MICROECONOMICS CH : 13 MARKET EQUILIBRIUM UNDER PERFECT COMPETITION AND EFFECTS OF SHIFTS IN DEMAND AND SUPPLY — Economics STD 11 Commerce — Question

Given the following data, draw a production possibility curve. Also find marginal opportunity cost.

Possibilities	A	B	C	D	E	F
Wheat (kg)	100	95	85	70	50	25
Rice (kg)	0	10	20	30	40	50

Why do central problems arise? Explain the central problems of an economy

Calculate mode of the following series:

Class	10-19	20-29	30-39	40-49	50-59	60-69	70-79
Frequency	10	12	18	30	16	6	8

If the coefficient of variation of X-series is 14.6% and that of Y-series is 36.9% and their mean are 101.2 and 101.25 respectively, find their standard deviation.

Discuss the importance of Statistics in Business.

What is meant by producer's equilibrium? When will a producer be in equilibrium in case of losses?

Represent the following data of annual profits of a firm through a time series graph:

Years	2013	2014	2015	2016	2017	2018
Profits (in '000 ₹)	60	72	75	65	80	95

Construct the following indices by taking 2014 as the base year

1. Simple Aggregative Price Index.
2. Index of Average of Price Relative.

Item	A	B	C	D	E
Price in 2014 (₹)	6	2	4	10	8
Price in 2015 (₹)	10	2	6	12	12
Price in 2016 (₹)	15	3	8	14	16

Briefly explain the guidelines for preparing a good table.

Statistics is indispensible in every field. Explain.