Question
The distance between AVC and AFC curves tends to reduce as output increases. Is it true?
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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
10, 15, 25, 27, 29, 20, 24, 23, 22, 12, 14, 16, 17, 18, 19, 18, 16, 15, 5, 9
Calculate marginal revenue using following information:
| Price (₹) | 10 | 9 |
| Sale/Demand (Units) | 100 | 110 |
State with reasons whether the following goods have elastic or inelastic demand:
(i) Maggi Noodles
(ii) Match box
(iii) Salt
(iv) Text book
(v) Milk
(vi) Cigarettes
(vii) Fine dine for a poor person
(viii) Medicine
(ix) Particular brand of mobile phone
(x) Perfume
(i) Maggi Noodles
(ii) Match box
(iii) Salt
(iv) Text book
(v) Milk
(vi) Cigarettes
(vii) Fine dine for a poor person
(viii) Medicine
(ix) Particular brand of mobile phone
(x) Perfume
Mention the mathematical properties of correlation.
How would you, as a consumer, change your consumption basket when the rate at which you are willing to substitute Good-X for Good-Y is lower than the rate at which the market allows you to do it?
Complete the following table:
| Units of Labour | Total Product | Average Product | Marginal Product |
| 1 | 40 | - | - |
| 2 | - | - | 60 |
| 3 | - | - | 50 |
| 4 | 180 | - | - |
| 5 | - | 36 | - |
| 6 | - | - | -18 |
If in the previous question, each worker is given a hike of 10% in wages, how are the mean and standard deviation values affected?
Give the disadvantages of census survey.
The mean of a given distribution is 72 and its standard deviation is 6.5. Calculate,
- Coefficient of variation.
- Variance.
What is a class interval? How do the magnitude of the class interval and class limits get determined?