MICROECONOMICS CH : 7 PRODUCTION FUNTION AND RETURNS TO A FACTOR — Economics STD 11 Commerce — Question

Write three merits of tabular presentation of data.
OR
State the merits of tabular presentation.

Distinguish between 'change in demand' and 'change in quantity demanded'. ### Distinguish between 'movement along a demand curve' and 'shift in demand curve':

Explain the effect of rise in the prices of related goods on the demand for a good.

MC is only a variable cost. Why?

Differentiate between Short Period and Long period.

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

A measure of dispersion is a good supplement to the central value in understanding a frequency distribution. Comment.

From the following data, prepare simple frequency distribution on the basis of equal class interval.

Marks	Number of Students
Less than 5	7
Less than 10	20
5-15	38
15 and above	55
20-25	20
25 and above	5
30 above	1

What are the desirable properties of the base period?

What do you find in following cases correlation/ causation?

1. When investigating the cause of crime in New York City in the 80s, when they were trying to clean up the city, an academic found a strong correlation between the amount of serious crime committed and the amount of ice cream sold by street vendors!
2. The size of your palm is negatively correlated with how long you will live (really!). In fact, women tend to have smaller palms and live longer.
3. I heard of a study a few years ago that found the amount of soda a person drinks is positively correlated to the likelihood of obesity.