Economics Honours , Statistics, Mathematics Tuition Coaching Class

Dear student,
Thank you for reaching us and giving us the opportunity to help you.
We would have been happier if we have managed to help you to a bit more in the process of cracking the entrance exam by our Live and Online classes, Study materials ,Mock Test Series etc.
We are presently offering SCHOLARSHIP PROGRAM for students which you can avail.
We believe that any issue ( like location, fees, class timings ) will not come between a student and education.
If you have any issues then feel free to give us a missed call / sms us / just drop a line and we are confident that we will be able to help you to get close to your career goal.
With heartiest regards,
Sourav Sir's Classes

You can reply in this chat or click here
wa.me/+919836793076 or can call /sms to any of the numbers
9836793076
9062245628
6290494642
Visit us at
www.souravsirclasses.com

Statistics || Question Answer Solution

ISS Statistics
Statistics - I paper of Indian Statistical Services is of objective type with 80 questions and 200 marks. The duration of the paper is 2 hours. The syllabus has four sections - Probability, Statistical Methods, Numerical Analysis and Computer Application & Data processing.

1. Probability
Classical and axiomatic definitions of Probability and consequences. Law of total probability, Conditional probability, Bayes' theorem and applications. Discrete and continuous random variables. Distribution functions and their properties.

Standard discrete and continuous probability distributions - Bernoulli, Uniform, Binomial, Poisson, Geometric, Rectangular, Exponential, Normal, Cauchy, Hyper geometric, Multinomial, Laplace, Negative binomial, Beta, Gamma, Lognormal. Random vectors, Joint and marginal distributions, conditional distributions, Distributions of functions of random variables. Modes of convergences of sequences of random variables - in distribution, in probability, with probability one and in mean square. Mathematical expectation and conditional expectation. Characteristic function, moment and probability generating functions, Inversion, uniqueness and continuity theorems. Borel 0-1 law, Kolmogorov's 0-1 law. Tchebycheff's and Kolmogorov's inequalities. Laws of large numbers and central limit theorems for independent variables.

2. Statistical Methods
Collection, compilation and presentation of data, charts, diagrams and histogram. Frequency distribution. Measures of location, dispersion, skewness and kurtosis. Bivariate and multivariate data. Association and contingency. Curve fitting and orthogonal polynomials. Bivariate normal distribution. Regression-linear, polynomial. Distribution of the correlation coefficient, Partial and multiple correlation, Intraclass correlation, Correlation ratio.

Standard errors and large sample test. Sampling distributions of sample mean, sample variance, t, chi-square and F; tests of significance based on them, Small sample tests.

Non-parametric tests-Goodness of fit, sign, median, run, Wilcoxon, Mann-Whitney, Wald-Wolfowitz and Kolmogorov-Smirnov. Order statistics - minimum, maximum, range and median. Concept of Asymptotic relative efficiency.

3. Numerical Analysis
Finite differences of different orders: ∆, E and D operators, factorial representation of a polynomial, separation of symbols, sub-division of intervals, differences of zero.

Concept of interpolation and extrapolation: Newton Gregory's forward and backward interpolation formulae for equal intervals, divided differences and their properties, Newton's formula for divided difference, Lagrange's formula for unequal intervals, central difference formula due to Gauss, Sterling and Bessel, concept of error terms in interpolation formula.

Inverse interpolation: Different methods of inverse interpolation.

Numerical differentiation: Trapezoidal, Simpson's one-third and three-eight rule and Waddles rule.

Summation of Series: Whose general term (i) is the first difference of a function (ii) is in geometric progression.

Numerical solutions of differential equations: Euler's Method, Milne's Method, Picard's Method and Runge-Kutta Method.

