MICROECONOMICS CH : 5 THEORY OF DEMAND — Economics STD 11 Commerce — Question

Why is it essential to have different CPI for different categories of consumers?

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

What are the merits and limitations of Spearman's rank correlation?

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

Find out median from the following data:

Marks	0-10	10-20	20-30	30-40	40-50
No. of Students	08	30	40	12	10

Define statistics in plural sense. Give its any two characteristics.

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

A consumer buys 80 units of a good at a price of ₹4 per unit. When the price falls, he buys 100 units. If price elasticity of demand is (-) 1, find out the new price.

Differentiate between absolute and relative measures of dispersion.

Price of a commodity falls from ₹4 to ₹3 per unit. As a result total expenditure on it rises from ₹200 to ₹300. Find out price elasticity of demand by percentage method.