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Median = Size of \(\frac{N + 1}{2}\) th item = \(\frac{30 + 1}{2}\) = value of 15.5 th item Value of 15.5 the item = 30

Hence median is equal to 30

(i) When MR< AR, AR falls.

(ii) When MR = AR, AR is constant.

(iii) When MR > AR, AR rises.

(i) When MR< AR, AR falls.

(ii) When MR = AR, AR is constant.

(iii) When MR > AR, AR rises.

(c) Rs.18 per unit 

Values are 3, 4, 6, 7, 8, 14

Therefore, Mean \(=\frac{Sum\, of \, numbers}{Total\,numbers}\)

 \(=\frac{3 + 4 + 6 + 7 + 8 + 14}{6}\)

\(=\frac{42}{6}\)

= 7

Therefore, sum of deviation of values from their mean

= (3 – 7) + (4 – 7) + (6 – 7) + (7 – 7) + (8 – 7) + (14 – 7)

= (-4) + (-3) + (-1) + (0) + (1) + (7)

= - 8 + 8

= 0

Average revenue is the revenue per unit of output sold.

AR = △TR/△Q

Here, AR = Average Revenue, TR = Total Revenue, Q = Quantity sold.

Cost in economics refers to the sum of actual money expenditure on inputs and the estimated value of the free inputs supplied by the owners.

It refers to the sum total of fixed and variable cost incurred by the producer to produce a given quantity of output.

TC = TFC + TVC

Marginal Revenue (MR) is defined as the addition made to the Total Revenue (TR) when one unit of the output is sold.

MR = TR_n – TR_n -1

   Or

MR = △TR/△Q

△Q is Quantity sold.

(b) Less than Average Revenue.

(c) Equal to Average Revenue.

It is the production divided by units of the variable factor (Labour).

AP = TP/L

i.e., output per labour.

Price Line or firm's demand curve is the same as firm's AR curve, because AR means price, and demand curve (or AR curve) shows the relationship between price and quantity demanded of firm's output.

Average revenue is constant at all levels of output in a market in which a firm can sell any quantity of a good at a given price.

Production Function refers to the relationship between inputs and outputs.

Market price and average revenue of a price taking firm are equal. Both are indicated by a horizontal straight line. Because market price is constant for a price taking firm.

It is the sum total of output produced by all units of labour (along with other factors of production) thus,

TP = AP x L

Sum of a marginal product corresponding to all the units of variable-factor used in production. Thus,

TP = ∑MP

Production Function refers to the relationship between inputs and outputs.

Concept of Average revenue is called price.

Following table considers a situation when MC = AC over a range of output. It is a situation of constant returns to a factor.

The table shows that when constant returns to a factor prevail over a range of output (1-5 units of output), MC remains constant. Consequently, TC increases at a constant rate and MC and AC are found to be equal to each other. In the entire range of output when AC = MC, AC is also found to be constant (like MC).

Cost Function shows the functional relationship between output and cost of production. It gives the least cost combination of inputs corresponding to different levels of output. Cost function is given as:

C = f(X), ceteris paribus

C = Cost

X = Output

Cost is the sum of actual money expenditure on inputs  (explicit cost), estimated value of the inputs provided by the owners (implicit cost) and normal profit.

Correct answer is B.

Mean = (x₁ + x₂ + ...+ n terms)/N

= x₁ + k + x₂ + k +...+n terms/N

= Mean + k

= \(\overline{X} + \text{k}\)

Fixed Costs are the costs which are incurred on the fixed factors of production like machinery, land, building etc. These costs remain fixed even when the output is zero. For example, rent of premises, interest on loan, salary of Permanent staff etc.

Average fixed cost refers to the per unit fixed cost of production. It is calculated as: AFC = TFC/Q. AFC falls with increase in output as TFC remain same at all levels of output. Its behaviour can be understood with the help of the following schedule:

As seen in the table above that, the AFC falls with rise in output because constant TFC is divided by increasing output.

We have,

The mean weight of 8 numbers is 15

Then, the sum of 8 numbers = 8 * 15

= 120

If each number is multiplied by 2

Then, New mean = 120 * 2

= 240

Therefore, new mean \(=\frac{240}{8}\)

= 30

A.M. = 15/2, G.M. = 6

Now, (G.M.)² = (A.M.) (H.M.)

