Statistics

The profits (in Rs. Lakhs) earned by 100 companies during the 1987-88 are shown below. Compute (a) Mean, (B) Variance, and (c) Standard deviation by using items and their squares.

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Introduction Understanding how to calculate mean, variance, and standard deviation is fundamental in statistics. These measures help summarize the distribution of data in terms of central tendency and spread. In this question, we are given a frequency distribution (presumably in tabular form) for the profits earned by 100 companies during 1987–88 and we have to […]

The profits (in Rs. Lakhs) earned by 100 companies during the 1987-88 are shown below. Compute (a) Mean, (B) Variance, and (c) Standard deviation by using items and their squares. Read More »

A sum of money is deposited by Krishna which compounds interest annually. The amount at the end of 2 years is Rs. 5000 and at the end of 3 years is 5200. Find the money deposited and the rate of interest.

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Introduction This problem is related to compound interest, a crucial concept in business mathematics and banking. Krishna deposits a sum of money which earns compound interest annually. We’re given the amount after 2 years and 3 years. Using this data, we need to calculate two things: The principal amount (initial deposit) The annual rate of

A sum of money is deposited by Krishna which compounds interest annually. The amount at the end of 2 years is Rs. 5000 and at the end of 3 years is 5200. Find the money deposited and the rate of interest. Read More »

A stereo manufacturer determines that in order to sell x units of a new stereo, the price per unit, in rupees, must be p(x) = 1000 – x . The manufacturer also determines that the total cost of producing x units is given by C(x) = 3000+ 20x. a) Find the total revenue R(x). b) Find the total profit P(x). c) How many units must the manufacturer produce and sell in order to maximise profit? d) What is the maximum profit? e) What price per unit must be charged in order to make this maximum profit?

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Introduction This question is based on concepts from business mathematics involving revenue, cost, and profit functions. We are given a pricing function and a cost function. We need to calculate the total revenue, total profit, and then determine the optimal number of units to maximize profit along with the corresponding maximum profit and the price

A stereo manufacturer determines that in order to sell x units of a new stereo, the price per unit, in rupees, must be p(x) = 1000 – x . The manufacturer also determines that the total cost of producing x units is given by C(x) = 3000+ 20x. a) Find the total revenue R(x). b) Find the total profit P(x). c) How many units must the manufacturer produce and sell in order to maximise profit? d) What is the maximum profit? e) What price per unit must be charged in order to make this maximum profit? Read More »

A shopkeeper charges Rs. 25 per item for buying 20 or less items. He gives some rebate if items bought are more. If the items bought are 50 or less, then a rebate of Re. 1 per item and for purchase of more than 50 items, rebate of Rs. 2 per item. Find the cost function. What are the points at which this is not continuous?

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Introduction In business mathematics, cost functions help us understand how pricing changes based on the number of units sold or purchased. In this question, we are given a tiered pricing scheme by a shopkeeper. The task is to derive a cost function that accurately models the total cost based on the quantity of items purchased

A shopkeeper charges Rs. 25 per item for buying 20 or less items. He gives some rebate if items bought are more. If the items bought are 50 or less, then a rebate of Re. 1 per item and for purchase of more than 50 items, rebate of Rs. 2 per item. Find the cost function. What are the points at which this is not continuous? Read More »

ECO-07 ELEMENTS OF STATISTICS – Assignment Answer Compilation

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ECO-07 ELEMENTS OF STATISTICS – Assignment Answer Compilation Below are the links to all the answers for the ECO-07 assignment: Differentiate between the primary and secondary data. Explain different methods of collecting primary data and the sources of secondary data. a) Calculate the Arithmetic Mean from the following data: 0–5 (3), 5–10 (12), 10–25 (25),

ECO-07 ELEMENTS OF STATISTICS – Assignment Answer Compilation Read More »

Write short notes on the following: a) Statistical survey b) Application of Ratios c) Geometric Mean d) Variance

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Introduction In the study of statistics, several foundational concepts form the basis for data collection, analysis, and interpretation. Short notes on key terms such as statistical survey, application of ratios, geometric mean, and variance provide a snapshot of their importance and application in various fields. a) Statistical Survey A statistical survey is a method of

Write short notes on the following: a) Statistical survey b) Application of Ratios c) Geometric Mean d) Variance Read More »

a) Describe the importance of visual presentation of data. b) Discuss the importance of Statistics in Business.

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Introduction Statistical data, when presented visually, becomes much easier to interpret and understand. This aids in effective decision-making, particularly in business environments where insights derived from data can determine the success or failure of strategies. This answer explains the importance of visual data presentation and highlights the key roles that statistics play in business. a)

a) Describe the importance of visual presentation of data. b) Discuss the importance of Statistics in Business. Read More »

a) Compute Karl Pearson’s coefficient of skewness from the following data: b) Explain convenience and judgement sampling methods in brief.

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Introduction This question focuses on two important areas of statistics: measuring skewness and understanding sampling methods. Skewness helps in understanding the symmetry of a data distribution, while convenience and judgment sampling are non-probability methods used to collect data in specific contexts. a) Compute Karl Pearson’s Coefficient of Skewness Given: Arithmetic Mean (x̄) = 40.11 Standard

a) Compute Karl Pearson’s coefficient of skewness from the following data: b) Explain convenience and judgement sampling methods in brief. Read More »

a) Calculate the Arithmetic Mean from the following data: 0–5 (3), 5–10 (12), 10–25 (25), 25–50 (10) b) Draw a histogram and a frequency polygon from the following data: 10–20 (10), 20–30 (20), 30–40 (30), 40–50 (25), 50–60 (10)

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Introduction Statistical tools like the Arithmetic Mean and graphical tools like histograms and frequency polygons help in summarizing and visualizing data. They provide insights into the central tendency and distribution of a dataset. In this answer, we calculate the arithmetic mean from grouped data and construct the histogram and frequency polygon for a different frequency

a) Calculate the Arithmetic Mean from the following data: 0–5 (3), 5–10 (12), 10–25 (25), 25–50 (10) b) Draw a histogram and a frequency polygon from the following data: 10–20 (10), 20–30 (20), 30–40 (30), 40–50 (25), 50–60 (10) Read More »

Differentiate between the primary and secondary data. Explain different methods of collecting primary data and the sources of secondary data.

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Introduction In statistics, data collection is a fundamental step for any kind of research or analysis. Data is primarily divided into two types: primary data and secondary data. Understanding the difference between these two types and how they are collected is essential for accurate and reliable statistical analysis. Difference Between Primary and Secondary Data Basis

Differentiate between the primary and secondary data. Explain different methods of collecting primary data and the sources of secondary data. Read More »

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