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

Find arithmetic mean from the following data using step-deviation method:

Temperature (°C)	-40 to -30	-30 to -20	-20 to -10	-10 to 0	0 to 10	10 to 20	20 to 30
No. of Days	10	28	30	42	65	180	10

Consider the following two data sets, where values in set A are the daily sales recorded by an ice-cream vendor; values in set B has the daily sales of a big departmental store :

Set A	500	700	1,000
Set B	10,000	12,000	13,000

1. Analyse the data by using absolute measures of dispersion and interpret.
2. Suggest relative counterparts of absolute measures.

Prove that the algebraic sum of deviations of a given set of observations from their mean is zero. Give an example also.

Explain by giving examples, how do the following determine price elasticity of demand:
(i) Nature of the good.
(ii) Availability of substitutes.

Direction Read the following case study and answer questions 1 to 5 on the basis of the same.
Collection of data is the first step in a statistical analysis. Data can be collected either from primary source or secondary source. Primary data is original as it is being collected for the first time. After collecting the data, next step is to organise the data as raw data cannot be used for further statistical analysis. There are various methods of classification of data based upon the nature of quantitative data.

1. Time series graphs are presented on the basis of general characteristics of a data. Choose from the options below.

1. True
2. False
3. Partially true
4. Incomplete statement

2. Classification of data based on time period is known as ......... classification.

1. Chronological
2. Temporal
3. Spatial
4. Both (a) and (b)

3. Data are grouped with reference to the attributes is referred to as ... classification.

1. Qualitative
2. Quantitative
3. Both (a) and (b)
4. Neither (a) nor (b)

4. In which of the following method of frequency distribution, the upper limit of each class is excluded from the series but equal to the lower limit of the succeeding series?

1. Continuous exclusive frequency distribution.
2. Continuous inclusive frequency distribution.
3. Continuous cumulative frequency distribution.
4. None of the above.

If Mitu is dropped out of the market, what will be new market demand schedule ?

Calculate the arithmetic mean from the following series.

Marks	5-15	15-25	25-35	35-45	45-55
No. of Students	8	12	15	9	6

Draw the 'less-than' and 'more-than'ogive from the data given below:

Weekly Wages (in ₹)	Number of Workers
0-20	10
20-40	20
40-60	40
60-80	20
80-100	10

Explain the following features of perfect competition:
(i) Large number of buyers and sellers.
(ii) Homogeneous products.