∴ 6² = 15/2 x H.M.

∴ H.M. = 36 × 2/15

∴ H.M. = 24/5

Private Income 

=NNP_FC accruring to private sector + Net current transfer from ROW + Current transfers from govt. + National debt interest - NFIA

800+20+70+50-(-10)

=Rs.950

Personal Income 

= Private income - Corporation tax - Undistributed profit

=950-40-200

=Rs.710

Personal Disposable Income 

= Personal income - Personal direct taxes - Fees and Fines.

=710-30-NIL

= Rs. 680 crore.

G.M. = 4, H.M. = 16/5

Now, (G.M.)² = (A.M.) (H.M.)

∴ 4² = A.M. × 16/5

∴ A.M. = 16 × 5/16

∴ A.M. = 5

We have, 

The mean weight of 8 numbers is 15 

Then, The sum of 8 numbers = 8 x 15 = 120. 

If each number is multiplied by 2

Then, new mean = 120 x 2

= 240

New mean = 240/8 = 30

Manav needs a loan to set up a small business. Manav will decide on whether to borrow from the bank or the moneylender on the basis of various factors: 

(i) Firstly, he must have a collateral or asset which can guarantee his loan. If he lacks such an asset, he cannot get a loan from the bank. In this scenario, he will have to go to a moneylender, even though the latter charges a higher interest rate. 

(ii) Secondly, if Manav is not aware of the banes of borrowing from the informal sector, he might not even consider taking a bank loan. 

(iii) Thirdly, if there are no banks in or near his area of residence or work place, then he will borrow from a moneylender.

(a) Banks might be unwilling to lend to small farmers because small farmers usually lack proper documents and collateral or asset. 

(b) The other sources from which the small farmers can borrow are moneylenders, relatives or friends, self-help groups and cooperative banks. 

(c) The terms of credit can be unfavourable for the small farmer if he has a bad crop, and is forced to either surrender his collateral (if he borrowed from a bank) or sell off a part of his land (if he borrowed from the informal sector), in order to repay his loan.

(d) Self-help groups and cooperative banks do not require collateral as a guarantee; hence, they can provide cheap credit to the small farmers.

(i) The Reserve Bank of India supervises the functioning of formal sources of loans. 

(ii) The RBI monitors the banks in actually maintaining cash balance. 

(iii) The RBI sees that the banks give loans not just to profit making businesses and traders but also to small cultivators, small-scale industries, to small borrowers, etc. 

(iv) Periodically banks have to submit information to the RBI on how much they are lending, to whom, at what interest rate, etc.

Banks provide loans after collateral and documentation securities, which generally the small farmers fail to comply with. Therefore, banks are unwilling to give loans to small farmers. 

The banks are sometimes not willing to lend to certain borrowers because of the following reasons: 

(i) Some persons are not able to produce certificate of their earning. 

(ii) There are some people who have a history of non-repayment of loans. 

(iii) There are other people who are not able to produce documents of their employment. 

(iv) Some persons have nothing to give to bank as collateral. 

(v) There are a few others who fail to produce two persons who can stand as surety in case he is unable to repay the loan.

Correct option is  A) 6

Correct option is  A) mode

Fiscal Policy has two instruments :

1. Revenue Tools : Many types of direct or indirect taxes collected by the government come under revenue tool.

2. Spending Tools : Spending or expenditure tool can be reduced or raised according to the economy. It includes government transfer payment expenditure, current expenditure or capital expenditure.

Correct option is  D) 9

Correct option is  D) 5

Correct option is  A) Lower

Correct option is  B) 10.5

Correct option is  A) 20.5

The difference between upper and lower boundaries gives the class interval i.e., we take class boundaries on X-axis.

Correct option is  B) Class Interval (C.I.)

If the demand of a commodity in relation to its prices as well as other factors is studied, this analysis is called General Analysis.

When economic analysis is done while considering a single factor, it is called Partial Analysis.

When economic analysis is done on the basis of particular point of time, it is called Static Analysis.

lf the services change in equilibrium with time, it is called Dynamic Analysis.

If the analysis is done on the basis of two points of time, it is called Comparative Analysis.

The main differences between micro and macro-economics are as given below :