Answer all the questions given below:
Q.1 Define statistios in the plural sense.
0.2 Define statistics in the singular sense. What are the different stages of statistical investigation?
Q 3 What are the different functions of statistics?
Q.4 What is the importance of statistics in economics?
0.5 What is economic planning? Discuss the role of statistics in the economic planning.
0,6 Define Economics
Q.7 Differentiate between economic activities and non economic activities
0.8 Explain various factors affecting price elasticity of demand.
Answers
Answer:
1. In plural sense, statistics refers to information in terms of numbers or numerical data.
Its main characteristics are :
- It consists of aggregates of facts
- It is effected by many causes
- It should be numerically expressed
- It must be enumerated or estimated accurately
- It should be collected for a predetermined purpose
- It should be collected in a systematic manner
- It should be capable of being placed in relation to each other
2. In singular sense statistics is the science of collecting, classifying and using statistics.
The different stages-
- Collection of data.
- Organization and Presentation of the numerical data.
- Analysis of the numerical data.
- Interpretation of the numerical data.
3.
- Statistics helps in providing a better understanding and exact description of a phenomenon of nature.
- Statistics helps in the proper and efficient planning of a statistical inquiry in any field of study.
- Statistics helps in collecting appropriate quantitative data.
4.
- In economics research, statistical methods are used to collect and analyze the data and test hypotheses.
- The relationship between supply and demand is studied by statistical methods; imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics.
5. Economic planning is a resource allocation system in which the government makes economic decisions based on an economic plan.
Role of statistics in the economic planning:
- Statistics is the most important tool in economic planning.
- Statistics helps economic planning by collecting data of national resources both human and natural.
- For drawing a plan of their use, we need the help of Statistics.
- Statistics for economics concerns itself with the collection, processing, and analysis of specific economic data.
- It helps us understand and analyze economic theories and denote correlations between variables such as demand, supply, price, output etc
6 .
- Economics is a branch of social science that studies the production, distribution, and consumption of goods and services.
- It focuses on the behavior and interactions of economic agents and how economies work
7.
Economic Activities:
- Economic activities lead to an increase in the personal income of the individual.
- Economic activities contribute to the flow of goods and services in an economy.
- These add value to the national income.
Non economic activities:
- Non economic activities do not increase the personal income of an individual.
- Non economic activities do not contribute to the flow of goods and services in an economy.
- These do not add any value to the national income
8. Various factors affecting price elasticity of demand are -
- Availability of substitutes
- The time frame
- The share of income
- Whether a good is a luxury
- How narrowly the market is defined.
hope it helps ..
Answer:
1. “Statistics in the plural sense are numerical statements of facts capable of some meaningful analysis and interpretation, and in singular sense, it relates to the collection, classification, presentation and interpretation of numerical data.”
2. Descriptive Statistics Stages of Statistical Enquiry Over the years, the field of statistics has evolved as a comprehensive discipline providing analytical tools to interpret huge volumes of data. Further, these tools help in the decision-making process an scientific inquiry.
3. Functions of Statistics:
To Present Facts in Definite Form: We can represent the things in their true form with the help of figures. ...
Precision to the Facts: The statistics are presented in a definite form so they also help in condensing the data into important figures.
Comparisons: After simplifying the data, it can be correlated as well as compared.
4. Statistics are important in every field of business. They give us a measurement of how well something is doing or how likely that something is going to happen. The field of economics depends greatly on the likelihood that something is going to happen.
5. he basic objective of planning is to exercise control over the private sector of an economy. Controls are exercised over economic resources which are scarce. When the economic resources of the country are rationally arranged with a predetermined purpose, it is called economic planning. It usually refers to planning by the State.
6. the branch of knowledge concerned with the production, consumption, and transfer of wealth.
7. The difference between economic and non-economic activities can be drawn clearly on the following grounds:
An activity related to production and consumption of goods and services for economic gain is known as economic activities. ...
Economic activities are performed for economic motive, i.e. earning profit. On the other hand, non-economic activities are performed due to social or psychological reasons, i.e. out of love, affection etc.
The measurement of economic activities is in monetary terms, whereas non-economic activities lack money measurement.
8. Factors Affecting Price Elasticity of Demand
Relative need for the product. The need of every individual is not the same for the same product. A product that is...
Availability of substitute goods. As discussed in the previous chapters, the availability of substitutes has major...
Impact of income. The amount of income that consumers spend on purchasing a particular product also influences the price...
Time under consideration. It majorly influences the price elasticity of demand. Demand for a product remains inelastic...