“In probability sampling the decision whether a particular element is included in the sample or not, is governed by chance alone”. 

“Different issues arise while analysing decision problems under uncertain conditions of outcomes”. 

“In the case of quantitative methods of forecasting, each technique makes explicit assumptions about the underlying pattern”. 

“Measuring variability is of great importance to advanced statistical analysis”

Explain the decision tree approach with suitable example

What do you understand by the term correlation? Explain how the study of correlation helps in forecasting demand of a product

What is the practical utility of the central limit theorem in applied statistics?  

What are ogives? Discuss the method of constructing ogives with the help of an example

A TV company sells colour TV sets at `15,000 each. Its fixed costs are `30,000, and its average variable costs are ` 10,000 per unit. Find out BEP. Draw its breakeven graph, and then determine its breakeven rate of production.

 Suppose a small locality has a single grocery store selling multiple products. a. Is it a monopoly? b. If yes, then give arguments in support of your answer.

What is bundling? Give examples. Do you think this is anticonsumer?

What do you mean by opportunity cost? Also explain the concept of the invisible hand

Which problems of an economy constitute the subject matter of microeconomics.

‘Managerial Economics serves as a link between traditional economics and decision sciences for business decision-making.’ Elucidate.

Compare and contrast microeconomics with macroeconomics. How is managerial economics related to different disciplines? Elaborate.

In what ways can we analyse sales variances. Explain in detail.

Explain how the variance analysis relating to overheads differ from that relating to material and labour

The Standard Cost of Chemical mixture ‘PQ’ is as follows:
40% of material P @ Rs.400 per kg. 60% of material Q @ Rs.600 per kg.
A standard loss of 10% is normally anticipated in production.
The following particulars are available for the month of March, 2004.
180 kgs of material P have been used @ Rs.680 per kg
220 kgs of material Q have been used @ Rs.360 per kg.
The actual of production of ‘PQ’ was 369 kgs.
Calculate the following variances:
a) Material Price Variance
b) Material Usage Variance
c) Material Mix Variance
d) Material Yield Variance

Following in the Trial Balance of a limited Company as at 31st December, 2021

The following additional information is also available:

i) The authorized capital of the company is 80,000 equity shares of Rs. 10 each
of which 50% has been issued and has been recommended by the directors.
ii) A dividend of 15% on the paid-up capital has been recommended by the
directors.
iii) The closing stock of finished goods at cost is Rs. 5,60,000.
iv) The development rebate reserve is no longer required.
v) Depreciation on plant and machinery amounting to Rs. 43,000 on furniture
amounting to Rs. 1,300 and on building amounting to Rs. 3,800 has been
debited to miscellaneous expenses.
vi) Surplus in profit and loss account after proposed dividends, is to be transferred
to general reserve.
vii) Income-tax assessment for a prior year has been completed, fixing the income
tax liability at Rs. 1,55,000 (against which a provision of Rs. 80,000 and
advances of income tax of Rs. 70,000 exists in the books).
You are required to prepare:
i. Profit and loss account for the year ended 31st December, 2004; and
ii. Balance sheet in the prescribed form as on that date.

Cash Budget and Master budget