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

Why do central problems arise? Explain the central problems of an economy

Calculate mean deviation from median of the following data:

Item:	12	18	25	35	47	55	62	75
Frequency:	8	12	15	23	16	18	31	12

In a city 45 families were surveyed for the number of Cell phones they used. Prepare a frequency array based on their replies as recorded below.

1	3	2	2	2	2	1	2	1	2	2	3	3	3	3
3	3	2	3	2	2	6	1	6	2	1	5	1	5	3
2	4	2	7	4	2	4	3	4	2	0	3	1	4	3

Explain briefly the advantages and limitations of graphical presentation of data.

What are the limitations of index numbers?

Explain with the help of diagrams, the effect of the following on demand for a good:
(i) Rise in income of its buyers.
(ii) Fall in income of its buyers.

The yield of wheat and rice per acre for 10 districts of a state is as under:

District	1	2	3	4	5	6	7	8	9	10
Wheat	12	10	15	19	21	16	18	9	25	10
Rice	22	29	12	23	18	15	12	34	18	12

Calculate for crop.
Mean deviation about Median.

Construct a frequency polygon without using histogram for the following data.

Wages (in ₹)	Number of Workers (f)
0-10	10
10-20	18
20-30	35
30-40	30
40-50	20
50-60	12
60-70	8
70-80	3