Discuss the concept of opportunity cost with an example. - Vidyadip

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Discuss the concept of opportunity cost with an example.

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Compute mode from the following data.

Score	Frequency
0-10	10
10-20	20
20-30	18
30-40	32
40-50	21

Prepare the frequency array of marks obtained by 25 students of a class in economics test 20, 15, 20, 30, 40, 25, 25, 30, 40, 20, 35, 35, 50, 15, 50, 25, 40, 40, 30, 50, 25, 30, 30, 15, 45.

Find out the average revenue and marginal revenue on the basis of the following data:

Units of Production	Total Revenue (₹)	Average Revenue (₹)	Marginal Revenue (₹)
1	20
2	36
3	48
4	56
5	60
6	60
7	56

The total utility schedule of individual 'A' is given below. Derive the marginal utility schedule.

Units Consumed	0	1	2	3	4	5
Total Utility	0	15	27	38	48	55

What is first quartile? Show it graphically.

Prepare ‘less than' and 'more than' cumulative frequency series:

Marks	0-10	10-20	20-30
No.of Student	4	6	10

What are the characteristics of an index number?

According to Mashallian utility analysis, when expenditure of a consumer has been completely adjusted, that is, when marginal utility in each direction of his purchases is the same, it is called consumer's equilibrium. Then he has no desire to buy any more of one commodity and less of another. Given a set of market prices, his wants and his income, the consumer may be said to be in equilibrium when marginal utilities have been equalized and maximum satisfaction obtained. There will then be no inducement to revise his scheme of expenditure.
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Rice yield per hectare is given below. Show the data diagrammatically.

Year	Yield per hectare (in kg)
1999-2000	668
2000-2001	1013
2001-2002	1123
2002-2003	1235
2003-2004	1336
2004-2005	1552
2005-2006	1482

Draw a scatter diagram and interpret whether the correlation is positive or negative.

X	4	5	6	7	8	9	10	11	12	13	14	15
Y	78	72	66	60	54	48	42	36	30	24	18	12