Besides, students can bring in all their queries regarding other subjects including physics, chemistry, and biology as well. Get answers of your textbook. The following points make Standard Deviation the best measure of dispersion: 1. By doing so, they have been able to properly form answers that are concise. For example, if a country has very high income group people and very low income group people, then we can say that the country has large income disparity. Each worker is given a raise of Rs 20.
Each economy has its own powers and flaws, its sub-economies and propensities. The subject economics is classified into 4 types. Question 7: A batsman is to be selected for a cricket team. In order to understand the frequency distribution fully, it is essential to study the variability of the observations. Used for inter-sectoral and inter-temporal comparisons. Answer : Standard Deviation is the best measure of dispersion as it satisfies the most essentials of the good measure of dispersion. Vedantu is one of the most comprehensive online tuition platforms out there.
Also, Standard Deviation helps in testing the significance of random samples and in regression and correlation analysis. Most of the statistical theory is based on Standard Deviation. Statistics compares different phenomena and reassures relationship between them. Importance of Statistics in Economics 1. They understand the kind of questions that appear in papers and have created this solution book based on the same. Statistics : Statistics is a method of taking decisions on the basis of numerical data. The following points make Standard Deviation the best measure of dispersion: 1.
Study of aggregates only 9. For example, if a country has very high income group people and very low income group people, then we can say that the country has large income disparity. We provide online tuition for a range of subjects across different grades. Statistics laws are true only on averages. Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply - a percentage-change method and b geometric method. The revision notes help you revise the whole chapter 1 in minutes.
Rice Rice Production x 12 6 12 6 12 6 15 3 18 0 18 0 22 4 23 5 29 11 34 16 iv Mean Deviation about Median a. Simple Applications of Demand and Supply: Price ceiling, price floor. It enables an economist to present economic facts in precise and definite form. Without reference, results may prove to be wrong. Producer is one who produces goods and services for the generation of income. All in all, these solutions can be a good self-study material.
Revenue - total, average and marginal revenue - meaning and their relationships. It has correct mathematical processes in comparison to range, quartile deviation and mean deviation. D iii Mean Deviation about Mean iv Mean Deviation about Median v Standard Seviation vi Which Crop has gratest variation vii Compare the value of different measure for each crop. Plural Sense: Statistics means Numerical facts and figures Which have been systematically collected for a definite purpose in any field of study. Economics is a social science which deals with the production, distribution allocation and expenditure or utilization of goods and services. Scarcity is the root of all Economic problem. Q4 :In a town, 25% of the persons earned more than Rs 45,000 whereas 75% earned more than 18,000.
Question 8: To check the quality of two brands of light bulbs, their life in burning hours was estimated as under for 100 bulbs of each brand. Service holder : A person who is in job and gives his services as a factor of production and is getting paid for it. These solutions provide a proper guidance and thorough learning experience. Have the wages become more or less uniform? These notes will certainly save your time during stressful exam days. Father of Economics Adam Smith provided wealth definition of economics Book- The Wealth of Nations, 1776 :- Economics is an enquiry into the factors that determine the wealth of a country. The average measures center of the data whereas the quantum of the variation is measured by the measures of dispersion like range, quartile deviation, mean deviation and Standard Deviation. Rice vi Rice crop has greater variation as the coefficient of variation is higher for rice as compared to that of wheat.
Growth definition given by Paul A samuelson:- Economics is the study of how man and the society chooses with or without the use of money, to employ scarce productive resources which could have the alternative uses to provide various commodities overtime and distribute them for consumption now and in future among various people and the groups of the society. Most of the statistical theory is based on Standard Deviation. Producer's equilibrium-meaning and its conditions in terms of marginal revenue-marginal cost. It helps in establishment of correlation between two facts. Economist try to find out cause and effect relationship between different sets of data. Q3 :Some measures of dispersion depend upon the spread of values whereas some are estimated on the basis of the variation of values from a central value.
Statistics does not study individuals. The answer of each chapter is provided in the list so that you can easily browse throughout different chapters and select needy one. Singular sense: Statistic Means Statistical methods and techniques related to collection, organisation, classification, Presentation, analysis and Interpretation of data. It expresses facts in numbers. Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand - factors affecting price elasticity of demand; measurement of price elasticity of demand - a percentage change method and b geometric method linear demand curve ; relationship between price elasticity of demand and total expenditure.