Statistics

 Theory of Supply. Supply refers to quantity of goods and services that producers are willing and able to offer at market at various prices during a given period of time. For perishable goods whatever is produced must be sold i.e; supply=stock. For non-perishable goods supply and stock are different. Supply refers to what a firm offered for sale in the market not necessarily mean for what they succeed in selling. Supply is flow concept. Determinants of Supply Price of the product Price of related good. State of Technology. Government policies (Taxes). Time. Nature of computation and size of industry. Floods, market structure, war, labour strikes, communal riots. Law of supply It explains Direct relation between price and supply. Quantity of goods produced and offered for sale increase as the price increases and decrease as the price decreases. Supply curve Exceptions to Law of supply . 1) Rare commodity 2) Land 3) Supply of labour. Expansion and contraction of supply. When the supp...

 INDEX NUMBERS Index numbers are convenient devices for measuring relative changes of differences from time to time from place to place. Just as the arithmetic mean is used to represent a set of values, and index number is used to represent a set of values over two or more different periods or localities. DEFINITION : An index number is a ratio or an average of ratios expressed as a percentage, two or more periods of periods are involved, one of which is the base time period. The value at the base time period serves as the standard point of comparison. An index time series is a list of index numbers for two or more periods of time, where each index number employs the same base year. Classification of index numbers On the basis of subject: Price index  Quantity index   Value index   Special purpose index   On the basis of number of commodities used in the construction of index numbers: 1.Simple index numbers. 2.Composite or Aggregate Index numbers. MET...

 Theory of Demand. Demand for durable goods and non-durable goods. Durable goods :- these goods are not quickly ware out and they can be consumed more than once and can yield utility over a period of time. There are 3 types of durable goods Durable Consumers goods these  can be consumed more than once in final consumption.ex:- bikes, Televisions, computers. Durable producer goods :- Goods which can be used more than once in production of other good. ex: plant and machinery, Building,  Semi-durable goods:- Goods which are neither indestructible nor lasting. ex: clothes, rain coats,shoes. Non-durable goods:-  These goods can not consumed more than once. If once consumed the product is no more useful. They will meet only current demand.  Non-durable producer goods : Goods which cannot be used more than once in production of other goods. ex: petrol, power. Non-durable consumer goods : these cannot be consumed more than once in final consumption. ex: ice-cream,milk, ...

 ECONOMICS Demand . In ordinary language demand Means desire of a person for a particular commodity.or services. But in Economics demand is something more than the desire to purchase. Desire becomes demand only when it is backed up by  a) ability to buy. b) willingness to pay the price. Determinants of demand. a) price of the commodity b) Price of the related commodity             1. Substitutes .             2. Complementary goods. c) Income of the consumer.                1.Normal goods ( Direct relation)             2. Inferior goods ( Inverse relation) d) Tastes and preferences of consumer.            1. Demonstration or Bandwagon effect.           2. Veblen effect.           3. Snob effect. e) Consumer Expectations. f) Level of National income g) Size of population....

Nature and scope of business economics. The term economics owes its origin to the Greek word for ' OIKONOMIA ' which means household management. Fundamentals facts of Economics. Human beings have unlimited wants and. That means to satisfy these unlimited wants a relative scarce from the subject matter of Economics. Economics has been broadly divided into two parts Microeconomics Macroeconomics Micro economics. The term micro is derived from the Greek word ' MIKROS'  which means small. Microeconomics deals with allocation of resources. It is also known as price theory. Product pricing, consumer behaviour, factor pricing, the economic condition of the section of people, behaviour of firms, location of industry. Macro economics. The term macro is derived from the Greek word ' MAKROS ' which means large. Macroeconomics deals with fuller utilisation of resources. It is also known as 'income and employment theory. National income and national output,  the general ...

 CORRELATION To find correlation between two groups of numbers we use two types of methods 1) Scattered Diagram 2)Karl Pearson's method 3)Spearman's Rank correlation method. 4) Coefficient of Concurrent deviation. The coefficient of correlation always lies between -1 and + 1 Coefficient of correlation is denoted by r. If r=0 then there is no correlation between the two variables. Types of correlation. Simple correlation Positive or direct correlation Negative or inverse correlation. Zero correlation Multiple correlation Perfect linear correlation. Non-linear correlation Partial correlation Total correlation Logical correlation  Illogical correlation #/ Karl Pearson's method formulae  #/ Spearman's Rank correlation method formulae.

 MEASURES OF CENTRAL TENDENCY 1)measures of Central tendency      Mean       Median      Mode  2) Mean is of three types  Arithmetic mean Geometric mean and Harmonic mean A)Arithmetic mean  It is least affected by sampling fluctuations  Extreme values have greater effect on mean.  It is affected due to change of origin and scale The best measure of Central tendency is arithmetic mean B) Median  It is best measure for qualitative data such as duty intelligence honesty. It is not affected by extreme values.  It can be located graphically through ogive curves. It is affected due to change of origin and scale C) Mode It is not affected by extreme values it can also be found graphically through Instagram . It can also be used in case of qualitative phenomenon. Mode is the most affected by fluctuations of sampling  Mode is affected due to change of origin and scale . Mode is the most popular measure...

