MICROECONOMICS CH : 2 CENTRAL PROBLEMS OF AN ECONOMY — Economics STD 11 Commerce — Question

Compute mean deviation from mean and coefficient of mean deviation:

Weekly Wages (ₛ):	200-400	400-600	600-800	800-1000
No. of Workers:	20	40	30	10

What is meant by returns to a factor? Explain.

Explain with the help of a diagram the effect of an increase in demand for a commodity on its equilibrium price and equilibrium quantity.

What kind of indices NIFTY, SENSEX, HDI and Producer Price Index?

Prepare a bivariate frequency distribution for the marks by 24 examinees in Statistics and Accountancy.

Marks Marks
Statistics	Accountancy	Statistics	Accountancy
22	16	23	16
23	16	25	17
23	18	23	17
23	16	22	17
23	16	27	16
24	17	27	18
23	16	25	19
25	19	28	19
22	16	25	19
23	18	24	16
24	18	23	17
24	17	24	19

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

Convert the following inclusive class interval into exclusive class interval.

Inclusive Class Interval	Frequency
0-99	2
100-199	4
200-299	5
300-399	6
400-499	3
500-599	5
Total	25

Find the mean deviation and coefficient of mean deviation from the following data.

X

10

12

18

23

34

45

62

75

Explain the relation between marginal cost and average cost.
Or
Explain the relationship between marginal cost and average cost with the help of a cost schedule.