Presentation of Data — Economics STD 11 Commerce — Question

What are the main objectives of tabulation?

Read the following case study carefully and answer the questions 1-2 on the basis of the same:
The elasticity of demand is great for high prices, and great, or at least considerable, for medium prices; but it declines as the price falls; and gradually fades away if the fall goes so far that satiety level is reached. Water is one of the few things the consumption of which we are able to observe at all prices, from the very highest down to nothing at all. At moderate prices the demand for it is very elastic. But the uses to which it can be put are capable of being completely filled: and as its price sinks towards zero the demand for it loses its elasticity. Nearly the same may be said of salt. Its price in England is so low that the demand for it as an article of food is very inelastic: but in India the price is comparatively high and the demand is comparatively elastic.
1. From a point of intersection of the two demand curves, a flatter demand curve shows higher elasticity of demand. Do you agree?
2. Higher the price level, higher should be the elasticity of demand. Comment.

What is a measure of central tendency? Name atleast four merits of mean.

Is distrust of statistics justified? Explain your viewpoint with the suitable example.

Salary of Rahul was ₹ 10,000 in base year. Current year's CPI is 225 and his salary is ₹ 21,000. Can he maintain same living standard as base year? Give reasons.

Distinguish between average revenue and marginal revenue. Mention also the relation between them.

The subject matter of statistics could be studied through descriptive method or through inferential method. Elaborate with the help of an example.

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

Explain the concept of deflating using index numbers.