RATIO AND PROPORTION. Introduction and Main points. Ratio :- ratio is a comparison of two or more quantities of the same kind by division.     Ex:-  the ratio between two weights 35kgs and 65 kgs. The term a:b first term a is called antecedent in the second term b is called consequent . Ratio exists only between quantities of the same kind. Quantities to be compared must be in the same units. The order of terms in the ratio is important. A  ratio as no units. Usually a ratio is expressed in lowest terms. Duplicate ratio of a:b is a² : b². Sub-duplicate ratio of a:b is √a: √b. Triplicate ratio of a:b is a³:b³  . Sub-triplicate ratio of a:b is ³√a : ³√ b  . one ratio is inverse of another is their product is 1. compound ratio of a:b , c:d and e:f   is a×c×e : b×d×f . i.e, the product of the antecedent : product of the consequent. Compounded ratio is the ratio between three are more quantities of same kind is called their continued ratio....

 MEAN DEVIATION We have previously discussed about mean Deviation for Discriet series. Now we entered in next step i.e, Mean deviation about mean for continuous series. Here mean Deviation is very typical to write on a blog. So will help you through pics which I uploaded below. 1) Mean Deviation about mean In this mean Deviation about mean,  We have to first find x values. This x values are non other than midvalues of class intervals.  Find (f×x), by using this find mean for the given data.  Next we have find |x– mean|. Multiply this |x – mean| with frequency. This sum of all {f×|x–mean|} is needed to find mean Deviation. Formula for mean Deviation(MD) about mean is.                    MD   = Σf|x–mean| ÷ Σf . Coefficient of  mean Deviation (CDM) = MD ÷ MEAN. * Follow the given picture for better understanding. 2) Mean Deviation about median For finding Mean Deviation about median First we have to find ...

 MEAN DEVIATION We have completed mean Deviation for individual series. Now we entered into mean Deviation for Discriet series  In this discrete series it will take some longer time than individual series. The formulae to calculate mean Deviation for a  discrete series are as follow In an example I am going to tell about how to calculate Mean Deviation about mean. This type of sums are very complicated to write on a blog.  So I am adding an image to this blog which definately helps you. In this sum there is question which is in Discrete series. First we have find mean of the basic given data. And then you have subtract it from given variable and apply modulas () to it and then multiply with given frequency. By applying formula which I have noted there.         Assignment:-  you have to find Mean Deviation for the same question above, by using the required formula, given. Also find coefficient of MD about mean and median. To check your an...

 MEAN DEVIATION We have learnt RANGE and  QUARTILE DEVIATION in earlier blog. If you want to revise click on them. Now we are moving to a new topic called mean Deviation. There are three types of mean Deviations Mean Deviation about mean. Mean Deviation about median. Mean Deviation about mode. Individual series If  data is given in individual series. Ex 1:- Find the value of mean Deviation about mean for the following numbers. 5,8,6,3,4. Sol :- Firstly, find their meanthe                 (sum of observations) Mean =—————————————                Number of observations Mean = (5+8+6+3+4)/5 = 26/5 = 5.2 Mean Deviation                              about mean =( Σ|x- mean|) / n. Here x means values given in data.    |5-5.2|+|8-5.2|+|6–5.2|+|3–5.2|+|4–5.2| =  ———————————— ———————.         ...

 QUARTILE DEVIATION In measures of dispersion the first concept is Range which we have completed earlier in previous blog. If you want visit again CLICK HERE => RANGE Now, we have to start the 2nd topic, Quartile Deviation. CONCEPT suppose think there is a number line staring from 0 and ending with 8. Now I asked you divide this number line into 4 equal parts. You may show like this                      Q1.            Q2           Q3.                                   |              |               |           0—–1——2–—3–—4–—5——6–—7–—8 So, you divided like this. There are 4 parts divided by using 3 lines. These lines are named as quartiles. For every 25% area on number ...

  Range. You must learn the total concept of measures of dispersion. The first concept is finding Range and coefficient of Range of the given data.  Range = highest number. – least number .                                         highest no. – least no Coefficient of Range= ——————————                                         highest no.+ Least no . You can easily understandable by an example. For individual series. Ex:- find range and coefficient of range of data for 9,17, 27,39 ,73,12,13,61,43, 4,11,31. Here the Highest number is 73 And the least number is 4. So the range = (73-4) = 69 Coefficient of Range= (73-4)/(73+4) =69/77        =0.896 . For Discriet series . Ex:-.       X.     5.  10.   15.   2...

  Arithmetic mean In statistics we use arithmetic mean before learning that see the fundamentals of statestics to understand this concept easily. Here are the set of formulas to solve the measures of central tendency Individual series If the data is given in individual series we should use           ∑ x      x̅=------ ⇒∑x = nx̅.                n Where n is no. Of observations given in data   If the values are in AP then  x̅= (a+l)/2  For Ex:- what is the mean of first 10 multiples of 8  Sol:- a is first multiple that is 8          l is last multiple that is 80  Now, mean =(a+l)/2. = (8+80)/2. = 88/2 = 44. If they asked assumed mean for individual series we have to assume, that means select a number of your wish from the given data and subtract that assumed number from every number in the data. This...

Fundamentals of statestics The word statistics is derived from modern latin . It has different names in different languages and countries. They are Status - latin Statista - Italian Statitix - Germen Statistique - French Usage Statistics is can be used in Economics, Accounts, Management etc.. Prof. Prasanta Chandra Mahalanobis is also known as the father of Indian Statistics.  Statestics may be defined as "science which deals with the collection, analysis and interpretation of numerical data" . Statestics have two different senses.  In singular sense, the scientific method that is employed for collecting, presenting and analysing data , finally leading to drawing statistical conclusion about some important characteristics of the data.  In plural sense, it is a quantitative or qualitative data that are usually collected with a view of analysis. Ex:- production of rice in india. Data means information collected through different sources. This data is 2 types, primary data ...