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.

SAMPLE SURVEYS
In a sample survey, only part of the total population is approached for information on the topic under study. These data are then 'expanded' or 'weighted' to make inferences about the whole population. We define the sample as the set of observations taken from the population for the purpose of obtaining information about the population.

Advantages of Sample Surveys compared with Censuses:

• Reduces cost - both in monetary terms and staffing requirements.
• Reduces time needed to collect and process the data and produce results as it requires a smaller scale of operation.
• (Because of the above reasons) enables more detailed questions to be asked.
• Enables characteristics to be tested which could not otherwise be assessed. An example is life span of light bulbs, strength of spring, etc. To test all light bulbs of a particular brand is not possible as the test needs to destroy the product so only a sample of bulbs can be tested.
• Importantly, surveys lead to less respondent burden, as fewer people are needed to provide the required data.
• Results can be made available quickly.

Given below is the utility schedule of a consumer for commodity-X. The price of the commodity is Rs. 6 per unit. How many units should the consumer purchase to maximise satisfaction? (Assume that utility is expressed in units and 1 util = Rs. 1). Give reasons for your answer.

Consumption      (Units)	Total Utility    (Utils)	Marginal Utility       (Utils)
1	10	10
2	18	8
3	25	7
4	31	6
5	34	3
6	34	0

Decreasing demand for domestic industrial products Globalisation India doesn’t have access to different markets because of high non-tariff barriers All of the above

Industrialisation in India has recorded a slowdown in the period of economic reforms. What are the reasons for this?

• Decreasing demand for domestic industrial products
• Globalisation
• India doesn’t have access to different markets because of high non-tariff barriers
• All of the above

Ans (d)

Secondary data is usually gathered from the published (printed) sources. A few major sources of published information are mentioned below:

• Published articles of local bodies and Central and State Governments.
• Statistical synopses, census records and other reports issued by different departments of the Government.
• Official statements and publications of the foreign Governments.
• Publications and Reports of chambers of commerce, financial institutions, trade associations, etc.,
• Magazines, journals and periodicals.
• Publications of Government organizations like the Central Statistical Organization (CSO), National Sample Survey Organization (NSSO).
• Reports presented by Research Scholars, Bureaus, Economists, etc.,

The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities.   The central problems of an economy revolve around these factors. What to produce? It is one of the central problems that arise in an economy. It is related to the type of goods and services that need to be produced and the quantity to be produced. How to produce? This aspect deals with the process or technique by which the goods and services can be produced. Generally, there are two techniques that can be used for producing, which are: *Labour Intensive Techniques *Capital Intensive Techniques For whom to produce? This problem deals with determining the people who will be the final consumers of the goods produced. As the resources are scarce in an economy, it becomes difficult to cater to all sections of society.

The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities.
 

The central problems of an economy revolve around these factors.

1. What to produce?
   It is one of the central problems that arise in an economy. It is related to the type of goods and services that need to be produced and the quantity to be produced.
2. How to produce?

   This aspect deals with the process or technique by which the goods and services can be produced. Generally, there are two techniques that can be used for producing, which are:

   *Labour Intensive Techniques
   *Capital Intensive Techniques
3. For whom to produce?
   This problem deals with determining the people who will be the final consumers of the goods produced. As the resources are scarce in an economy, it becomes difficult to cater to all sections of society.

Prepare a frequency distribution by inclusive method taking class interval of 7 from the fol-lowing data. As in the question, the lowest value is 1 and the highest is 37. We have to take a class interval of 7. The various class interval of 7 on inclusive basis are given.

Steps to Making Your Frequency Distribution

1. Step 1: Calculate the range of the data set. ...
2. Step 2: Divide the range by the number of groups you want and then round up. ...
3. Step 3: Use the class width to create your groups. ...
4. Step 4: Find the frequency for each group.

Micro economics deals with the study of how resources are allocated in the production of various goods and services in the economy for the satisfaction of human wants because these resources are scarce and have alternative uses and human wants are unlimited. Since these resources are scarce and have alternative uses, their allocation in the production of different commodities is a choice factor which needs to be done efficiently.

Thanks?

Fiscal Policy is the mechanism by means of which a government makes adjustments to its planned spending and the imposed tax rates to monitor and thus in turn influence the performance of a country’s economy. It is implemented along with the monetary policy by means of which the central bank of the nation influences the nation’s money supply. Together these policies go hand in hand to direct a country’s economic goals.

Yes,statistical methods are dangerous in the hands of an qualified person as that person is not qualified.Also for interpreting the data experts are needed for great accuracy.For example in a family 4 persons (father,2 children,mother) have to cross the river.For that the father took average of their height and found it greater than river.But when they crossed 2 children drowned. In this example the statistical method is not wrong but the father used it in wrong situation and misinterpreted it.Therefore we can conclude that statistical method should be interpreted and used by experts only.

