Applied Statistics [ISS (Statistical Services) Statistics Paper III]: Questions 25 - 30 of 67
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Question 25
Appeared in Year: 2013
Describe in Detail Subjective▾
Discuss Engel՚s curve. Explain the Engel՚s curve for constant price of a demand function where is national income and p is price.
EditExplanation
Engel՚s curve: The graphic representation of the basic relationship between household income and its expenditure on a particular item of consumption is known as Engel՚s curve. The Engel curves shows the effect of a change in income on the expenditure for each good at fixed prices. If price change, the result will be shift in each of the Engel curve…
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Question 26
Appeared in Year: 2012
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What are the different methods for measurement of trend? Discuss the method of fitting a straight line using least squares method.
EditExplanation
Methods of measurement of trend:
Trend can be measured by the following methods:
(i) Graphic method or trend by Inspection
(ii) Method of Semi-Averages
(iii) Method of Curve fitting by principles of Least Squares
(iv) Method of moving averages
Fitting a straight line using least squares method:
Let
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Question 27
Appeared in Year: 2013
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Discuss simple aggregate method of Index number. Why is weighted average of price relative index preferred over simple aggregate method? Show that weighted average of price relative index number is same as that of Paasche՚s index number.
EditExplanation
Simple aggregate method of Index number:
This method consists of expressing aggregate of prices in any year as a percentage of their aggregate ith the base year. The price index, under this method is computed by the formula
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Question 28
Appeared in Year: 2012
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Obtain the correlogram for the series with , provided , , and successive values of are independent .
EditExplanation
It is given that
And hence
Substituting the value
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Question 29
Appeared in Year: 2012
Write in Short Short Answer▾
Discuss Engel ′ s law and Engel ′ s curve. Explain Engel ′ s curve for constant price.
EditQuestion 30
Appeared in Year: 2013
Describe in Detail Subjective▾
Why do the errors occur in the measurement of price and quantity index numbers? Give the names of those errors.
EditExplanation
Errors in the measurement of price and quantity index numbers:
Generally, index numbers for prices are constructed from m commodities, which are common to both the base year and the given year. But in practical calculations, it may not be possible to consider all common commodities say, M.
Therefore, value index
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