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1. Price elasticity of supply is unitary. What could be the percentage change in quantity supplied if its price increases by 10 percent?
2. Define elasticity of supply
3. A downward movement along the same supply curve is due to:
(i) Increase in prices of inputs
(ii) Increase in unit taxes
(iii) Increase in price of substitute in production
(iv) Decrease in price of the good.
4. How does supply of a commodity change when government imposes a unit tax? Explain with diagram
5. Briefly explain the theory of firm’s equilibrium under conditions of perfect competition. Use diagram.
6. Define third quartile.
7. State one area in which mode is widely used.
8. Second quartile is also called:
9. Find lower quartile and upper quartile from the following
Values: 9 15 6 12 20 18 8 11 13 10 14
10. Locate Value of mode on a graph and verify the result
1. 10% Increase
2. Degree of responsiveness of quantity demanded for a given change in price of the good
3. (iv) Decrease in price of the good.
4. Init tax will increase MC. Less units only can be supplied at the same price. MC curve shift up. Supply curve will shift to left. Supply decreases.
5. A profit maximizing firm will produce that many numbers of units at which profit is maximum. Profit is maximum when TR-TC is maximum. TR-TC is maximum when two conditions are achieved.
a. MR must be equal to MC at profit maximum output
b. MC must be non diminishing at profit maximum output
If MR>MC, increase in TR is more than increase in TC when firm increases output. Profit is increasing when firm increases output. Firm is not at equilibrium because it wants to increase output.
If MR<MC, increase in TR is less than increase in TC when firm increases output. Profit diminishes when firm increases output. In other words profit will increase when firm reduces output. Firm is not at equilibrium because it wants to reduce
This means Firm makes maximum profits when MR=MC. Firm is at equilibrium
At point A MC=MR but MC is falling so that firm is not at equilibrium
At output Q1, MR>MC, so that firm will increase the output
At output level Q3 Mc>MR, firm will reduce output
At Output Q2 Firm is at equilibrium because MC=MR and MC is falling.
6. Quartiles are values that divide the arranged series in to four equal parts
7. Quality control
8. (iv) Median
9. Arrange values in ascending order.
6, 8, 9, 10, 11, 12, 13, 14, 15, 18, 20
Q1= (N+1)/4 the item; 11+1/4 = 12/4 = 3rd item. Q1= 9
Q2 = 2(N+1)/4 the item. 2(11+1)/4; 6th item. Q2 = 12
Q3 = 3((N+1)/4 the item 3(11+1)/4; 9th item. Q3 = 15
10. Mode = l + (fm-f1)/(2xfm-f1-f2) x h
=55 + (18-10)/(2x18-10-16) x5
=55 +4 = 59
Histogram and location
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