A bumper harvest is a boon to farmers more than it is a bane.

However in some circumstances it can be either, depending on the market scenarios and the market opportunities.

Explanation:

A boon

A bumper harvest in most instances is a boon or blessing to the farmers.

When farmers have a bumper harvest, they reap more and earn a lot from sales. This however depend on market availability, availabilty of transport and/or availabilty of storage faciities.

If the farmers' products hit the market in a timely manner, they are more likely to get more returns and it becomes a success story.

A bane

Imagine if all the farmers planting the same crop as you did had a bumper harvest, this would mean that you not are the only person with plenty.

The only way you would be able to a get a good deal from the market is if your products hit the the market first or early enough.

At times, many farmers don't plan well and their bumper harvest end up as loss due to lack of storage and/or transportation facilities.

However, in the long run, most of the time, the bumper harvest end as a blessing to the farmers. Since they are dealing with surplus, the farmers do not really have much to lose.

This statement is refute.as when their is change in price of commodity then also the budget line changes.

When consumers make choices about the quantity of goods and services to consume, it is presumed that their objective is to maximize total utility. In maximizing total utility, the consumer faces a number of constraints, the most important of which are the consumer's income and the prices of the goods and services that the consumer wishes to consume. The consumer's effort to maximize total utility, subject to these constraints, is referred to as the consumer's problem. The solution to the consumer's problem, which entails decisions about how much the consumer will consume of a number of goods and services, is referred to as consumer equilibrium.

Properties of ic curve are 1. Ic curve downward 2. Ic is convex to the origin 3. Higher ic shows higher level of satisfaction 4. Ic do not cross and intersect each other 5. Ic do not touch x axis or y axis

A budget line shows combinations of two goods a consumer is able to consume, given a budget constraint. An indifference curve shows combinations of two goods that yield equal satisfaction. To maximize utility, a consumer chooses a combination of two goods at which an indifference curve is tangent to the budget line. Budget line is a graphical representation of all possible combinations of two goods which can be purchased with given income and prices, such that the cost of each of these combinations is equal to the money income of the consumer.

It is as system in which people earn for a living and to satisfy their wants through process of production consumption investment and exchange .. there are three types of economy 1. Controlled or centrally planned economy : In this economy economic activities are controlled by government or some central authority. Public sector dominates the economic activity under this section motive behind every decision is social welfare. 2. Free economy or Market economy: These are the economies where the economic activity are controlled by the market forces and all the resources are controlled by the people . Private sector dominates the economic activities under this section motive behind every decision is profit. 3. Mixed economy: These are the economies where the economic activities are governed by the free play of market forces but are regulated by government both private and public sector dominates the economic activities . Motive behind every decision is both profit and social welfare

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Capitalism is an economic system in which private individuals or businesses own capital goods. The production of goods and services is based on supply and demand in the general market—known as a market economy—rather than through central planning—known as a planned economy or command economy. Examples. The United States is one example of capitalism, but it doesn't rank among the 10 countries with the freest markets, according to the Index of Economic Freedom.

Assumed Mean Method Formula

Let x₁, x₂, x₃,…,x_n are mid-points or class marks of n class intervals and f₁, f₂, f₃, …, f_n are the respective frequencies. The formula of the assumed mean method is:

Here,

a = assumed mean

f_i = frequency of ith class

d_i = x_i – a = deviation of ith class

Σf_i = n = Total number of observations

x_i = class mark = (upper class limit + lower class limit)/2

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2021

PPF which is called Production Possibility Frontier is a curve indicating various possibilities of two goods which can be produced by using available resources and given level of technology. It shows that all the available resources and technology are optimally utilised if a country is producing maximum amount of goods and services. The curve shows that any combination of goods which lie on the production possibility frontier can be achieved if all the resources are fully utilised. Any production combination below the production possibility frontier indicates that the resources are not optimally utilised in the production process.

In the given figure, P1​P1​ the production possibility curve represents the different combinations between two goods which can be produced in an economy given the resources and technology. However, if there is any growth of resources in the economy it leads to an outward shift in the production possibility curve in the economy. This growth in the resources/technology leads to a shift in the PPC, as given by P2​P2​ curve.

Because it is cureve

Production Possibility Curve refers to the graphical representation of possible combinations of two goods that can be produced with given resources and technology.

 PPC slopes downwards from left to the right. It is because, in a situation of fuller utilization of given resources, production of both the goods cannot be increased. More of Good X can be produced only with less of Good Y.

