Discuss the central problems of an economy

6

(a)

There is given the market price of a piece of goods, how does a consumer decides as to how many units of that piece of goods to buy

6

(a)

Given below is the cost schedule of a product produced by a firm. The market price per unit of the product at all levels of output is Rs 12 .Using Marginal Cost and Marginal Revenue approach, find out the level of equilibrium output. Give reasons for your answer.

Output (units)	1	2	3	4	5	6
Average cost (Rs)	12	11	10	10	10.4	11

6

(a)

Compare between perfect competition and monopolistic competition.

6

(a)

X and Y are complementary goods. The price of Y falls. Explain the chain of effects of this change in the market of X.

6

(a)

Differentiate between Economics as a positive and as a normative Science.

6

(a)

Explain different ways of classifying data.

6

(a)

From the data given below, find Mean Deviation and coefficient of MD. from median.

Marks obtained	No. of students
Less than 10	3
Less than 20	5
Less than 30	10
Less than 40	18
Less than 50	25
Less than 60	30

Marks obtained (class interval)	No of students	cumulative Frequency	Mid Value	|M-Median|	(F|M-Median|)
0-10	3=3-0	3	5	31.25	93.75
10-20	2=5-3	5	15	21.25	42.50
20-30	5=10-5	10	25	11.25	56.25
30-40	8=18-10	18	35	1.25	10.00
40-50	7=25-18	25	45	8.25	57.75
50-60	5=30-25	30	55	18.75	93.75
Total	\(\sum\)F=30				\(\sum\)(F|M-Median|)=354

6

(a)

Karl Pearson's Method is superior to Rank Correlation. Do you agree? Justify your answer.

6

(a)

Which values are of utmost importance in making of a project?

6

(a)