MICROECONOMICS CH : 9 CONCEPT OF REVENUE — Economics STD 11 Commerce — Question

Compute Mean Deviation from the following data:

X	0-20	20-40	40-60	60-80	80-100	100-120
f	5	50	84	32	10	6

How is correlation different from causation?

Discuss the importance of Statistics in Business.

“The degree of closeness of scatter points and their overall direction gives us an idea of the nature of the relationship between variables.” True or False. Justify your answer.

Calculate quartile deviation and coefficient of quartile deviation from the data given below:
320, 400, 450, 530, 550, 580, 600, 610, 700, 780, 800

Find the standard deviation from the given data, using step deviation method.

X	7.5	17.5	27.5	37.5	47.5
Frequency	10	8	15	6	4

Name various methods of studying correlation. Describe any one.

From the following data, calculate coefficient of quartile deviation.

Wages less than:	10	20	30	40	50	60	70
No. of Workers:	5	8	15	20	30	33	35

What is meant by diminishing returns to a factor? Discuss any two reasons for the operation of diminishing returns to a factor.

How will an increase in the income of the buyers of an inferior good affect its equilibrium price and equilibrium quantity? Explain with the help of a diagram.