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Akhil ? 6 years, 2 months ago
Posted by Virendra Sharma 6 years, 2 months ago
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Sia ? 6 years, 2 months ago
Budget line is a graphical representation which shows all the possible combinations of the two goods that a consumer can buy with his given income and market prices of commodities. It is also called consumption possibility line.
Budget set refers to the set of all possible combinations of the two goods which a consumer can afford at his given income and prices in the market. Equation of budget set is:
PX.QX + PY.Qy{tex}\leq{/tex}M,
Where PX is the price of good X
QX is the quantity of good X
PY is the price of good Y
QY is the quantity of good Y.
Posted by Adarsh Tiwari 6 years, 2 months ago
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Sia ? 6 years, 2 months ago
The main demerits of this method can be listed as follows:
- It cannot be used for illiterate or uneducated respondents.
- Rate of non-response is high in comparatively with other method.
- If there is any confusion in the questionnaire, they cannot be solved.
- There is inbuilt inflexibility.
- The control over questionnaire may be lost once it is sent.
- It is difficult to verify the accuracy of the answers given. This method is likely to be the slowest of all.
- There is no scope for asking supplementary questions for cross checking of the information supplied by the respondents.
- Informants are not willing to give written information in their own, handwriting as certain personal questions like income, property, personal habits and so on.
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Akash Gupta 6 years, 2 months ago
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Akash Gupta 6 years, 2 months ago
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To make a pie chart, start by adding up all of your data points to get the total. Then, divide each data point by the total, which will tell you the percentage that each data point makes up of the total. Next, multiply each percentage by 360 to find the angle between that data point and the next lowest data point.
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Yogita Ingle 6 years, 2 months ago
It explains that the satisfaction after consuming a good or service cannot be scaled in numbers, however, these things can be arranged in the order of preference. This theory was applied by Prof. J R Hicks ‘Utility’ is ranked on the basis of “satisfaction”
Saniya Khan 6 years, 2 months ago
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Divya Solanki 6 years, 2 months ago
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Posted by Yash Sharma 6 years, 2 months ago
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Statistics are the sets of mathematical equations that we used to analyze the things. It keeps us informed about, what is happening in the world around us.
Characteristics of Statistics:
- Statistics are aggregates of facts.
- Statistics are numerically expressed.
- Statistics are affected to a marked extent by multiplicity of causes.
- Statistics are enumerated or estimated according to a reasonable standard of accuracy.
- Statistics are collected for a predetermined purpose.
- Statistics are collected in a systemic manner.
- Statistics must be comparable to each other.
Posted by Aniket Pal 6 years, 2 months ago
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Sia ? 6 years, 2 months ago
Limitations of Statistics
The important limitations of statistics are:
- Statistics laws are true on average. Statistics are aggregates of facts, so a single observation is not a statistic. Statistics deal with groups and aggregates only.
- Statistical methods are best applicable to quantitative data.
- Statistics cannot be applied to heterogeneous data.
- If sufficient care is not exercised in collecting, analyzing and interpreting the data, statistical results might be misleading.
- Only a person who has an expert knowledge of statistics can handle statistical data efficiently.
- Some errors are possible in statistical decisions. In particular, inferential statistics involves certain errors. We do not know whether an error has been committed or not.
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Sia ? 6 years, 2 months ago
Differences between microeconomics and macroeconomics are given below
| Basis | Microeconomics | Macroeconomics |
| Meaning | Microeconomics studies economic issues and problems at the level of an individual firm, an individual household etc. | Macroeconomics studies economic issues and problems at the level of the economy as a whole. |
| Tools | Demand and supply | Aggregate demand and aggregate supply |
| Concern | It is basically concerned with the determination of output and price for an individual firm or industry. | It is basically concerned with the determination of aggregate output and general price level in the economy as a whole. |
| Focus | Its focus is on the maximization of individual's gain. | Its focus is on the maximization of social welfare. |
| Scope | It has a narrow scope, i.e. an individual person, an individual market etc. | It has a very wide scope, i.e. a country. |
| Other name | It is also known as Price Theory | It is also known as Income and Employment Theory. |
| Examples | Individual income, individual output. | National income, national output. |
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Khushboo Giri 6 years, 2 months ago
1Thank You