CBSE > Class 11 > Economics | CBSE Board | Homework Help

Mean is average of statistical data. Mode is mostly repeated data in statistical series. Median is middle of statistical series around which all works.

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Define micro economic

Posted by Lishi Poul 6 years, 1 month ago

CBSE > Class 11 > Economics

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Nawaz # 6 years, 1 month ago

Micro economics deals with the study of human behavior of individual economic..

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Tamana Tamana 6 years, 1 month ago

Micro economics deals with economic problems and economic issues related to microeconomic units like a household, a firm or an industry.

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price of a commodity falls from rs 4 to rs 3 per unit. as a result total expenditure on it rises from 200 to 300. find price elasticity of demand

Posted by Anshal Krishna 6 years, 1 month ago

CBSE > Class 11 > Economics

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Sia ? 6 years, 1 month ago

Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change.

Price (Rs.)	Total Expenditure (Rs.)	Quantity Demanded (units)
4	200	{tex}\frac{200}{4}=50{/tex}
3	300	{tex}\frac{300}{3}=100{/tex}

Change in Price	Percentage Change in Price	Change in Demand	Percentage change in Demand
Rs.4 to Rs.3	{tex}{\frac{3-4}{4} \times 100}{/tex} = -25 per cent	50 units to 100 units	{tex}\frac{100-50}{50} \times 100{/tex} = 100 percent

Price elasticity of demand (E_d)
{tex}=\frac{(-) \% \text { Change in quantity demanded }}{\% \text { Change in price }}{/tex},
{tex}=(-) \frac{100}{-25}=4{/tex},
Elasticity of demand is greater than unity.

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Anshal Krishna 6 years, 1 month ago

4 hoga

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Mukul Mittal 6 years, 1 month ago

8 ans. H

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What is the loss of information in classified data?

Posted by Riya Bhadra 6 years, 1 month ago

CBSE > Class 11 > Economics

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Sia ? 6 years, 1 month ago

'Loss of information' is a major drawback of the classified data. The classification or grouping of raw data into classes makes it more concise and understandable. But simultaneously there exists loss of information. The calculations involved in the classified data or the continuous series are based on the class midpoints. The items in such series cannot be exactly measured and consequently, an individual observation loses its importance during the statistical calculations. Further, the statistical calculations are based on the values of the class marks, ignoring the exact observations of the data leads to the problem of loss of information.

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Micro economic chapter 3 in project work

Posted by Teesha Mittal 6 years, 1 month ago

CBSE > Class 11 > Economics

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What are the main limitation of statistics??

Posted by Siddhant Jain 6 years, 1 month ago

CBSE > Class 11 > Economics

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Siddhant Jain 6 years, 1 month ago

Thanks

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Aarush Garg 6 years, 1 month ago

Main limitations are.... here is ur answer ● qualitative aspect ignored. ● it doesn't deal with individual items . ● it doesn't depict with entire story of phenomenon . ● it is liable to be miscued. ● laws are not exact. ● results are true only on average. ● too many methods to study problems. ● statistical results are not always beyond doubt. Hope it helps you!!!

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Questions related with ,mean ,median ,mode.

Posted by Ujjwal Thakur 6 years, 1 month ago

CBSE > Class 11 > Economics

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Tamana Tamana 6 years, 1 month ago

Why is the arithmetic mean the most commonly used measure of central tendency ?

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Tamana Tamana 6 years, 1 month ago

Name any two mathematical averages.

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Explain the concept of a prduction function

Posted by Gurcharn Kaur 6 years, 1 month ago

CBSE > Class 11 > Economics

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Yogita Ingle 6 years, 1 month ago

The functional relationship between physical inputs (or factors of production) and output is called production function. It assumed inputs as the explanatory or independent variable and output as the dependent variable. Mathematically, we may write this as follows:

Q = f (L,K)

Here, ‘Q’ represents the output, whereas ‘L’ and ‘K’ are the inputs, representing labour and capital (such as machinery) respectively.

