MICROECONOMICS CH : 8 CONCEPTS OF COST — Economics STD 11 Commerce — Question

Explain the law of supply with the help of a supply curve.

Prepare a bivariate frequency distribution for the marks by 24 examinees in Statistics and Accountancy.

Marks Marks
Statistics	Accountancy	Statistics	Accountancy
22	16	23	16
23	16	25	17
23	18	23	17
23	16	22	17
23	16	27	16
24	17	27	18
23	16	25	19
25	19	28	19
22	16	25	19
23	18	24	16
24	18	23	17
24	17	24	19

Explain the central problem of 'choice of technique'.

Define Mode. Discuss its merits and demerits.

Explain the nature of the shape of average revenue curve of a firm under perfect competition.

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.

Find out mean deviation of the following data (use mean):

Item:	5	10	15	20	25	30	35	40
Frequency:	8	16	18	22	14	9	6	7

Differentiate between inclusive and exclusive series.

Calculate coefficient of correlation by Karl Pearson method.

X	1	3	4	5	8	9
Y	4	6	9	10	15	16

Explain the central problem of 'for whom to produce'.