Why do central problems arise? Explain the central problems of an… - Vidyadip

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

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Read the following hypothetical information carefully and answer the questions 1-6 on the basis of the same:

Units of Labour	Average Product	Total Product	Marginal Product
1	4	4	4
2	5	__	6
3	5	15	5
4	__	16	1
5	3	15	__

1. At 2nd unit of labour employed, total product will be ____________. (Fill up the blank with correct alternative)
(a) 7
(b) 9
(c) 10
(d) 12

2. At 4th unit of labour employed, average product will be ____________ . (Fill up the blank with correct alternative)
(a) 1
(b) 4
(c) 12
(d) 64

3. Which of the following is incorrect? (Choose the correct alternative)
(a) When marginal product decreases, total product also decreases
(b) Generally AP curve is U-shaped curve
(c) Total product can be zero or negative
(d) All of these

4. Identify the correct formula to calculate Average Product. (Choose the correct alternative)
(a) $AP =\Sigma MP$
(b) $AP = TP _{ n }-T P_{ n -1}$
(c) $AP =\frac{ TP }{ L }$
(d) $AP =\frac{\Delta TP }{\Delta L }$

5. Read the following statements carefully and choose the correct alternative among those given below:
Statement 1 : When MP decreases, TP increases at a decreasing rate.
Statement 2 : When MP = 0, there is no addition to TP.
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. At 5th unit of labour employed, marginal product will be ____________.
(Fill up the blank with correct alternative)
(a) 1
(b) -1
(c) 8
(d) 12

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What do you understand by price elasticity of demand? How is it measured? Explain.

The following table gives production yield in kg. per hectare of wheat of 150 farms in a village. Calculate the mean, median and mode values.

Production yield (kg. per hectare)
50-53	53-56	56-59	59-62	62-65	65-68	68-71	71-74	74-77
Number of farms
3	8	14	30	36	28	16	10	5

Demand schedule for three consumers such as Mohan, Rohan and Mitu for a commodity is given below. Derive the market demand schedule.

Price (₹)	Demand Schedule of Mohan (Units)	Demand Schedule of Rohan (Units)	Demand Schedule of Mitu (Units)
1	60	55	24
2	50	40	13
3	40	25	5
4	30	10	0
5	20	0	0

Compare census and sampling method of conducting a survey. Which one is better and why

Draw a scatter diagram of the following data and interpret to find the nature of correlation.

X	2	3	5	6	8	9
Y	6	5	7	8	12	11

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

Read the following hypothetical information carefully and answer the questions 1-6 on the basis of the same:

Output (Units)	Price (₹)	Total Revenue (₹)	Marginal Revenue (₹)
1	10	10	10
2	-	18	8
3	8	24	-
4	7	-	4

1. At 2nd unit of output sold, average revenue will be ____________. (Fill up the blank with correct alternative)
(a) 4
(b) 9
(c) 16
(d) 36

2. At 3rd unit of output sold, marginal revenue will be ____________. (Fill up the blank with correct alternative)
(a) 4
(b) 6
(c) 16
(d) 24

3. Which concept of revenue is called price? (Choose the correct alternative)
(a) Total revenue
(b) Average revenue
(c) Marginal revenue
(d) None of these

4. Identify the correct formula to calculate Marginal Revenue. (Choose the correct alternative)
(a) $MR _{ n }= TR _{ n }- TR _{ n -1}$
(b) $MR =\frac{ TR }{ Q }$
(c) $MR =\frac{\Delta TR }{\Delta Q }$
(d) Both (a) and (c)

5. Read the following statements carefully and choose the correct alternative among those given below:
Statement 1: AR is the rate at which output is sold.
Statement 2: When MR is zero, TR is also zero.
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. At 4th unit of output sold, total revenue will be ____________. (Fill up the blank with correct alternative)
(a) 3
(b) 11
(c) 28
(d) 32

What are primary data? Mention different methods of collecting primary data. Explain any one in detail.

Represent the following data with the help of an appropriate bar diagram.

Years	2014	2015	2016	2017	2018
Foodgrain production in India (in lakh tonnes)	1300	1800	1600	2000	1500