Introduction — Economics STD 11 Commerce — Question

When price of a good falls from ₹15 per unit to ₹12 per unit, its demand rises by 25 per cent. Calculate price elasticity of demand.

Price elasticity of demand of Good-X is-2 and of Good-Y is -3. Which of the two goods is more price elastic and why?
Or
Price elasticity of demand for the two goods X and Y are zero and (-) 1 respectively. Which of the two is more elastic and why?

Write the four uses of Consumer Price Index Numbers.

There are 80 students in Silver Bells School who play cricket. A city level tournament has been organised and the school is required to send it's team to play in the tournament. The sports teacher, Mr Murthy, decided to select 14 players; 11 regulars and 3 substitutes. Should he select the team randomly? Why or why not?

Why is standard deviation regarded as the best measure of dispersion?

Average daily wage of 50 workers of a factory was ₹ 200. Each worker is given a raise of ₹ 20. What is the new average daily wage?

Do you agree with the view that buffer stock is a tool of price floor?

Make a list of activities in a bus stand or a market place. How many of them are economic activities?

Prepare a frequency distribution by inclusive method taking class interval of 7 from the following data.

28	17	15	22	29	21	23	27	18	12	7	2	9	4
1	8	3	10	5	20	16	12	8	4	33	27	21	15
3	36	27	18	9	2	4	6	32	31	29	18	14	13
15	11	9	7	1	5	37	32	28	26	24	20	19	25
19	20	6	9

How will a change in price of coffee affect the equilibrium price of tea? Explain the effect on equilibrium quantity also through a diagram.