Statistics for Economics
In this course, the learners are expected to acquire skills in collection, organisation and
presentation of quantitative and qualitative information pertaining to various simple
economic aspects systematically. It also intends to provide some basic statistical tools
to analyse, and interpret any economic information and draw appropriate inferences. In
this process, the learners are also expected to understand the behaviour of various
economic data.
Consumer’s Equilibrium and Demand
Consumer’s equilibrium – meaning of utility, marginal utility, law of diminishing marginal
utility, conditions of consumer’s equilibrium using marginal utility analysis.
Indifference curve analysis of consumer’s equilibrium-the consumer’s budget (budget
set and budget line), preferences of the consumer (indifference curve, indifference
map) and conditions of consumer’s equilibrium.
Demand, market demand, determinants of demand, demand schedule, demand curve
and its slope, movement along and shifts in the demand curve; price elasticity of
demand – factors affecting price elasticity of demand; measurement of price elasticity of
demand – percentage-change method and total expenditure method.
Producer Behaviour and Supply
Meaning of Production Function – Short-Run and Long-Run
Total Product, Average Product and Marginal Product.
Returns to a Factor
Cost: Short run costs – total cost, total fixed cost, total variable cost; Average cost;
Average fixed cost, average variable cost and marginal cost-meaning and their
relationships.
Revenue – total, average and marginal revenue – meaning and their relationship.
Producer’s equilibrium-meaning and its conditions in terms of marginal revenuemarginal cost. Supply, market supply, determinants of supply, supply schedule, supply
curve and its slope, movements along and shifts in supply curve, price elasticity of
supply; measurement of price elasticity of supply – percentage-change method.
The objectives of the project work are to enable learners to:
probe deeper into theoretical concepts learnt in classes XI and XII
analyse and evaluate real world economic scenarios using theoretical constructs and
arguments
demonstrate the learning of economic theory
follow up aspects of economics in which learners have interest
develop the communication skills to argue logically
The expectations of the project work are that:
learners will complete only ONE project in each academic session
project should be of 3,500-4,000 words (excluding diagrams & graphs), preferably
hand-written
it will be an independent, self-directed piece of study
Role of the teacher:
The teacher plays a critical role in developing thinking skills of the learners. A teacher should:
help each learner select the topic based on recently published extracts from the news
media, government policies, RBI bulletin, NITI Aayog reports, IMF/World Bank reports
etc., after detailed discussions and deliberations of the topic
play the role of a facilitator and supervisor to monitor the project work of the learner
through periodic discussions
guide the research work in terms of sources for the relevant data
educate learner about plagiarism and the importance of quoting the source of the
information to ensure authenticity of research work
prepare the learner for the presentation of the project work
arrange a presentation of the project file
Expected Checklist: · Introduction of topic/title · Identifying the causes, consequences and/or remedies · Various stakeholders and effect on each of them · Advantages and disadvantages of situations or issues identified · Short-term and long-term implications of economic strategies suggested in the course of research · Validity, reliability, appropriateness and relevance of data used for research work and for presentation in the project file · Presentation and writing that is succinct and coherent in project file · Citation of tshe materials referred to, in the file in footnotes, resources section, bibliography etc.