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Kese ho sabhi

Posted by Vikram Shukl 6 years, 1 month ago

CBSE > Class 11 > Economics

2 answers

~¤ ... 6 years, 1 month ago

Perfect

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Aarush Garg 6 years, 1 month ago

Superb.. n u

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Define mean and discuss its merits and demerits

Posted by Rohit Nath 6 years, 1 month ago

CBSE > Class 11 > Economics

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Aarush Garg 6 years, 1 month ago

Merits of mean and Demerits Merits of Mean : 1) Arithmetic mean rigidly defined by Algebraic Formula. 2) It is easy to calculate and simple to understand. 3) It is based on all observations of the given data. 4) It is capable of being treated mathematically hence it is widely used in statistical analysis. 5) Arithmetic mean can be computed even if the derailed distribution is not known but some of the observation and number of the observation are known. 6) It is least affected by the fluctuation of sampling. 7) For every kind of data mean can be calculated. Demerits of Arithmetic mean : 1) It can neither be determined by inspection or by graphical location. 2) Arithmetic mean can not be computed for qualitative data like data on intelligence honesty and smoking habit etc. 3) It is too much affected by extreme observations and hence it is not adequately represent data consisting of some extreme point. 4) Arithmetic mean can not be computed when class intervals have open ends. 5) If any one of the data is missing then mean can not be calculated.

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What are main types of inflation

Posted by Sharad Khatri 6 years, 1 month ago

CBSE > Class 11 > Economics

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Sia ? 6 years, 1 month ago

There are two main types of inflation: demand pull and cost push. Fueled by income and strong consumer demand, demand-pull inflation occurs when the economy demands more goods and services than are available.

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Differnciate between continuous and discrete variable

Posted by Renuka Renuka K 6 years, 1 month ago

CBSE > Class 11 > Economics

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Yogita Ingle 6 years, 1 month ago

Discrete variables—It refers to those variables which are exact or finite and are not expressed in fractions.
Continuous Variable— Are those variables which can be of any partial value within the range.

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Differentiate between discrete and continous variable

Posted by Renuka Renuka K 6 years, 1 month ago

CBSE > Class 11 > Economics

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Yogita Ingle 6 years, 1 month ago

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Wealth defination by adam smith .

Posted by Navalpreet Singh 6 years, 1 month ago

CBSE > Class 11 > Economics

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Ankita J 6 years, 1 month ago

Economics is the science of wealth.

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market rate of exchange

Posted by Jashandeep Singh 6 years, 1 month ago

CBSE > Class 11 > Economics

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Make a bar diagram of the following data on India's population

Posted by Pari Gupta 6 years, 1 month ago

CBSE > Class 11 > Economics

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Important Questions Of Cost with weightage of questions... Plzz answer

Posted by Kamlesh Chander 6 years, 1 month ago

CBSE > Class 11 > Economics

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Explain law of variable proportion

Posted by Rahul Rao 6 years, 1 month ago

CBSE > Class 11 > Economics

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What is slope of budget in micro economics

Posted by Kundan Rastogi 6 years, 1 month ago

CBSE > Class 11 > Economics

1 answers

Ritika Goyal 6 years, 1 month ago

Price line

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Briefly discuss the consumer equibrium in case of two commodity

Posted by Yash Sankhe 6 years, 1 month ago

CBSE > Class 11 > Economics

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80 students of 11A secured 60 mean marks in English and 20 students of 11B secured 70 mean marks in English. Find the combined mean marks in English.

Posted by Siva Kumar 6 years, 1 month ago

CBSE > Class 11 > Economics

1 answers

Srinivas Varanasi 6 years, 1 month ago

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What is salt Run. explain the behaviour of the total possibility curve in in short run

Posted by Gautam Singh 6 years, 1 month ago

CBSE > Class 11 > Economics

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Sirat Jaha 6 years, 1 month ago

disterete series

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Why indifference curve is convex to the origin will a consumer be able to reach at equilibrium if indifference curve is not convex

Posted by Gautam Singh 6 years, 1 month ago

CBSE > Class 11 > Economics

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Barsha Chakraborty 6 years, 1 month ago

Ic curve is convex to the origin due to law of diminishing marginal rate of substitution. No a consumer will not be able to reach equilibrium if the ic is not convex to the origin.

