MICROECONOMICS CH : 1 ECONOMICS AND ECONOMY — Economics STD 11 Commerce — Question

Kunal was asked by his Statistics teacher, Mrs Sharma to compute inter-quartile range and quartile deviation of a set of data which contained positive values. As per Kunal's calculations, IQR was 25 and quartile deviation was 30. Even without checking the calculations, Mrs Sharma declared that the answers are wrong. Is Mrs Sharma correct in her assertion?

Find out the Price Index of the year 2018, assuming 2016 as the base year of the following data by using Simple Average of Price Relatives Method:

Commodity	Price in the year, 2016 (₹) per Qtl.	Price in the year, 2018 (₹) per Qtl.
Wheat	800	900
Sugar	1100	1200
Rice	400	600
Potato	500	700
Salt	300	500

Explain the utility of diagrammatic presentation by giving any four points.

Discuss some of the uses of diagrams.

Complete the following table:

Output (Units)	Total Cost (₹)	Average Fixed Cost (₹)	Average Cost (₹)	Variable Cost (₹)
1	20	6
2	26	3
3	39	2

What is meant by elasticity of supply? State the formula for measuring it.

What does a production possibility curve show? When will it shift to the right?

State three features of perfect competition.

State the law of supply and the assumption behind it.

When the consumer is in equilibrium, MU of commodity-X is 45 and price of commodity-X is ₹9. Calculate the marginal utility of money. (Assuming marginal utility of money for the consumer is constant in equilibrium.)