Why is choice essential in the study of economics

Economics is a social science concerned with the administration of scarce resources. Resources are objects and services that are capable of satisfying human wants either directly or indirectly by helping to produce other objects and services whose use satisfies human wants.

In economics research, statisticalmethods are used to collect and analyze the data and test hypotheses. The relationship between supply and demand is studied by statisticalmethods; imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics. Business Statistics helps a business to: Deal with uncertainties by forecasting seasonal, cyclic and general economic fluctuations. Helps in Sound Decision making by providing accurate estimates about costs, demand, prices, sales etc. Helps in business planning on the basis of sound predictions and assumptions.

Consumer equilibrium refers to when a consumer gets maximum satisfaction with limited money and he doesn't want to change the position and want to remain as it is. For consumer equilibrium in one good the marginal utility of the good should be equal to the amount paid i.e., Mux=Pux. If the Mux is greater than Pux than the consumer should consumer more good due to this Mux will decrease and then it will be equal to Pux.If the Mux is less than Pux than the consumer will decrease his consumption till Mux becomes equal to Pux.

Fixed costs are those that do notchange as the level of output changes. ... As production increases, totalvariable costs increase at a decreasing rate, since the marginal product for each additional worker is increasing. With diminishing marginal product, thetotal variable cost increases at an increasing rate.

Fixed costs are those that do notchange as the level of output changes. ... As production increases, totalvariable costs increase at a decreasing rate, since the marginal product for each additional worker is increasing. With diminishing marginal product, thetotal variable cost increases at an increasing rate.

How does total product behave with change in marginal product

Statistics is the study that deals with the collection and analysis of data. It is mostly used to keep records, calculate probabilities, and provide knowledge. Basically it helps us understand the world a little bit better through numbers and other quantitative information. Doctors, engineers, artists, and businessmen all use statistics to make predictions about future events. For example, doctors use statistics to understand the future of a disease. They are better able to predict about the prevalence of flue each winter season through the use of statistics.

The basic economic activities of life are production, distribution and disposition of goods and services. A society will be facing scarcity of resources during the time of fulfillment of these activities.

As such scarcity is evident, due to the availability of limited resources, and human needs having no limit. Therefore, this variation between the supply and demand leads to the formation of central problems of an economy.

The central problems of an economy revolve around these factors.

1. What to produce?
2. How to produce?
3. For whom to produce?

X=5,7,8,10,11 F= 20,15,12,15,18 CF= 20,35,47,62,80 Q1= (N+1/4)= (80+1/4)= 20.25th items = 7 Q3= (3×20.25)= 60.75th item= 10

A consumer is in a state of equilibrium when he maximizes his satisfaction by spending his given income on different goods and services. Any deviation or change in the allocation of income under the given circumstance will lead to a fall in total satisfaction.

For one-commodity case: Rupee worth of satisfaction actually received by the consumer is equal to the marginal utility of money as specified by the consumer himself. 

Condition 1 :  MU(of good X) = MU(of money) OR , PRICE(of good X) = MU(of money)

Reason: Price paid by the consumers should be exactly equal to the money value of MU that he derives. In case P(of X) is lesser than the MU(of money), he should be prompted to buy more of good X. Higher consumption will lead to a fall in MU. The consumption of good X would stop only when P(of good X) will be equal to MU(in terms of money). Likewise, if P(of X) is greater than MU(in terms of money), the consumer will be prompted to buy less of good X, leading to a fall in MU.

Condition 2: Marginal utility of money remains constant.

Condition 3: Law of marginal utility holds good.

For two-commodity case:   Rupee worth of marginal utility of money should be same across good X and good Y, and equal to marginal utility of money.

Reason: In case rupee worth of satisfaction (MU of good X/ price of good X) is greater for good X than good Y, the consumer will be prompted to buy more of good X and less of good Y. This would lead to a fall in marginal utility of good X and a rise in marginal utility of good Y. This process would continue till MU(of good X)/ Price of good X = MU(OF GOOD Y)/ Price of good Y = MU(of money) . In case rupee worth of satisfaction (MU of good y/ price of good Y) is greater for good Y than good X, the consumer will be prompted to buy more of good Y and less of good X. This would lead to a fall in marginal utility of good Y and a rise in marginal utility of good X.

Availability of Substitutes: In general, the more good substitutes there are, the more elastic the demand will be. ... This means that coffee is an elastic good because a small increase in price will cause a large decrease in demand as consumers start buying more tea instead of coffee. It is so because these products are very sensitive to price. For example, if a product has many substitutes, the buyers will shift to one of them as the price of this poduct increases. Thus, the nature of the commodity influences the price elasticity of demand.

