MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

What are the main objectives of tabulation?

Calculate total variable cost and total cost from the following cost schedule of a firm whose fixed costs are ₹10:

Output (Units)	1	2	3	4
Marginal Cost (₹)	6	5	4	6

Explain the meaning of statistical average or central tendency of a series.

Wages of 50 workers are given. Present them in the form of exclusive frequency distribution with class interval as 40–50.
95, 92, 91, 90, 88, 82, 86, 87, 87, 88, 70, 72, 76, 77, 77, 79, 79, 79, 78, 78, 68, 67, 67, 66, 65, 63, 63, 63, 63, 64, 58, 59, 60, 60, 60, 60, 61, 62, 62, 62, 55, 55, 55, 56, 57, 54, 53, 52, 52, 50.

Compute mean deviation from mean and coefficient of mean deviation:

Weekly Wages (ₛ):	200-400	400-600	600-800	800-1000
No. of Workers:	20	40	30	10

Distinguish between fixed costs and variable costs. Give two examples of each.

Explain the relationship between marginal revenue and total revenue.

Calculate the co-efficient of correlation for the following data by the actual mean method.

X	65	66	67	68	69	70	71
Y	67	68	66	69	72	72	69

Discuss the concept of opportunity cost with an example.

Calculate upper quartile from the following data.

Marks	0-5	5-10	10-15	15-20	20-25
No. of Students	5	8	12	9	6