	Total Cost (₹)
1	120	40	-	-
2	60	56	-	232
3	-	54	-	-
4	30	-	54	-