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1. Mode = 3 median – 2 mean = 120-64=56
2. Arrange the series in ascending order. Then use (N+1)/4th item
Lower Quartile = 7+1/4 = 2nd item. = 8
3. It is a single value which represents the entire set of data.
4. Mean = A+Σfd/N = 41
5. Median = 45
6. C. average product = marginal product
7. TC= TVC + TFC and TFC remains constant at all levels. Therefore TC and TVC are parallel to each other.
8. B. wages
9. When AC is falling, AC > MC
When AC is rising AC < MC
When AC is minimum and constant AC=MC
Both AC and MC curve are U –shaped
AC can fall even when MC is rising.
10. Stage I: when Marginal product is rising total product is increasing at an increasing rate. MP reaches maximum, the first stage ends. This stage is called Increasing return to a factor.
Stage II: MP starts falling but positive, TP increases at a diminishing rate. When MP is zero TP reaches its maximum. The second stage ends where MP is zero. This stage is called diminishing returns to a factor.
Stage III: In this stage MP becomes negative and TP starts declining. This stage is called Negative returns to a factor.
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