MC = 100 - 10x + 0.1x²
TC =\(\int { } \)(100 - 10x + 0.1x²)dx
= 100x - 10\(\frac { { x }^{ 2 } }{ 2 } \) + 0.1\(\frac { { x }^{ 3 } }{ 3 } \)+ c
= 100x - 5x² + \(\frac { { x }^{ 3 } }{ 30 } \) + c
Fixed cost is given as Rs. 500
\(\therefore \) TC = 100x - 5x² + \(\frac { { x }^{ 3 } }{ 30 } \) + 500
= \(\frac { { x }^{ 3 } }{ 30 } \) - 5x² + 100x + 500

(i) Indifference curve must have a negative slope.
(ii) Indifference curves are convex to the origin.
(iii) Indifference curve cannot intersect
(iv) Indifference curve do not touch the horizontal or vertical axis

MS office Excel is used in data analysis by using formula. A spread sheet is a large sheet of paper which contains rows and columns. The intersection of rows and columns is termed as 'cell'. MS Excel 2007 version supports up to 1 million rows and 16 thousand columns per worksheet.
Start:
You can start Excel from various options.
Click Start → Program → Microsoft Excel
Double click the MS Excel Icon from the Desktop.
Worksheet:
A worksheet is a table like document containing rows and columns with data and formula. There are four kinds of calculation operators. They are arithmetic, comparison, text concatenation (link together) and reference. MS Excel helps to do data analysis and data presentation in the form of graphs, diagrams, area chart, line chart.

\(\mathrm{AR}=\frac{\text { Revenue function }}{\text { no.of units }}=\frac{600 \mathrm{q}-0.03 \mathrm{q}^{2}}{\mathrm{q}}=600-0.03 \mathrm{q}=\mathrm{AR} \)
\(\mathrm{MR} =\frac{\mathrm{d}}{\mathrm{dq}}(\mathrm{TR}) \)
\(=\frac{\mathrm{d}}{\mathrm{dq}}(600 \mathrm{q})-\frac{\mathrm{d}}{\mathrm{dq}}\left(0.03 \mathrm{q}^{2}\right)  \)
\(=600-2(0.03) \mathrm{q}  \)
\(=600-0.06 \mathrm{q}=\mathrm{MR} \)
\(\mathrm{AC} =\frac{150 \mathrm{q}+60,000}{\mathrm{q}}=150+\frac{60,000}{\mathrm{q}}=\mathrm{AC}  \)
\(\mathrm{MC} =\frac{\mathrm{d}}{\mathrm{dq}}(\mathrm{TC})  \)
\(=\frac{\mathrm{d}}{\mathrm{dq}}(150 \mathrm{q})+\frac{\mathrm{d}}{\mathrm{dq}}(60,000)=150+0=150=\mathrm{MC}\)

(i) Morris D Morris developed the Physical Quality of Life Index (PQLI).
(ii) It is a measure to calculate the quality of life
(iii) He included life expectancy, infant mortality rate and literacy rate. A scale of each indicator ranges from 1 to 100.
(iv) Number 1 represents worst performance of any country.
(v) 100 is the best performance. Eg. in case of life expectancy, the upper limit is 100.
(vi) This was assigned to 77 years which was achieved by Sweden in 1973.
(vii) The lower limit 1 was assigned to 28 years achieved by Guinea-Bissau in 1960.
(viii) The difference between HDI and PQLI is the inclusion of income.
(ix) In HDI income is included and it represents both physical and financial aspects of development.
(x) In PQLI income is excluded and only physical aspects of life are considered.

(i) The policy aimed at correcting the weaknesses and rigidities in the various sectors of the economy - industry, trade, fiscal and agriculture.
(ii) To liberate the industry from licensing system.
(iii) To reduce the role of public sector.
(iv) To encourage foreign participation in India's industrial development.

Zamindari system or Landlord-Tenant system:
(i) In 1793, Lord Cornwallis introduced Permanent Settlement Act.
(ii) Zamindars were the owners of the land and had to pay land revenue to the government.
(iii) The share of the government in total rent collected was fixed at 10/11th, the balance went to the Zamindar as remuneration.
Mahalwari system or Communal Farming system:
(i) This system was followed in Madhya Pradesh and Punjab.
(ii) The ownership of the land was maintained by a collective body of villagers.
(iii) They distributed land among the peasants, collected revenue from them and paid it to the state.
Ryotwari system or Owner-Cultivator system:
(i) This system was first introduced in TamilNadu and later to Maharashtra, Gujarat, Assam, Coorg, East Punjab and Madhya Pradesh.
(ii) The ownership rights of use and control of land were held by the tiller himself.
(iii) There was direct relationship between owners and tillers. This system was the least oppressive system before Independence.

(i) To regulate the lender and the borrower of microfinance and bring stability to the microfinance system.
(ii) To extend finance and credit support to microfinance institutions and agencies that lend money to small businesses, retailers, self help groups and individuals.
(iii) To register all MFIs and introduce a system of performance rating and accreditation for the first time.
(iv) Offer a credit guarantee scheme for providing guarantees to loans offered to micro businesses.
(v) Introduce appropriate technologies to assist in lending, borrowing and monitoring of distributed capital.

(i) Rural development is very important for the overall growth and development of Indian economy.
(ii) A major share of population lives in rural areas. Their development and contributions support the nation building activities.
(iii) The rural economy supports the urban sector by supplying drinking water, milk, food and raw materials.
(iv) Improvements in education, health and sanitation in villages can help avoid urban problems like begging, rack picking and roadside slumming.
(v) Development of agriculture and allied activities are necessary for providing gainful employment in rural areas and improving overall food production.
(vi) The evils of brain-drain and rural-urban migration can be reduced if rural areas are developed.
(vii) In order to better utilise the unused and under-utilised resources, there is a need to develop the rural economy.
(viii) Rural development would reduce the gap between rural and urban areas in terms of infrastructure. It was called PURA by former President Abdul Kalam.
(ix) In order to improve the nation's status in the global arena in terms of economic indicators like Human Development Index, Women Empowerment Index, Gender Disparity Index, Physical Quality of Life Index and Gross National Happiness Index rural development should be given due attention.

