Consumer equilibrium is the state when the consumer balances his income and his purchase value.
The consumer reacts proud of himself when he made a perfect balance between his expense and the expenditure.
This equilibrium will be made when the income remains somewhat after spending for purchasing all the goods.

Factors of production (labour and capital) are always jointly used: Labour is combined with capital (say plant, machinery etc). In India, there is severe shortage of capital. In the absence of capital, labour cannot be used. Hence, there is huge unemployment of labour although scarcity of resources is a universal fact.

Microeconomics is a branch of Economics that contemplate the attributes of decision makers within the economy, such as households, individuals and enterprises. The term ‘firm’ is generally used to refer to all sorts of business activities. Microeconomics differ from the study of Macroeconomics, which considers the economy as an entity.

PPC is concave to the origin because of increasing Marginal opportunity cost. This is because inorder to increase the production of one good by 1 unit more and more units of the other good have to be sacriced since the resources are limited and are not equally efficient in the production of both the goods.

1. A tabulation is a scientific process involving the presentation of classified data in an ordely man-ner so as to bring out their essential features and chief characteristics.

2. 

When data is classified according to measurable characteristics such as height and weight it is quantitative classification of data.

Quantitative data are expressed in terms of number. For example, classification of data based on the height of students in a class.

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Marginal utility refers to additional utility obtained from the consumption of an additional unit  of a commodity. To illustrate, if 10th  unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils.

Law of diminishing marginal utility states that as consumption increases, marginal utility tends to decline. It is known as fundamental psychological law.

By distrust of statistics, we mean lack of confidence in statistical statements and statistical methods. In other words, distrust of statistics implies that people look upon statistics with doubt and suspicion.

Following are some remarks :

1. Statistics can prove or disprove anything.
2. There are three types of lies : lies, damned lies and statistics.
Following are the main reasons for distrust of statistics :
(i) Figures are manipulated by dishonest persons to present a wrong picture of the facts.

(ii) People do not really know about statistics.

An empirical relation exists in between mean, median and mode which is 

Mode = 3(Median) − 2(Mean)

When consumer consumes two commodities, then equilibrium is achieved when consumer equates the ratio of marginal utility derived from one commodity in comparison to it's price with the ratio of the marginal utility of another commodity in comparison to it's price which states that consumer is rational in consumption of both the commodities.

Scarcity: Refers to limited supply of resources in the economy in relation to demand, this is due to the unlimited wants of human beings.

 An indifference curve is a graph showing combination of two goods that give the consumer equal satisfaction and utility. Each point on an indifference curve indicates that a consumer is indifferent between the two and all points give him the same utility. The theory of indifference curves was developed by Francis Ysidro Edgeworth, who explained in his 1881 book the mathematics needed for their drawing; later on, Vilfredo Pareto was the first author to actually draw these curves, in his 1906 book. An indifference curve is a graphical representation of a combined products that gives similar kind of satisfaction to a consumer thereby making them indifferent. Every point on the indifference curve shows that an individual or a consumer is indifferent between the two products as it gives him the same kind of utility.

In statistics, quality assurance, and survey methodology, sampling is the selection of a subset of individuals from within a statistical population to estimate characteristics of the whole population. Statisticians attempt for the samples to represent the population in question.

Census of India:  Ir is responsible for the collection of data related to different demographic characteristics. Data is collected for characteristics such as birth rate, fertility rate, mortality rate, size and composition of the population etc. The information related to all aspects of the population are collected by the investigators appointed by the government. They collect information from each and every household of the country. In India, this exercise is carried after every 10 years. The data collected by the Census of India acts as a mirror for assessing the impact of various programmes and development policies initiated by the government. It also helps in identifying the improvement areas and making the future policy. The first census was conducted in the year 1872 in India and next in 1881.

In the process, paper slips are made for 25 students according to there names. The slip's are shuffled in a box. Then, impartially 5 slip's are drawn to form a sample of universe.
 

Total utility is the overall satisfaction a consumer derives from the consumption of particular goods and services. Each individual unit of goods or services has a marginal utility of their own.

Total utility is the sum of marginal utilities of all such individual items.

Random sampling refers to the method in which each of the sampling unit (units in the population) has a non-zero probability of being selected into the sample. Simple random sampling is a special case of random sampling when each of the sampling unit has equal chance of being selected.

Non random sampling is a method of sampling wherein, it is not known that which individual from the population will be selected as a sample.

The Law of Demand states that other things remaining constant, the quantity demanded of a commodity expands with fall in its price and contracts with a rise in its price.
So, there is an inverse relationship between price and quantity demanded of a commodity. This is explained with the help of an imaginary table and the curve which is based on imaginary data:

Exceptions to the Law The law will not hold good under following circumstances:
(i) Conspicuous consumption The Law of Demand will not apply in case of costly items such as diamonds. These commodities will be demanded, even if the prices have gone very high.
(ii) Conspicuous necessities Certain things become the necessity of modern life, so we have to purchase these goods inspite of their price. The demand of television sets and automobiles has not gone down inspite of the increase in their price.
(iii) Ignorance If the consumer is not aware of the competitive price of the commodity, he may purchase more of the commodity even at higher price. Such ignorance of the buyers makes the Law of Demand ineffective.