4. Computer Application and Data Processing
Basics of Computer: Operations of a computer, Different units of a computer system like central processing unit, memory unit, arithmetic and logical unit, input unit, output unit etc., Hardware including different types of input, output and peripheral devices, Software, system and application software, number systems, Operating systems, packages and utilities, Low and High level languages, Compiler, Assembler, Memory - RAM, ROM, unit of computer memory (bits, bytes etc.), Network - LAN, WAN, internet, intranet, basics of computer security, virus, antivirus, firewall, spyware, malware etc.

Basics of Programming: Algorithm, Flowchart, Data, Information, Database, overview of different programming languages, frontend and backend of a project, variables, control structures, arrays and their usages, functions, modules, loops, conditional statements, exceptions, debugging and related concepts.



🎓 FOR ANY QUARRIES RELATED TO EXAM , CAREER GUIDANCE , NOTES , Feel Free to Reach us
📲 GIVE US A CALL
📌WHATSAPP AT
📞 +919836793076
📞 +916290494642
📞 +919062245628
..........................................
To Know More About Us -
VISIT OUR WEBSITE:
🌐https://www.souravsirclasses.com
----------------------------------------
wa.me/+919836793076

Substitution or Income Effect

Income Effect vs. Substitution Effect: What's the Difference?
Income Effect vs. Substitution Effect: An Overview
The income effect expresses the impact of increased purchasing power on consumption, while the substitution effect describes how consumption is impacted by changing relative income and prices.

These economic concepts concern changes in the market and how they impact consumption patterns for consumer goods and services.

Different goods and services are affected by these changes in the market in different ways. Some products, called inferior goods, generally are purchased less whenever incomes increase. Consumer spending on normal goods typically increases with higher purchasing power, which is in contrast with inferior goods.

KEY TAKEAWAYS
The income effect is the change in the consumption of goods by consumers based on their income (purchasing power).
The substitution effect happens when consumers replace cheaper items with more expensive ones due to price changes or when their financial conditions improve, and vice-versa.
The income effect can be both direct (when it is directly related to a change in income) or indirect (when consumers must make buying decisions not directly related to their incomes).
A small reduction in price may make an expensive product more attractive to consumers, which can also lead to the substitution effect.
Companies experience the substitution effect, too, e.g., when they outsource production to take advantage of cheaper labor costs.

🎓 FOR ANY QUARRIES RELATED TO EXAM , CAREER GUIDANCE , NOTES , Feel Free to Reach us
📲 GIVE US A CALL
📌WHATSAPP AT
📞 +919836793076
📞 +916290494642
📞 +919062245628
..........................................
To Know More About Us -
VISIT OUR WEBSITE:
🌐https://www.souravsirclasses.com
----------------------------------------
wa.me/+919836793076

Roy's Identity

Roy's identity (named for French economist Rene Roy) is a major result in microeconomics having applications in consumer choice and the theory of the firm. The lemma relates the ordinary demand function to the derivatives of the indirect utility function.

Derivation of Roy's identity

Roy's identity reformulates Shephard's lemma in order to get a Marshallian demand function for an individual and a good (i) from some indirect utility function.

The first step is to consider the trivial identity obtained by substituting the expenditure function for wealth or income (m)in the indirect utility function (psi (m, p), at a utility of u):

:psi ( e(p, u), p) = u

This says that the indirect utility function evaluated in such a way that minimizes the cost for achieving a certain utility given a set of prices (a vector p) is equal to that utility when evaluated at those prices.

Taking the derivative of both sides of this equation with respect to the price of a single good p_i (with the utility level held constant) gives:

:frac{ partial psi [e(u,p),p] }{partial m} frac{partial e(u,p)}{partial p_i} + frac{partial psi [e(u,p),p] }{partial p_i} = 0.

Rearranging gives the desired result:

:frac{partial e(u,p)}{partial p_i}=-frac{frac{partial psi [e(u,p),p] }{partial p_i{frac{partial psi [e(u,p),p] }{partial m=x_i(m,p)

Application

This gives a method of deriving the Marshallian demand function of a good for some consumer from the indirect utility function of that consumer. It is also fundamental in deriving the Slutsky equation.



