T.R. Jain and V.K. Ohri- Statistics for Economics Solution for Class 11 Commerce Statistics for Economics Chapter 1 - Concept of Economics and Significance of Statistics in Economics
T.R. Jain and V.K. Ohri- Statistics for Economics Solution for Class 11 Commerce Statistics for Economics Chapter 1 - Concept of Economics and Significance of Statistics in Economics Page/Excercise 18
- Statistics means quantitative information.
It deals with quantitative information only and does not take qualitative data into consideration. Qualitative variables such as beauty, honesty and kindness cannot be studied.
- Statistics and economics are complementary to each other.
Statistics plays a significant role in Economics. It
- Expresses economic problems quantitatively.
- Facilitates inter-sectoral and inter-temporal comparison.
- Helps in studying the cause and effect relationship between different economic variables which leads to construction of economic theories.
- The term population refers to the aggregate of all items relating to statistical study. Thus, if statistical study comprises 200 items, then population is 200.
- Descriptive statistics means those methods which are used for collection, presentation and analysis of data. Under this, following estimations are done:
- Measurement of central tendencies such as mean, median, mode, quartiles, deciles and percentiles
- Measurement of dispersion such as range, quartile deviation, mean deviation and standard deviation
- Measurement of correlation through a scatter diagram and correlation coefficient.
List of statistical information which will be required to facilitate comparison of academic performance of my school with the other schools in my neighbourhood:
- Data of the total number of schools and the total number of students in each school
- Average marks obtained by students in each class in each school
- Average marks of all students in each school
- Coefficient of variation of marks
Academic performance of a school is better when average marks are highest and coefficient of variation is lowest.
Statistical variables which show cause and effect relationship with each other:
- Price of a commodity and quantity supplied: Price of a commodity and quantity supplied are positively related to each other. That is, when the price of the commodity increases, more units of a commodity are supplied by the producer in the market and vice versa.
- Price of a commodity and quantity demanded: Price of a commodity and quantity demanded are negatively related to each other. That is, when price of the commodity increases, less units of a commodity are demanded by the consumer and vice versa.