Calculate Arithmetic mean of the given data by (1) Direct method , (2) Shortcut method , Incenties given by firms to their 10 employees - 180, 150, 160, 170, 150, 190, 210, 250, 160, 230 ?
Answers
Answer:
supply curve, movement along the supply curve and shift in supply curve.
Lesson 20: Price Elasticity of Supply
Meaning, measurement of price elasticity of supply by (a) Percentage method (b) Geometric method
Factors affecting price elasticity of supply
Module 8: Market and Price Determination
Approach: This module will enable the learners to understand the meaning of market, forms of
market-Perfect competition, monopoly, monopolistic competition and oligopoly- their meaning and
features. This module also helps the learners to understand the concept of revenue and profit
maximization condition of a competitive firm. Beside this, this module also deal with the equilibrium
price computation
Lesson-21: Forms of Market
Meaning of market, Different forms of market - Perfect competition, monopoly, monopolistic
competition and oligopoly- their meaning and features
Lesson-22. Price determination Under Perfect Competition
Meaning of equilibrium price, Determination of equilibrium price, excess demand and excess supply;
Effect of changes in demand and supply on equilibrium price and quantity; Simple applications
of demand and supply analysis - ceiling price, floor price.
Lesson-23: Revenue and Profit maximization of a Competitive Firm
Concept of revenue - Total Revenue, Average Revenue Marginal Revenue. Various concepts of
profit; profit; Maximizaiton of a competitive firm Total revenue and total cost approach, Marginal
revenue and Marginal cost approach
INTRODUCTION TO MACROECONOMICS
Module-9: National Income Accounting
Approach: National income is a central concept in economics. It provides a quantitative view of
a country’s economic performance. This module will enable the learners to understand various
concepts related to national income and different methods of its measurement.
Lesson-24: National Income and Related Aggregates
Meaning of income, four factors of production, factor incomes and non-factor incomes, final goods
and intermediate goods, basic economic activities, closed and open economy, stock and flow,
circular flow of income, concept of domestic territory and normal residents, va
Answer : i) 185, ii) 185
Explanation:
i) Direct Method formula : Mean = ∑X/N
Mean = 180 +150+160+170+150+190+210+250+160+230/10 = 1850/10 =185
ii) Short cut method formula : Mean = A +∑d/N
X d = X- A
180 30
150 0
160 10
170 20
150 = A 0
190 40
210 60
250 100
160 10
230 80
∑d = 350
mean = 150 +350/10
= 150+35 =185