The sum of the deviations of a given set of observations from their arithmetic mean is always zero. It is due to the property that the arithmetic mean is characterised as the centre of gravity. i.e. sum of positive deviation from the mean is equal to the sum of negative deviations.

For example:

3,4,6,8,14

x  =  3+4+6+8+14  /5

​  =7

∑(x i −  x )=−8+8=0

Hence, the sum of the deviations about mean is 0.

‘Other things remaining the same, when a person takes successive units of a commodity, the marginal utility diminishes constantly.’ 

The marginal utility of a commodity diminishes at the consumer gets larger quantities of it. Marginal utility is the change in the total utility resulting from one unit change in the consumption of a commodity per unit of time. Assumptions :

Followings are the some assumptions of the law of diminishing marginal utility : 

(i) It is assumed that utility can be measured and a consumer can express his satisfaction in quantitative terms such as 1, 2, 3... etc. 

(ii) Consumption of reasonable quantity. 

(iii) Continuous consumption. 

(iv) Monetary measurement of utility. 

(v) No change in quantity. 

(vi) Rational consumer. 

(vii) MU of money remains constant. 

(viii)Independent utilities. 

(ix) Fixed income price.

This law can be explained with the help of the above schedule and diagram:

• 1. TU increases with an increase in consumption of a commodity as long as MU is positive. In this phase, TU increases but a diminishing rate as MU from each successive unit tends to diminish.
• 2. When TU reaches its maximum, MU becomes zero. TU stops rising at this stage. This point is known as a point of satiety.
• 3. When consumption is increased beyond the point of satiety, TU starts falling as MU becomes negative.  

Utility Definition – It is a measure of satisfaction an individual gets from the consumption of the commodities. In other words, it is a measurement of usefulness that a consumer obtains from any good. A utility is a measure of how much one enjoys a movie, favourite food, or other goods. It varies with the amount of desire.

There are various activities that constitute the ordinary business of life, such as :
(i) Production
(ii) Consumption
(iii) Investment
(iv) Exchange
(v) Distribution
Yes, all these are Economic Activities.

A mass of data in its original form is called raw data. It is an unorganized mass of various items. A characteristic which is capable of being measured and changes its value overtime is called a variable.

If a good can be used for many purposes, the demand for it will be more elastic because with a decrease in its price, it can be put to several uses and with a rise in its price, it is withdrawn from its many existing uses.
So that, there is a considerable change in demand in response to some changes in price, e.g. milk.

The allocation of resources is considered as inefficient if the combination of the goods produced lies inside the PPC curve. An Any point lying under the curve , like F, depicts inefficiency or underutilisation of available resources .

TVC, TC, and TFC curves in a single diagram.

(i) TC is divided into two parts TFC and TVC such that TC = TFC + TVC.
(ii) TFC is the overhead cost and it remains constant or fixed whatever be the level of output. TFC curve is a horizontal line parallel to the x-axis.
(iii) TVC is cost due to increased use of variable factors like raw material, labour, etc. TVC is inverse S-shaped starting from the origin due to law of variable proportion.
(iv) TC is aggregate of TFC and TVC. TC curve is inverse S-shaped starting from the level of fixed cost. The reason behind it shape is the law of variable proportion.

As we increase the level of output, the difference between ATC and AVC decreases because ATC = AFC + AVC and Total Fixed Cost remain constant at all levels of output, but with rise in level of output, AFC decreases. That's why the difference between ATC and AVC decreases with rise in level of output.The difference between the average total cost (ATC or AC) and the average variable cost (AVC) lies due to the average fixed cost incurred by the firm. Thus, ATC and AVC can never be equal at any level of output

Census method refers to the complete enumeration of a universe. A universe may be a place, a group of people or a specific locality through which we collect the data. Census method is necessary in some cases like population census, Agriculture Census, animal census etc for gaining vast knowledge. But in contrary this & method is not applicable as well as needed to some social problems because it is costly and time consuming. It is difficult to study the whole universe because financially aid requires for it to complete the study. For this purpose we use sampling method to pick up a simple from the whole universe. Census method is perplex and take more time in data collection.
 

Advantages & Disadvantages of Census Method

Following are the advantages and disadvantages of census method of data collection

Advantages of Census Method of Data Collection

Intensive Study

Data collection through census method gives opportunity to the investigator to have an intensive study about a problem study about a problem. The investigator gathers a lot of knowledge through this method.

Higher Degree of Accuracy

In this method there would be higher degree of accuracy in data. No other method is accurate like census method when the universe is small.

Suitable for Heterogeneous Units

This method is also applicable for units having heterogeneity or difference.

Indispensable in Some Cases

In certain cases this method is very important and suitable to be used for data collection. Without this method the study of a universe remains uncompleted.

Disadvantages of Census Method of Data Collection

Inconvenient

This method is inconvenient because it take much time, money and set of industrial organizations.

Possible in Few Cases

This method is possible only in few cases of data collection.

Possible in Limited Circumstances

This method is possible only in limited universe it requires not vast area to study.

Time & Labour Consuming

It is much time and labour consuming. It requires a lot of people to involve in data collection.

More Statistical Errors

Data collected through this method would have more statistical errors.

Census method of data collection is helpful only in an area where inquiry is limited, more time and finance available and data have high degree of accuracy otherwise not.

The obvious way to reduce a budget deficit is to increase tax rates and cut government spending. However, the difficulty is that this fiscal tightening can cause lower economic growth – which in turn can cause a higher cyclical deficit (government get less tax revenue in a recession). The best way to reduce fiscal deficits depends on the situation a country is in.

1. Limited number of questions:The number of questions should be limited as far as possible. Normally fifteen to twenty questions are sufficient enough for making the required enquiry.

2. Simplicity:The language of the questions should be simple and easily understandable. It should be clear and not vague. It should not convey two meanings.

3. Logically arranged:The questions should be arranged logically. Ther should be a proper sequence of the questions.

4. Related to the points:Questions should be related to the point. They should not be irrelevant.

5. Avoiding personal questions:Personal questions should be avoided as far as possible. For example, questions about income, volume of sales etc. should not be asked.