(i) Tamil Nadu has historically been an agricultural state.
(ii) Tamil Nadu is India's 2nd biggest producer of rice.
(iii) The area under food crops is 72.9%.
(iv) Among the food crops paddy takes a major share.
(v) The rice production dominates with 79.49 lakh tonnes in 2014-15; followed by millets at 40.79 lakh tonnes & pulses 7.67 lakh ton.
(vi) The net sown area is gradually declining.

(i) According to Hawley profit is the reward for risk taking in business.
(ii) Every business involves some risks. Since the entrepreneur undertakes the risks, he receives profit.
(iii) If the entrepreneur does not receive the reward, he will not be prepared to undertake the risks
(iv) Thus higher the risks, the greater are the profit.
(v) Every entrepreneur produces goods in anticipation of demand.
(vi) If his anticipation of demand is correct, then there will be profit.
(vii) It is the profit that induces the entrepreneur to undertake such risks.

Free imports and exports:
(i) Before 1991, imports were regulated.
(ii) From 1992, imports were regulated by a limited negative list.
(iii) Trade Policy of 1st April 1992 freed imports of almost all intermediate and capital goods.
(iv) Only 71 items remained restricted.
(v) This would affect domestic industries.
Rationalization of tariff structure and removal of quantitative restriction:
(i) The Chelliah Committee's Report had suggested 50 % reduction in import duties.
(ii) The 1991-92 budget had reduced the peak rate of import duty from more than 300% to 150%. The process of lowering the customs tariffs was carried further in successive budgets.
(iii) This also affected the domestic industries.

(i) Import controls through licensing was abolished.
(ii) Customs and tariff and non-tariff policies were modified.
(iii) Liberalisation of foreign investment.
(iv) Imports were discouraged and exports encouraged.

(i) According to Clark profit is the difference between price and cost of production.
(ii) Profit is the reward for dynamic changes in society-like increase in population, increase in volume of capital, improvement in methods of production, change in forms of industrial organisation and increase in wants of consumers.

SI.No	Rent	Quasi Rent
1	Rent accrues to land	Quasi - Rent accrues to man made appliances
2	The supply of land is fixed forever.	The supply of man made appliances is fixed for a short period only.
3	It enters into price.	It does not enter into price.
4		It is temporary.

Firm : A single production unit in an industry, producing a large or a small amount of the commodity. (eg) Hamam, Lux are 2 firms.
Industry : A group of firms producing the same product. (eg) soap industry.

In perfect competition there is freedom for new firms to enter into the industry but in monopoly no competitor can enter the market except for the monopolist.

S.No	Positive Economics	Normative Economics
1	Deals with what is, how and why	deals with what ought to be
2	Analyses a problem on the basis of facts and examines its causes.	results are not based on facts but on social, cultural, political and religious considerations.
3		it is subjective
4	(eg) if rate of interest increases we see why & how it can be reduced.	(eg) if rate of interest increases, we see whether it is good or bad

Consumption: Human wants come under consumption.
Production: It deals with the transformation of inputs into output.
Exchange: It deals with trade and commerce.
Distribution: It deals with the reward to the factors of production.

Definition: "Economics is a science which studies human behaviour as a relationship between ends and scarce means, which have alternative uses."
Explanation: 
(i) Human beings have unlimited wants (ends)
(ii) Supply of resources is scarce in relation to demand.
(iii) Scarce resources have alternative uses.
Assessment:
(i) Robbins says that economics is neutral between ends.
(ii) He focuses on the theory of resource allocation.
(iii) He ignores theory of economic growth and development and macroeconomic aspects.

(i) In the long run all factors of production become variable.
(ii) The size of the firm can be increased.
(iii) There are no fixed inputs in the long run

LAC = LTC/Q
(iv) It is the locus of points denoting the least cost curve of producing the corresponding output.
(v) The LAC curve is called as 'Plant curve' or Boat shape curve or planning curve or envelope curve.

S.No	Explicit cost	Implicit cost
1	Payment made to others for buying factors of production.	Payment made for the use of firm's own resource.
2	Actual expenditure of the firm in buying or hiring the inputs.	Cost of firm's self owned, self employed resources.
3	(eg) wages, rent, advertisement, depreciation.	Costs are not recorded as no cash payment takes place.
4	Also called accounting cost, out of pocket cost money cost.	Value of the own services are imputed and considered for preparing profit loss accounts. Also called imputed cost.

Poverty and inequality:
Amartya Sen studied about poverty and inequality, distribution of income among the people below the poverty line.
The concept of capability:
(i) Capability is the ability to transform Rawlsian primary goods to the achievement of well-being
(ii) This was a better index of well-being then commodities.
Entitlement:
(i) Sen included the concept of entitlement items like nutrition, food, medical and health care, employment, scarcity of food supply in times of famine.
(ii) All this is included in Amartya Sen's Welfare Economics.

(i) During Nehru's period as Prime Minister planning was introduced in India.
(ii) He said planning is to find the best way to utilize all resources of manpower or money.
(iii) Planning was linked with industrialization leading to self-reliance and economic growth.

In 1918, Ambedkar published a paper "Small Holdings in India and their Remedies", citing Adam Smith's "Wealth of Nations", he differentiated "Consolidation of Holdings" and "Enlargement of Holdings".