Explain the law related to ambiguous and inchnate instruments.
See Answer →"Insufficiency of consideration is immaterial, but a valid contract must be supported by lawful and real consideration." Comment.
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Who are treated as persons of unsound mind? State the legal positions of contracts with such persons.
See Answer →Correlation
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A businessman sells 2000 items per month at a price of Rs. 10 each. It is estimated that monthly sales will increase by 250 items for each Re. 0.25 reduction in price. Find the demand function corresponding to this estimate.
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Find the effective discount rate when nominal rate of discount is 10% compounded continuously.
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The total cost of a firm is C=1/3x²-6x² + 40x =15. Find the equilibrium output if price is fixed at Rs. 20 per unit.
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What is weighted average? Under what conditions weighted average is preferable to a simple average?
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What do you mean by statistics? Explain its importance to economics and business. Also discuss the various functions of statistics.
See Answer →The profits (in Rs. Lakhs) earned by 100 companies during the 1987-88 are shown below. Compute (a) Mean, (B) Variance, and (c) Standard deviation by using items and their squares.
| Profits (Rs. lakhs) | No. of Companies |
|---|---|
| 20-30 | 4 |
| 30-40 | 8 |
| 40-50 | 18 |
| 50-60 | 30 |
| 60-70 | 15 |
| 70-80 | 10 |
| 80-90 | 8 |
| 90-100 | 7 |
A sum of money is deposited by Krishna which compounds interest annually. The amount at the end of 2 years is Rs. 5000 and at the end of 3 years is 5200. Find the money deposited and the rate of interest.
See Answer →What price per unit must be charged in order to make this maximum profit?
See Answer →What is the maximum profit?
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How many units must the manufacturer produce and sell in order to maximise profit?
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A stereo manufacturer determines that in order to sell x units of a new stereo, the price per unit, in rupees, must be p(x)-1000-x. The manufacturer also determines that the total cost of producing x units is given by C(x)-3000+20x.
Find the total profit P(x).
See Answer →A stereo manufacturer determines that in order to sell x units of a new stereo, the price per unit, in rupees, must be p(x)-1000-x. The manufacturer also determines that the total cost of producing x units is given by C(x)-3000+20x.
a) Find the total revenue R(x).
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