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Ask QuestionPosted by Pradipta Prusty 5 years, 3 months ago
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Posted by Shruti Mishra 5 years, 3 months ago
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Sia ? 4 years, 5 months ago
So, the population here is 200 farms. The sample is a subset of the population. In other words, a small set selected from the population for the statistical study is referred to as the sample population. Out of 200 farms, only 50 farms are selected for the survey; therefore, the sample population is 50 farms.
Posted by Pradipta Prusty 5 years, 3 months ago
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Shreya Kumari 5 years, 3 months ago
Gaurav Seth 5 years, 3 months ago
According to YA-LUN-CHOU "Economics depends upon statistics to measure economic aggregates such as gross national product, consumption, savings, investments, expenditure and changes in the value of money. They also use statistical methods to verify economic theory and to test hypotheses.
Statistics helps us in ascertaining their standard of living and taxable capacity. Statistics helps us in adjusting the supply according to demand. In the field of exchange we use statistics to study markets, laws of prices based on supply and demand. Statistics plays an important role in the measurement and distribution of national income. It is of a great help in the formulation of economic policies such as monetary policy etc.
Posted by Suhasini Mukherjee 5 years, 3 months ago
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Gaurav Seth 5 years, 3 months ago
The list of activities we observe at a bus stand or in a market place is as follows:
- Buying of goods
- Selling of goods
- People rendering different kind of services such as: rickshaw puller taking people from place to place, waiter working at a nearby eating joint, etc.
- Production process carried out by some producers.
Above mentioned all activities are economic activities because they all are undertaken for a monetary gain. All these activities involve the use of scarce resources to carry out the task of production, consumption and distribution.
Posted by Divyanshi Marwaha 5 years, 3 months ago
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Gaurav Seth 5 years, 3 months ago
Marginal utility refers to additional utility which a consumer gets on consuming one extra unit of a commodity. So, as consumer consumes more and more of a commodity, the satisfaction at each level will diminish. This is in accordance with the law of diminishing marginal utility.
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Yogita Ingle 5 years, 3 months ago
Resources such as land, labour and capital are limited in relation to their demand and economy cannot not produce all that people required to satisfy themselves. This is why the existence of economic problems in an economy. Scarcity is universal which is applicable to all individuals, institutions and economy as a whole. If there is abundant or sufficient resources then there will not be any problem in an economy. Hence, scarcity leads to economic problem.
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Yogita Ingle 5 years, 3 months ago
Basic problems in Capitalist economies are solved through price mechanism, in Socialist economy through planning and in mixed economy through price mechanism and economic planning.
Every economic activity in Capitalist economy is influenced by profit motive. The producer wants to earn more profit through its investment. He is encouraged to produce only those commodities which will fetch him handsome profit. The worker on the other hand selects those jobs where maximum wages are paid. The consumer also prefers to buy those commodities which provide him maximum satisfaction. The price of the commodity is determined by the interaction of the forces of demand and supply i.e., between consumers and producers in the commodity market. In the same way, price of the factors of production is determined in the factor market.
Socialist economy is managed and controlled by the government. Social welfare is the object of the government. The government adopts planned development economy. Planning commission is instructed to formulate policies and decide guidelines for the balanced economic growth. Priority is given to the production of those goods and services which satisfies needs of common man. Every commodity is sold at one price throughout the country by government agencies.
In a mixed economy, public sector and private sector both co-exist. For the solution of central economic problems, different mechanisms are used in these two private and public sectors.
In the public sector, planning system is used by the state or planning authority to solve various central problems of the economy
In a private sector also forms a major part of the economy. In this sector, decisions regarding various central problems why, how and for whom to produce are taken by the price mechanism based on profit motive and market forces of demand and supply.
Posted by Vijayaraj Appu 5 years, 3 months ago
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Yogita Ingle 5 years, 3 months ago
Equilibrium means a state of maximum satisfaction.
Consumer’s equilibrium is a situation when he spends his given income on the purchase of one or more commodities in such a way that he gets maximum satisfaction and has no urge to change this level of consumption, given the prices of commodities.
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Posted by Mahima Choudhary 5 years, 3 months ago
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Yogita Ingle 5 years, 3 months ago
Merits
a. As the enumerator himself fills up the questionnaire, it can be used even in those cases where the target population is not literate.
b. Respondents can answer complex and difficult questions with the help of the enumerators.
c. It leaves little scope for the questionnaire being left incomplete.
Demerits
a. It involves huge time, effort and money.
b. The success of this method depends on the availability of trained and competent enumerators.
c. The bias of enumerators might influence the collection of data.
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Yogita Ingle 5 years, 3 months ago
The statistical methods are the dangerous weapons in the hands of unqualified person because the results related to the statistical methods can only be inferred in their true sense, which is possible only by the experts. The person with no sense of these things can’t give the concluding remarks because he will be unaware of all the technicalities involved. The organization can suffer a lot and lead to the wrong decisions and operations. So, we can say that the statistical tools can only be used by the qualified people.
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