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Suppose the price elasticity of demand for a good is -1.5 price of the commodity increase from ruppee 24 to 28. Find out the new quantity of the good if consumer was consuming 36 units of the good.

Posted by Gautam Singh 6 years, 1 month ago

CBSE > Class 11 > Economics

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Who is known as the father of economics

Posted by Srishti Jaiswal 6 years, 1 month ago

CBSE > Class 11 > Economics

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Jinali Jain 6 years, 1 month ago

Adam smith

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The mean of 10 items was 70 later on it was found that one item 92 was misread aa 29. What was correct mean?

Posted by Praduman Paghval 6 years, 1 month ago

CBSE > Class 11 > Economics

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Muskan Varshney 6 years, 1 month ago

X=x/n , n=10, X =70 ; 70×10= 700- 92- 29=579 ; 579/10= 57.9

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The ratio of elasticity of supply of a commodity A and B is is 1:1.5 . 20 percentage Fall in the price of A results in a 40 percentage fall in its supply . Calculate percentage increase supply of B if its price Rises from rupees 10 per unit to rupees 11 per unit ( ans. 30% )

Posted by Akansha Jain 6 years, 1 month ago

CBSE > Class 11 > Economics

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Sia ? 6 years, 1 month ago

Price elasticity of supply (PES) measures the responsiveness of quantity supplied to a change in price. It is necessary for a firm to know how quickly, and effectively, it can respond to changing market conditions, especially to price changes.

{tex}\frac{\mathrm{E}_{\mathrm{SA}}}{\mathrm{E}_{\mathrm{SB}}}=\frac{1}{1.5}{/tex}...(i)
E_SA {tex}=\frac{\% \text { Change in } Q s \text { of } A}{\% \text { Change in Price of } A}{/tex}
E_SA{tex}=\frac{40}{20}{/tex}= 2 Put in eq. (i)
{tex}\frac{2}{\mathrm{E}_{\mathrm{SB}}}=\frac{1}{1.5}{/tex}
2{tex}\times{/tex}1.5 = E_SB
3.0 = E_SB
E_SB{tex}=\frac{\% \text { Change in } Q s \text { of } B}{\% \text { Change in Price of } B}{/tex}
% Change in Q_Sof B{tex}=\frac{(11-10)}{10} \times{/tex}100 = 10%
3{tex}=\frac{\% \text { Change in } Q s \text { of } B}{\% \text { Change in Price of } B}{/tex}
3{tex}=\frac{\% \text { Change in } Q s \text { of } B}{10}{/tex}
30 = % Change in Q_S of B.

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Explain the condition of consumer' s equilibrium under indifference curve approach

Posted by Suruchi Kumari 6 years, 1 month ago

CBSE > Class 11 > Economics

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Sia ? 6 years, 1 month ago

According to the indifference curve analysis, consumer's equilibrium is at a point where the slope of the indifference curve is equal to the slope of the budget line or the price line.
The conditions of the consumer's equilibrium are

The given price line should be tangent to an indifference curve or marginal rate of satisfaction of good X for good Y (MRS_xy) must be equal to the price ratio of the two goods. i.e.{tex}\operatorname { MRS } _ { x y } = \frac { P _ { x } } { P _ { y } }{/tex}, where
MRS_xy = Marginal Rate of Substitution of good X and good Y
P_x = Price of good X
P_y= Price of good Y, and
At the point of equilibrium, the indifference curve must be convex to the origin. It implies that at the point of equilibrium, MRS must be diminishing.

In the diagram given, P is the equilibrium point at which budget line touches the Indifference Curve IC₂.
The consumer’s consumption decision is explained by combining the budget line and the indifference map