Economics on your tips

Economics on your tips

And one more thing don't be panic because at some point of time l was in the same place. So, in my view you should buy books written by Chandan Pathak and then follow his You Tube channel (pthk edukation) and you can also download pthk edukation app from play store. Hope, it helps!

You can visit C.A Parag Gupta channel or Chandan Pathak's channel:- pthk edukation. But, remember you should buy some reference book first. You can buy books online written by Chandan Pathak. You can order it from Flipkart or Amazon. If you have again any query then please ask it, l will try to solve it.

Merits of direct investigation system are:- 1)great accuracy as the information is collected personally. 2)additional information as the data is connected personally therefore additional information is also collected. 3)Uniformity this type of data provides uniformity 4) accurate and reliable as the data is collected personally therefore it is more accurate and reliable. 5)Economic this method is economic if used for small area.

Producers and consumers depend on each other. For example, farmers in Tennessee sell their crops to consumers. The farmers depend on consumers to earn money. ... When producers specialize, they do a better job of providing goods or services that people want. In summary, producers are organisms that make their own food. Producers create food for themselves and also provide energy for the rest of the ecosystem. ... Consumers are organisms that need to eat to obtain energy. Primary consumers, such as deer and rabbits, eat only producers.

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.

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.

Sir Ronald Aylmer Fisher who was a British statistician, is considered by many to be the father of the modern statistics.

(A) INTRODUCTION:
The law of demand is one of the important law of consumption which explain the functional relationship between price and quantity demanded of a commodity. Dr. Alfred Marshall in his book "Principles of Economics", has explained the consumer's behaviour as follows:
(B) STATEMENT OF THE LAW:
"Other thins being equal, the amount demanded increases with a fall in price and diminishes with a rise in price." In other words, other things remaining constant, demand varies inversely with price i.e. when price falls demand expands or (rises) and when price rises, demand contracts or (falls). Marshall's law of demand describes the functional relationship between demand and price. It can be presented as:
Dx​=f(Px​) i.e. Demand for x is a function of Price of x.
This functional relationship is inverse and negative because larger quantity is demanded when price falls and smaller quantity will be demanded when price rises.
(C) Explanation of the law of demand with the help of market demand schedule and diagram (Curve):
(1) Market Demand Schedule: It is a tabular representation of various quantities of a commodity demanded by different consumers at different prices during a given period of time. It is a imaginary schedule:

Price of Commodity X (per unit in Rs.)	Total Market Demand (per day)
50	100 Units
40	200 Units
30	300 Units
20	400 Units
10	500 Units

From the above schedule we observe that at a higher price of Rs.50 per unit of commodity X the market demand is low i.e. only for 100 units and at a lower price of Rs.10, the market demand rises to 500 units. This shows a inverse relationship between price and quantity demanded.
(2) Market Demand Curve: It is a graphical representation of market demand schedule. Measure price of Y axis and quantity demanded on X axis and plot the schedule on this graph to get the demand curve DD. The demand curve DD slopes downwards from left to right showing a inverse relationship between price and demand. It has a negative slope.
(D) Assumption of the Law of Demand:
The law of demand is based on the following assumption or conditions:
(1) No change in consumer's income: Consumer's income must remain unchanged because if income increases consumer may buy more even at a higher price invalidating the law of demand.
(2) No change in the size and composition of population: The size of population, gender ratio and age composition are assumed to remain constant. As such changes are sure to affect demand.
(3) No change in consumer's taste, preference, habits and fashions: If the taste changes then the consumer's preference also will change which will affect demand. When commodities go out of fashion then demand will be low even at a low price.
(4) No expectation of future price change: The consumers do not expect any significant rise or fall in the future prices.
(5) No change in prices of related goods: The law assumes that prices of substitutes and complementary goods remain constant.
(6) No change in tax policy of the Government: The level of direct and indirect tax imposed by the government on the income and goods should remain constant.

<section>
</section>

The law of demand is one of the important law of consumption which explain the functional relationship between price and quantity demanded of a commodity. Dr. Alfred Marshall in his book "Principles of Economics", has explained the consumer's behaviour as follows:
(B) STATEMENT OF THE LAW:
"Other thins being equal, the amount demanded increases with a fall in price and diminishes with a rise in price." In other words, other things remaining constant, demand varies inversely with price i.e. when price falls demand expands or (rises) and when price rises, demand contracts or (falls). Marshall's law of demand describes the functional relationship between demand and price. It can be presented as:
Dx​=f(Px​) i.e. Demand for x is a function of Price of x.
This functional relationship is inverse and negative because larger quantity is demanded when price falls and smaller quantity will be demanded when price rises.