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Economics · Class 11 Commerce

Ch 12Mathematical Methods for Economics — Class 11 Economics, concept-first.

Economic analysis constantly deals with relationships between quantities that change — the price of a good, the quantity demanded, income, consumption, output. A variable is any quantity that can take different numerical values, such as price (P), quantity (Q), or income (Y).

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Key concepts

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Functions and Economic Relationships

A function assigns exactly one value of a dependent variable to each value of an independent variable, y=f(x). Economics expresses core relationships as functions — demand (Qd=a-bP), supply (Qs=c+dP), consumption (C=a+bY…

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Chapter contents

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1

Variables and Functions in Economic Analysis

Economic analysis constantly deals with relationships between quantities that change — the price of a good, the quantity demanded, income, consumption, output.

2

Linear Equations and Market Equilibrium

A linear equation in one variable expresses a straight-line relationship of the form , where is the slope (rate of change of y per unit change in x) and is the intercept (the value of y when x=0).

3

Graphs and the Economic Meaning of Slope

Plotting a function's independent variable on the horizontal (x) axis and its dependent variable on the vertical (y) axis produces its graph — a visual picture of how the dependent variable changes as…

4

Rate of Change and the Derivative — Introduction to Marginal Analysis

While the slope of a STRAIGHT line is constant everywhere, many important economic functions — total cost, total revenue — are CURVED, not straight, so their rate of change differs at different points…

5

Percentages, Ratios and Index Numbers in Economic Analysis

Economic data is very often expressed and compared using percentages, ratios, and index numbers, because these tools allow meaningful comparison across different time periods, regions, or categories t…

6

Measures of Central Tendency — Arithmetic Mean and Median

When economic data consists of many individual observations (e.g. the incomes of a group of households, or the prices charged by different shops for the same good), a measure of central tendency summa…

Exercises

+Show 4 questions4 questions
  1. Q5Write the demand function, supply function, and consumption function in general algebraic form, and identify the independent and dependent v…Free
  2. Q6Explain, in your own words, what the slope of a straight line represents, and why the slope of a linear function is the same no matter which…Free
  3. Q7What does the derivative of a function represent, and why is Marginal Cost described as "the derivative of Total Cost with respect to output…Preview
  4. Q8A data set of monthly incomes (in thousands of rupees) for seven households is: 10, 12, 15, 18, 20, 22, 25. Compute the arithmetic mean and…Preview

Sample & Board Papers

Sample papers and previous-year board questions for this subject.

+Show 17 questions17 questions
  1. Q1Integration is the reverse process of : (a) Differentiation (b) Difference (c) Mixing (d) AmalgamationPreview
  2. Q2PPT stands for : (a) Perform Point Presentation (b) Primary Point Presentation (c) Power Point Presentation (d) Physical Point PresentationPreview
  3. Q3What are the formulae for estimating Marginal Cost and Marginal Product ?Preview
  4. Q4(a) If the total cost = 10 + Q^3, find AC, AVC, TFC, AFC when Q = 5. OR (b) Find the value of x and y in the equations by using Cramer's rul…Preview
  5. Q5Integration is the reverse process of : (a) Amalgamation (b) Difference (c) Differentiation (d) MixingPreview
  6. Q6What is meant by worksheet ?Preview
  7. Q7Given TR = 50Q - 4Q². Find the marginal revenue when Q = 3.Preview
  8. Q8The first person who used Mathematics in Economics is : (a) Adam Smith (b) Sir William Petty (c) Irving Fisher (d) Giovanni CevaPreview
  9. Q9What are the main features of MS Word ?Preview
  10. Q10(a) Find the value of x and y in the equations by using Cramer's rule x+3y=1 and 3x-2y=14. OR (b) Briefly explain the Large Scale Industries…Preview
  11. Q11(y − y1) = m(x − x1) gives the : (a) Constant (b) Slope (c) Curve (d) Straight linePreview
  12. Q12(a) (i) Write any three uses of Mathematical Methods in Economics. (ii) State any two causes for housing problems in rural areas. OR (b) Sol…Preview
  13. Q13If D = 150 − 50P, then the slope is : (a) 5 (b) −5 (c) −50 (d) 50Preview
  14. Q14Integration is the reverse process of ______. (a) Amalgamation (b) Difference (c) Differentiation (d) MixingPreview
  15. Q15What is meant by Matrices ?Preview
  16. Q16What is the slope of the function Y = 5x⁴ when x = 10 ?Preview
  17. Q17The construction of demand line or supply line is the result of using (a) Matrices (b) Calculus (c) Algebra (d) AlgebraPreview

More questions

+Show 4 questions4 questions
  1. Example 1The demand function for a good is $Q_d=100-2P$ and the supply function is $Q_s=20+3P$. Find the equilibrium price and equilibrium quantity,…Free
  2. Example 2A household's consumption function is $C=50+0.8Y$, where C and Y are measured in thousands of rupees. (a) Identify the Marginal Propensity t…Free
  3. Example 3Total Revenue is given by $TR=100Q-2Q^{2}$. (a) Derive the Marginal Revenue function using the derivative. (b) Find MR at Q=10, and verify y…Preview
  4. Example 4The price of a basket of three essential items in the base year was Rs. 10, Rs. 20 and Rs. 15. In the current year, the same three items cos…Preview