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

Given market equilibrium of a good. What is the effect of simultaneous decrease in both demand and supply of that good on its equilibrium price and quantity?

Represent the following data by means of a frequency polygon:

Wages (in ₹)	325-350	350-375	375-400	400-425	425-450
No. of woekers	20	45	60	35	10

Following table gives the distribution of companies according to the size of capital. Using step-deviation method, find out the mean size of the capital of a company:

Capital (in lacs)	Less than 5	Less than 10	Less than 15	Less than 20	Less than 25	Less than 30
No. of Companies	20	27	29	38	48	53

Calculate Karl Pearson's coefficient of correlation by actual mean method:

Define index number. Discuss various problems in the construction of index numbers.

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

Compare mean, median and mode as measures of central tendency. Discuss the situations when one is more suitable than other.

What are the main objectives of tabulation? Do all tables fulfill these objectives?

Gross profits are maximised only when a firm's MC curve cuts MR curve from below. Explain diagrammatically.