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

State any four uses of different types of Index Numbers.

What are your reasons for studying Economics?

State the major steps involved in the construction of wholesale price index numbers.

Explain the factors that shift the demand curve to the right.

Name various methods of studying correlation. Describe any one.

Answer the following questions
(i) When price of a commodity falls by Rs 1 per unit, its quantity demanded rises by 3 units. Its Price Elasticity of Demand is (-) 2. Calculate its quantity demanded if the price before change was Rs 10 per unit.
(ii) A consumer buys 30 units of a good at a price of Rs. 10 per unit. Price elasticity of demand for the good is (-)1. How many units the consumer will buy at a price of Rs. 9 per unit Rs. Calculate.

Draw a production possibility curve. What do the points inside and outside this curve indicate? Explain.

Convert the following 'less than' cumulative frequency series into ‘more than' cumulative frequency series:

Marks (less than)	5	10	15	20
Cumulative Frequency	12	25	35	55

Show that a perfectly competitive firm maximises its profit only when price = MC

Find median of the following distribution.

Age	0-10	10-20	20-30	30-40	40-50	50-60	60-70	70-80
No. of persons	12	18	35	42	50	45	20	8