Question

Q1explain the consumer equilibrium in the case of single commodity and two commodity with the help of hypothetical table and diagram.
Q2. Explain the types of statistical error with the help of example.
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Answer 1

Answer:

Q1explain the consumer equilibrium in the case of single commodity and two commodity with the help of hypothetical table and diagram.

Ans 1. A consumer purchasing a single commodity will be at equilibrium, when he is buying such a quantity of that commodity, which gives him maximum satisfaction. The number of units to be consumed of the given commodity by a consumer depends on 2 factors: 1. ... Expected utility (Marginal utility) from each successive unit.

Q2. Explain the types of statistical error with the help of example.

Ans 2. In statistical hypothesis testing, a type I error is the rejection of a true null hypothesis (also known as a "false positive" finding or conclusion; example: "an innocent person is convicted"), while a type II error is the non-rejection of a false null hypothesis (also known as a "false negative" finding or conclusion .

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Answer 2

Answer:

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