MICROECONOMICS CH : 10 PRODUCER'S EQUILIBRIUM — Economics STD 11 Commerce — Question

Prove how statistical methods are no substitute for common sense.

Read the following table carefully and give your comments.

INDEX OF INDUSTRIAL PRODUCTION BASE 1993–94
Industry	Weight in %	1996–97	2003–2004
General index	100	130.8	189.0
Mining and quarrying	10.73	118.2	146.9
Manufacturing	79.58	133.6	196.6
Electricity	10.69	122.0	172.6

The annual salaries of four men were ₹ 5,000, ₹ 6,000, ₹ 6,500 and ₹ 30,000.

1. Find the arithmetic mean of their salaries.
2. Is this mean representative value of the series?

What does 'a simple economy' mean?

Differentiate between frequency polygon and frequency curve.

State the determinants of the market demand curve.

What is meant by price elasticity of demand? How is it measured?

How do we get class intervals when mid points are given?

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

Explain the concept of deflating using index numbers.