Opportunity cost is the value of the next best thing you give up(foregone)whenever you make a decision. Ex- You get 2 job offers one for Rs.50,0000 which is far from your house and another for Rs. 30,000 which is near your house,you would probably choose the second job keeping the factors of transport and other things in mind.

Actual Output can be defined as the growth in the quantity of goods and services produced in a country, or in other words the percentage chance in GDP. While Potential Output is the change in the productive potential of a economy over time. 

To put this in simpler terms actual output is growth that has actually happened in real life, while potential output is how much growth the economy could achieve. The difference between actual output and potential output is known simply as the output gap. A positive output gap is when actual GDP is above the productive potential of the economy, while a negative output gap is when actual GDP is below the productive potential of an economy.

In Economical terms, an attainable combination is the set or combination of two goods which is feasible by the economy to manufacture with the available resource allocation and technology.

Unattainable combination is the combination of two goods which is not possible to be produced with allocated resource and available technology.

In a Production Possibility Curve (PPC) that represents the production of two goods, the points that lie on the curve shows the attainable combination (efficient) and those points that lie within the curve also shows attainable combination but it is inefficient production.

Points on the right on outside the curve represents the unattainable combination of goods.

Sr. No.	Marks (X)	Deviation from the Assumed mean d = X − A where A = 50
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.	20 44 65 28 45 67 30      50 (A) 68 39 53 70 40 60 75	-30 -06 15 -22 -05 17 -20 0 18 -11 3 20 -10 10 25
N = 15	ΣX = 754	Σd = -104 + 108 = 4

where,
N= Number of items
ΣX= Total of monthly income of all the families
Σd= net sum of deviations

Calculation of Mean by direct method
X=ΣX/N  

X bar  =50.27

Production possibility curve shows all different attainable combinations of the production of two commodities that can be produced in an economy with given the resources and technology which are to be fully utilized.

Guns (Units)	Bread (Units)	Marginal Opportunity Cost
0	30	−−
1	28	221=2
2	24	441=4
3	18	661=6
4	10	881=8
5	0	10

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What to produce How to produce And for whom to produce

Three basic economi activities are: Business Profession Employment

Economics activities:- 1.) Consumption, 2.) Production and 3.) Distribution. Elaborating these three points as follows:- 1.). Consumption:- It is an economic activity where consumers buy goods and services and consume it in order to get satisfaction. 2.) Production:- It is an economic activity where producers makes their artefacts in order to sell it to make profit. 3.) Distribution:- lt is an economic activity where people are considered about the distribution of resources among different societies. For example:- GDP, national budget etc.

Scarcity means unlimited wants and limited resources. It states that peaple have many needs but we have limited resources and alternative source

Price elasticity of demand of s the study of degree of change in demand in response to change in own price of the commodity. Therefore it is study of change and is denoted by Ed.

Price elasticity of demand, or elasticity, is the degree to which the effective desire for something changes as its price changes. In general, people desire things less as those things become more expensive

The degree of responsiveness of quantity demanded to changes in price of commodity is known as price elasticity of Demand. 

Survey Request. The first paragraph of a cover letter serves as an introduction and conveys the key point or purpose of the mailing, that is, requesting that the respondent complete and return the enclosed questionnaire and identifying what organization is conducting the survey and why.

Questionnaire was first developed in London in 1838. This is a method of collecting data from respondents through a series of questions. It focuses more on obtaining standardized answers instead of specific answers. There are 7 different types of Questionnaires.

Schedule is another data collection technique containing statements, questions, and blank spaces to fill up the answers given by the respondents to the enumerator or interviewer. 
 

Questionnaire	Schedule
Questionnaire is one of the methods used for data collection. Questionnaire will have many questions, with each question having multiple choices.	Schedule is also one of the methods of data collection. It will have a set of statements, questions and space given to note down the answers.
Questionnaire method of data collection is preferred when the respondents are willing to cooperate. In addition, to deploy this method the respondents need to be literate.	The Schedule method of data collection can be utilised irrespective of the respondents literacy. It can be used when the respondents are literate and can be used even when the respondents are illiterate.
The type of technique used in the Questionnaire method is Quantitative.	The type of technique used in the Schedule method is Qualitative.
In the Questionnaire method, grouping is made on the basis of different categories like location, age, gender etc.	In the schedule method of data collection, grouping may exist or may not exist.
Informants receive questionnaires through mails, posts and the answers will be given as per instructions given in the cover letter.	Answers in the Schedule method of data collection are filled by research workers/enumerators.

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?