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Yogita Ingle 6 years ago
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.
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‘Statistics is defined as aggregate of numerical facts’. This implies that for figures to be included in statistics, they must be aggregate of facts and not individual figures. For example: The fact that height of a student is five feet tells nothing unless it is comparable. Another example, suppose we collect data of 1000 school-going children. But these data will not be useful unless organized into groups, tables, etc
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Yogita Ingle 6 years ago
Total Variable Cost (TVC)
This refers to the costs incurred by a firm on variable inputs for production. As we increase quantities of variable inputs, accordingly the variable cost also goes up. It is also called ‘Prime cost’ or ‘Direct cost’ and includes expenses like − wages of labour, fuel expenses, etc.
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