Introduction — Economics STD 11 Commerce — Question

The demand by a consumer for a commodity declines by 10 per cent when its price increases from ₹5 to ₹6 per unit. What is the price elasticity of demand of the commodity?

State two objectives of the measures of central tendency?

Absolute measure or relative measure, which measure of dispersion you will prefer to use? Give reason.

Average daily wage of 50 workers of a factory was ₹ 200. Each worker is given a raise of ₹ 20. What is the new average daily wage?

How does an increase in the number of firms in a market affect the market supply curve?

Give the objectives of the measures of dispersion.

How will a change in price of coffee affect the equilibrium price of tea? Explain the effect on equilibrium quantity also through a diagram.

What is coefficient of variation? What purpose does it serve?

From the following data relating to wages of 20 workers, prepare frequency distribution with a class interval of 5 an exclusive basis:
10, 15, 25, 27, 29, 20, 24, 23, 22, 12, 14, 16, 17, 18, 19, 18, 16, 15, 5, 9

“All statistics are numerical facts but all numerical facts are not statistics." Explain.