What are your reasons for studying Economics?

Question

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Answer

The reasons for studying economics are:

To study the Theory of consumption: We want to know how the consumer decides, given his income and many alternative goods to choose from, what to buy when he knows the prices.
To study the Theory of Production: We also want to know how the producer, similarly, chooses what to produce for the market when he knows the costs and prices.
To study the Theory of Distribution: We want to know how the national income or the total income arising from what has been produced in the country is distributed through wages (and salaries), profits and interest.
The study of economics also helps us to understand and analyse the root cause of basic problems faced by an economy like, poverty, unemployment, income disparity, etc. and helps to take various corrective measures.

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Demand schedule for commodity- X of individual A and B is given in the following table. Derive the market demand schedule and market demand curve.

Years	2014	2015	2016	2017	2018
Foodgrain production in India (in lakh tonnes)	1300	1800	1600	2000	1500

Marks:	0-10	10-20	20-30	30-40	40-50
No. of Students:	4	3	6	4	2

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