THE INDIAN COMMUNITY SCHOOL, KUWAIT

Size: px

Start display at page:

Download "THE INDIAN COMMUNITY SCHOOL, KUWAIT"

Ferdinand Watts
5 years ago
Views:

1 THE INDIAN COMMUNITY SCHOOL, KUWAIT SERIES : II TERM /AN/ CODE : M 030 TIME ALLOWED : 2 HOURS NAME OF STUDENT : MAX. MARKS : 50 ROLL NO. :.. CLASS/SEC :.. NO. OF PAGES : 2 ECONOMICS ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ General Instructions: 1. All questions in both the sections are compulsory. 2. Marks for questions are indicated against each question. 3. Question Nos. 1 4 and are very short-answer questions carrying 1 mark each. They are required to be answered in one sentence each. 4. Question Nos. 5 6 and are short-answer questions carrying 3 marks each. Answers to them should normally not exceed 60 words each. 5. Question Nos. 7 9 and are also short-answer questions carrying 4 marks each. Answers to them should normally not exceed 70 words each. 6. Question Nos and are long-answer questions carrying 6 marks each. Answers to them should normally not exceed 100 words each. 7. Answers should be brief and to the point and the above word limits should be adhered to as far as possible Answer the following questions: PART A: INTRODUCTORY MICROECONOMICS 1. Total Product decreases [1] a) When Marginal Product = 0 b) When Marginal Product > Average Product c) When Marginal Product is negative d) When Marginal Product decreases 2. Fixed Cost curve begins on the Y-axis. This means that [1] a) Fixed Costs = 0 b) Fixed costs do not increase c) Fixed Costs do not decrease d) Fixed Costs are incurred even when production in zero 3. Average Revenue curve and Marginal Revenue curve coincide. What does that mean? [1] 4. When Average Revenue = Average Cost, firm gets [1] a) Super-normal profits b) Normal profits c) Sub-normal profits d) Gross profit 5. Define Production Function. What is meant by short-run production function and long-run production function? Briefly explain. [3]

2 6. Briefly explain the concept of Variable Costs. [3] 7. Describe the nature of and relationship between Total Revenue, Average Revenue and Marginal Revenue when additional units are sold at different prices. Use suitable schedule or diagram. [3+1] 8. State the Law of Variable Proportions and clearly identify and describe the stages of the Law with the help of a relevant diagram. [1+2+3] 9. A firm sells its output at uniform price of Rs. 7 per unit. a) Calculate the firm s levels of profit, in terms of Marginal Revenue and Marginal Cost from the information given below: b) Describe how the firm achieves equilibrium and maximizes profits in terms of Marginal Revenue and Marginal Cost. Use appropriate diagram. UNITS OF OUTPUT TOTAL COST [3+3] PART B: STATISTICS FOR ECONOMICS 10. Mode is [1] a) The highest value of a data series b) The middle value of a data series c) The lowest value of a data series d) The value that occurs most frequently in the data series 11. How does Mode help a seller of footwear? [1] 12. In a set of data collected, the lowest income group is and the highest income group is Therefore, the income range is: a) 1500 b) 1400 c) 200 d) 100 [1] 13. What is range? Define. [1] 14. Calculate the modal size from the following data: (hint: use inspection method) SIZE FREQUENCY [4] 15. State two merits and two demerits of mean deviation. [4] 16. The data below shows profits of different firms. Calculate the quartile deviation. [6] PROFIT [in lakhs] NO. OF FIRMS Calculate the mean deviation from the median of the following data: [6] DAILY WAGES NO. OF WORKERS

