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Budget Line: Meaning, Definition, Example

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  ·      Budget Line (Price Line) Suppose the consumer is consuming two goods Q 1 and Q 2 . Difference levels obtained from different combination of these two goods can be known from the indifference map of consumer. The indifference map tested and preferences of the consumer. But which particular combination of Q 1 and Q 2 will he consume? To determine it we have to know the prices of two goods and the money income of the consumer. If the prices of the two goods and money income of the consumer are given, we can get the budget line of the consumer . A budget (Price) line is the locus of those commodity combinations which can be purchased with the given money income and given prices. The combination on a given budget line are equally to the consumer. So, with the given income and prices of the commodity, the consumer can purchase any combination lying on the budget line. Let us explain how we can obtain the budget line of the consumer.   ...
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what is Measurement error? definition and types of errors in measurement

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MEASUREMENT ERROR:  DIFFERENCE IN TRUE VALUE AND THE MEASURED VALUE OF A PHYSICAL QUANTITY IS CALLED MEASUREMENT ERROR.                                 EXPLAIN DIFFERENT TYPES OF ERROR: -------- TYPES OF ERRORS GENERALLY TWO TYPES----- 1)SYSTEMATIC ERROR (2)RANDOM ERROR SYSTEMATIC ERROR:  THIS TYPE OF ERRORS ARE THOSE WHOSE CAUSES ARE KNOWN ,SUCH ERRORS CAN ,THEREFORE HE MINIMISED.       FOR EXAMPLE: (1) INSTRUMENTAL ERRORS (2) PERSONAL ERRORS (3)ERRORS DUE TO EXTERNAL CAUSES INSTRUMENTAL ERROR : Error may arise due to imperfection or faulty adjustment of the instrument with which measurement is being taken. PERSONAL ERROR: Error may also arise due to want of perfection of human sight in observing and of touch in manipulating instruments.   RANDOM ERROR:THESE ERROR MAY ARISE DUE TO LARGE VARIETY OF FACTORS. THE CAUSES OF SUCH ERRORS ARE THEREFORE NOT KNOWN PRECISELY. HENCE IT IS...
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fundamental and derived units| defination,example,difference

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                                                            Applied physics    Define fundamental unit:  Fundamental units are those units,which can neither be derived from one another nor can they be resolved into any other units. fundamental units are independent.           Example: Fundamental quantities                    s.i. unit                           symbol length                                  meter                             m mass                      ...
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Arithmetic Mean | Definition | Examples - Statistics Part 1

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  Arithmetic   Mean   (A.M ) Let us first take the case of ungrouped raw data. Let x 1 , x 2 , ............x n be the values of a variable, x . Then the simple arithmetic mean is defined as the sum of all the values divided by the number of values of the variable. If denotes the simple arithmetic mean, then, by definition, Arithmetic Mean = (x 1 + x 2 + .......x n )/n . If x is a discrete variable assuming values x 1, ,x 2 , ........x k with frequencies f 1 ,f 2 .......f k the arithmetic mean is defined as x ̄ = ∑f i x i this is so because in the above definition it has been implicitly assumed that all the values of a variable a class interval are equal to the mid-value of that class and thus the, formula only gives an approximate value of the arithmetic mean. Some error will, remain in the calculated value of mean obtained from grouped data. This error is known as grouping error. This error will be negligible if the width of the class interval be compared t...
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