Measures of Dispersion — Economics STD 11 Commerce — Question

A batsman is to be selected for a cricket team. The choice is between X and Y on the basis of their scores in five previous tests which are:

X	25	85	40	80	120
Y	50	70	65	45	80

Which batsman should be selected if we want,

1. A higher run getter.
2. A more reliable batsman in the team?

What do you understand by consumer's equilibrium? Give logical reasoning as to how he reaches his state of equilibrium.

Find out the standard deviation from the following data after finding mean:

Class lnterval:	0-10	10-20	20-30	30-40	40-50
Frequency:	8	13	16	8	5

Calculate Karl Pearson's coefficient of correlation from following data:

X	21	22	23	24	25	26	27
Y	16	15	17	18	19	20	21

Read the following case study carefully and answer the questions 1-6 on the basis of the same:
An economic system is a set of principles based on which an economy can run and make decisions about which goods and services to produce, how to produce and exchange them, how should the income from the production be distributed among the factor resources and what shall be the right balance between public sector and private sector and that between free market mechanism and regulation. Capitalism is an economic system based on certain principles, like provision of private property rights, free market economy and allowing economic agents (consumers and producers) to pursue private motives and self-interest with no or minimal government intervention. In an open economy and free trade environment, countries should produce the goods domestically in which they have comparative advantage. Comparative advantage principle states that if a country can produce a particular good at least opportunity cost comparatively than the rest of the world, then the country has comparative advantage in producing that good.

1. In _________ the degree of consumer sovereignty is highest.
(a) market economy
(b) centrally planned economy
(c) mixed economy
(d) both (a) and (c)

2. Which of the following is not a feature of centrally planned economy?
(a) Control of central authority
(b) Ownership of resources by government
(c) Consumer sovereignty
(d) Dominance over economic activity by public sector

3. Which among the following countries is not capitalistic or market driven in nature?
(a) Hong Kong
(b) Ireland
(c) Russia
(d) Canada

4._________economy is an economy in which the degree of interdependence and exchange is of a moderate degree.
(a) Simple
(b) Complex
(c) Both (a) and (b)
(d) None of these

5. Read the following statements carefully and choose the correct alternative among those given below:
Statement 1 : In a simple economy, income level of the people is low.
Statement 2 : In a complex economy, wants are multiple as well as enormous.
Alternatives:
(a) Both the statements are true
(b) Both the statements are false
(c) Statement 1 is true and Statement 2 is false
(d) Statement 2 is true and Statement 1 is false

6. In mixed economy, both public and private sectors dominate the economic activity.

Calculate the correlation coefficient between X and Y and comment on their relationship.

X	1	3	4	5	7	8
Y	2	6	8	10	14	16

Use the data in Table 3.2 that relate to monthly household expenditure (in ₹) on food of 50 households and:

1. Obtain the range of monthly household expenditure on food.
2. Divide the range into appropriate number of class intervals and obtain the frequency distribution of expenditure.
3. Find the number of households whose monthly expenditure on food is:

1. Less than ₹ 2000
2. More than ₹ 3000
3. Between ₹ 1500 and ₹ 2500

Prove that the algebraic sum of deviations of a given set of observations from their mean is zero. Give an example also.

Write a short note on Index for Industrial Production.

Convert the following 'less than' cumulative frequency series into ‘more than' cumulative frequency series:

Marks (less than)	5	10	15	20
Cumulative Frequency	12	25	35	55