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

Give the advantages and disadvantages of Spearman's Rank Correlation.

Name the different attributes according to which data in a table can be classified.

Mr. X consumes two commodities X and Y whose prices are ₹4 and ₹2 per unit respectively. What will be the value of marginal rate of substitution if the consumer is in the state of equilibrium?

When the price of onions is very high, the poor man simply stops buying it. Explain the economics of it, using utility analysis.

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

Suppose the price elasticity of demand for a good is -0.2. If there is a 5 per cent increase in the price of the good, by what percentage will the demand for the good go down?

Price elasticity of supply for a product is 'unity'. A firm supplies 25 units of this product at a price of ₹ 5 per unit. If the price of product rises to ₹ 6 per unit, how much quantity of the product will be supplied by the firm?

“Sampling is a necessity under certain conditions.” Explain.
Or
In what situations sampling is inevitable?