Index Numbers — Economics STD 11 Commerce — Question

What kind of indices NIFTY, SENSEX, HDI and Producer Price Index?

Define marginal utility. State the law of diminishing marginal utility.

Distinguish between cardinal and ordinal measurement of utility.

How do changes in marginal revenue affect total revenue?

Define increase in demand. What causes increase in demand?

Distinguish between Lasperey's and Paasche's index numbers.

Using the following productions figures of a firm, derive the relationship between total product and marginal product.

Units of Land	1	1	1	1	1	1	1	1	1
Units of Labour	0	1	2	3	4	5	6	7	8
TP	0	4	11	25	37	41	43	43	41

Find out range and coefficient of range from the following data.

Marks:	20-29	30-39	40-49	50-59	60-69
Number of Students:	8	12	20	7	3

Hint: As per the question, inclusive series of marks and number of students are given. For calculating range and coefficient of range, firstly we will convert inclusive series into exclusive series and after that we will compute range.

From the following schedule, find out the level of output at which the producer is in equilibrium. Give reasons for your answer

Output (Units)	1	2	3	4	5	6	7
Price (Rs.)	24	24	24	24	24	24	24
Total Cost	26	50	72	92	115	139	165

Define price elasticity of supply. How is it measured?