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

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

Explain with the help of diagrams, the effect of the following changes on the demand for a commodity:
(i) A rise in the price of substitute good.
(ii) A rise in the price of complementary good.

Explain the role of the agencies involved in the collection of data.

Differentiate between Simple table and complex table with examples.

Show that a perfectly competitive firm maximises its profit only when price = MC

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

What are the essential parts of a statistical table? Explain any four.

Explain the impact of increase in the number of consumers on market equilibrium.

Explain the procedure for selecting a random sample of 3 students out of 10 in your class by using random number tables.

Recast the following cumulative table into the form of an ordinary frequency distribution and determine value of the median.

Number of Days Absent	Number of Students
Less than 5	29
Less than 10	224
Less than 15	465
Less than 20	582
Less than 25	634
Less than 30	644
Less than 35	650
Less than 40	653
Less than 45	655