3 PART A: INTRODUCTORY MICROECONOMICS 18. Total Product decreases [1] [C] When Marginal Product decreases 19. Fixed Cost curve begins on the Y-axis. This means that [1] [D] Fixed Costs are incurred even when production in zero 20. Average Revenue curve and Marginal Revenue curve coincide. What does that mean? [1] It implies that Price is uniform or constant and Total Revenue increases at constant rate. 21. When Average Revenue = Average Cost, firm gets [1] [B] Normal Profits. 22. Define Production Function. What is meant by short-run production function and long-run production function? Briefly explain. [3] Definition of Production Function. [1] Description of Short run [1] Description of long run [1] 23. Briefly explain the concept of Variable Costs. [3] definition of variable costs and explantion.. [2] Examples [1] 24. Describe the nature of and relationship between Total Revenue, Average Revenue and Marginal Revenue when additional units are sold at different prices. Use suitable schedule or diagram. [3+1] Three points of relationship between TR, AR AND MR [3] Diagram [1] 25. State the Law of Variable Proportions and clearly identify and describe the stages of the Law with the help of a relevant diagram. [1+2+3] Statement of Law of Variable Proportions... [1] Diagram. [2] Correct identification and description of 3 stages.[3] 26. A firm sells its output at uniform price of Rs. 7 per unit. c) Calculate the firm s levels of profit, in terms of Marginal Revenue and Marginal Cost from the information given below:

4 d) Describe how the firm achieves equilibrium and maximizes profits in terms of Marginal Revenue and Marginal Cost. Use appropriate diagram. UNITS OF OUTPUT TOTAL COST [3+3] UNITS OF OUTPUT PRICE TOTAL REVENUE TOTAL COST MARGINAL REVENUE MARGINAL COST LEVEL OF PROFIT LOSS PROFIT LOSS PART B: STATISTICS FOR ECONOMICS 27. Mode is [1] [D] The value that occurs most frequently in the data series 28. How does Mode help a seller of footwear? [1] mode helps the foot wear seller to find that size of footwear which is sold / demanded the most. Therefore, he can keep more quantity of that modal size and earn more revenue from the sale of the modal size of foot wear. 29. In a set of data collected, the lowest income group is and the highest income group is Therefore, the income range is: [1] [B] What is range? Define. [1] Range is the difference between the highest and lowest value of the dataseries 31. Calculate the modal size from the following data: (hint: use inspection method) [4] SIZE FREQUENCY f0 f1 f2 Modal class is because it has the highest frequency Mode = l1 + [ (f1 f0) 2f1 f0 f2] x ci Mode = 15 + [ (12 6) 2x12 6 8] x 5 Mode = 15 + [ (6) 24 14] x 5

5 Mode = 15 + [ 6 10] x 5 Mode = 15 + [ 30 10] Mode = Modal size = State two merits and two demerits of mean deviation. [4] [any two merits and two demerits] 33. The data below shows profits of different firms. Calculate the quartile deviation. [6] PROFIT [in lakhs] NO. OF FIRMS CUMULATIVE FREQUENCY Q1 = Value of [N + 1 / 4]th item Q1 = Value of [ / 4]th item Q1 = Value of 25 th item Q1 = 80 LAKHS Q3 = Value of [3(N + 1) / 4]th item Q3 = Value of [3(99 + 1) / 4]th item Q3 = Value of 75 TH item Q3 = 120 LAKHS QUARTILE DEVIATION = Q3 Q1 / 2 QUARTILE DEVIATION = / 2 QUARTILE DEVIATION = 40 / 2 QUARTILE DEVIATION = 20 LAKHS 34. Calculate the mean deviation from the median of the following data: [6] DAILY WAGES NO. OF WORKERS CUMULATIVE FREQUENCY MID VALUE I d I = I m M I = = = = = = 55

6 f I d I CALCULATIONS: Median = l1 +[(N/2 cf ) f ] x ci Where, median class = N/2 = 40 2 = 20 th item s class = Therefore, l1= 80, N/2 = 20, cf = 08, f = 16, ci = = 20 l1 +[(N/2 cf ) f ] x ci 80 +[12 16 ] x [3 4] x 20 Therefore, M = Therefore, M = 95 MEAN DEVIATION = Ʃ f I d I MEAN DEVIATION = MEAN DEVIATION = 18

KENDRIYA VIDYALAYA (SHIFT I) PATTOM ECONOMICS Class XII

KENDRIYA VIDYALAYA (SHIFT I) PATTOM ECONOMICS Class XII Time : 3 Hrs. Max. Marks - 100 Note : i. All questions in both the sections are compulsory. ii. iii. iv. Marks for questions are indicated against