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

Discuss the importance of Statistics in Business.

What is meant by supply? Which factors do influence supply?

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

Explain important terms related to a frequency distribution.

MC determines the shape of both TC and TVC curves. Explain how.

What is meant by production possibility curve? Illustrate with the help of a table and diagram.

Calculate the upper and lower quartiles for the following frequency distribution.

Class Interval	Frequency (f)
13-25	6
25-37	11
37-49	23
49-61	7
61-73	3
Total	50

Explain the Law of Variable Proportion with the help of total and marginal physical schedule.

In a poem recitation competition, ten participants were recorded following marks by two different judges X and Y.

X	15	17	14	13	11	12	16	18	10	9
Y	15	12	4	6	7	9	3	10	2	5

Calculate the coefficient of rank correlation.

How is the equilibrium price and equilibrium quantity of a normal commodity affected by an increase in the income of its buyers? Explain with the help of a diagram.