MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

What are the characteristic of a good measure of dispersion?

How is the equilibrium price and equilibrium quantity of a normal commodity affected by an increase in the income of its buyers? Explain with the help of a diagram.

What do you mean by positive and negative correlation?

Draw a Lorenz curve from the data given below:

Income:	100	200	400	500	800
No. of Persons:	80	70	50	30	20

Direction of export is shown in the following table. Prepare a pie diagram to show the percentage distribution of export.

Cuntry	Export (in %)
USA	25
Japan	15
UK	30
China	20
Others	10

Explain with the help of diagrams, the effect of the following changes on the demand for a commodity:
(i) Fall in the price of substitute good.
(ii) Fall in the price of complementary good.

The yield of wheat and rice per acre for 10 districts of a state is as under:

District	1	2	3	4	5	6	7	8	9	10
Wheat	12	10	15	19	21	16	18	9	25	10
Rice	22	29	12	23	18	15	12	34	18	12

Calculate for crop.
Mean deviation about Mean.

Find the standard deviation from the given data, using step deviation method.

X	7.5	17.5	27.5	37.5	47.5
Frequency	10	8	15	6	4

Explain the relationship between marginal product and total product, using a suitable diagram.

Citizens of a country produce two goods, garlic and wool, according to the following production possibility schedule:

Garlic (Units)	0	150	300	450	600	750	900
Wool (Units)	450	375	300	225	150	75	0

Find the opportunity cost of producing additional garlic. Is it constant or increasing? Draw a suitable diagram.