Discuss the subject matter of economics.

3

(a)

State the central problems of an economy.

3

(a)

What will be the impact of recently launched 'Clean India Mission' (Swachh Bharat Mission) on the Production Possibilities curve of the economy and why?

3

(a)

How is the law of diminishing marginal utility applied with regard to education/ knowledge?

3

(a)

What do you mean by complements? Give examples of two goods which are complements of each other.

3

(a)

Consider the demand curve D(P) = 10 - 3p. What is the elasticity at price 5/3?

3

(a)

Let the production function of a firm be Q = \({ 5L }^{ \frac { 1 }{ 2 } }{ K }^{ \frac { 1 }{ 2 } }\)Find out the maximum possible output that the firm can produce with 100 units of Land 100 units of K.

3

(a)

Why does SMC curve cut AVC curve at the minimum point of AVC curve?

3

(a)

How does the imposition of a unit tax affect the supply curve of a firm?

3

(a)

What is price line under perfect competition?

3

(a)

Do you agree that classified data is better than raw data?

3

(a)

How does the procedure of drawing a histogram is differ when class intervals are unequal in comparison to equal class intervals in a frequency table?

3

(a)

There are 80 students in a class whose average marks in Statistics are 65. There are two sections in the class. In one section there are fifty students whose average marks are 62. Find the average marks of other section.

3

(a)

Find median from the data given below:

Wages (per hour):	20	25	30	35	40	45	50
Number of Workers:	5	7	6	10	5	4	4

3

(a)

From the data given below, find median.

Wages	No. of workers
Less than 10	50
Less than 20	35
Less than 30	25
Less than 40	20
Less than 50	18
Less than 60	10

3

(a)