🎓 FOR ANY QUARRIES RELATED TO EXAM , CAREER GUIDANCE , NOTES , Feel Free to Reach us
📲 GIVE US A CALL
📌WHATSAPP AT
📞 +919836793076
📞 +916290494642
📞 +919062245628
..........................................
To Know More About Us -
VISIT OUR WEBSITE:
🌐https://www.souravsirclasses.com
----------------------------------------
wa.me/+919836793076

SCHOLARSHIP FOR 2023 SESSION 👩🏻‍🎓🧑🏽‍🎓👨🏼‍🎓

WE are introducing a special Scholarship 🎓for all the Students 🙋🏻‍♀️🙋🏼‍♂️under the situation of massive financial loss Due to Pandemic.

Upto 32,500/- Rs. Even 💯 % SCHOLARSHIP is being Granted which You can use for Your Exam Preparation.

..........

We can finally say that we are Coming Out from the 2 year long Pandemic Phase.🎉
The COVID-19 pandemic has caused widespread 🌐layoffs that have led to a substantial Financial Loss💰.The economic fallout📉 from that continues to hit some segments of the population harder than others.
2️⃣ Years Into the Pandemic, Long-Term Financial Impact Weighs Heavily on Every One of Us.

But Money 💵 Should not be the barrier for Education ,

Henceforth WE have came up with this idea Scholarship 🎓for all the Students.
Our belief this scholarship will open doors🚪 for students from low-income families, by providing financial aid for those who need it most.🙇🏻‍♂️🙇🏻‍♀️

To Apply for The Scholarship. All you need to do is to Fill Up The Scholarship Form 📝and Send Your latest Most Exam Result 🧾.

📌The link is given below

https://forms.gle/j9Gd61CZFDEPRj3BA

For further information , you can directly call or 📞📲 w.app us at 9836793076 / 9062245628

SCHOLARSHIP FOR 2022-2023

WE are introducing a special scholarship for the students . Name of the scholarship is

"CRACK AT ONCE"

If you are preparing for any competitive exam , undergraduate or pg courses we can help you to crack that exam by this all covering scholarship.

To apply please fill the form below or WHATS APP/ call to 9836793076 /
6290494642 / 9062245628

What's app at
wa.me/+919836793076

https://forms.gle/j9Gd61CZFDEPRj3BA

For scholarship all you need is to fill up the form and send us your last exam result in whats app.

Within a day we will call you and provide the educational scholarship.

Our New Batch Starting From March, 2022

You will get :
1. Free counselling session
2. Study material
3. Mock test series
4. Past year solutions
5. Special doubt clearing classes

Register Your Name Now

Contact us :
📞 +919836793076
📞 +916290494642
📞 +919062245628

To Know More About Us -

VISIT OUR WEBSITE:

🌐https://www.souravsirclasses.com

🎓 FOR ANY QUARRIES RELATED TO EXAM , CAREER GUIDANCE , NOTES , Feel Free to Reach us

📲 GIVE US A CALL
📌WHATSAPP AT

📞 +919836793076
📞 +916290494642
📞 +919062245628

..........................................

To Know More About Us -

VISIT OUR WEBSITE:

🌐https://www.souravsirclasses.com

🎓 FOR ANY QUARRIES RELATED TO EXAM , CAREER GUIDANCE , NOTES , Feel Free to Reach us

📲 GIVE US A CALL
📌WHATSAPP AT

📞 +919836793076
📞 +916290494642
📞 +919062245628

..........................................

To Know More About Us -

VISIT OUR WEBSITE:

🌐https://www.souravsirclasses.com

🎓 FOR ANY QUARRIES RELATED TO EXAM , CAREER GUIDANCE , NOTES , Feel Free to Reach us

📲 GIVE US A CALL
📌WHATSAPP AT

📞 +919836793076
📞 +916290494642
📞 +919062245628

To Know More About Us -

VISIT OUR WEBSITE:
🌐https://www.souravsirclasses.com