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Some Mathematical Tools Used In Economics — Flashcards

ICSE · Class 11 · Economics

26 flashcards for Some Mathematical Tools Used In Economics (ICSE Class 11 Economics) to test yourself on key terms and facts.

65 questions26 flashcards8 formulas & key relations5 concepts

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26 Flashcards·
Introduction to mathematical toolsCurve and functional relationshipSlope of a lineSlope formulaDownward sloping lineInterpretation of slopeUpward sloping line
Card 1Introduction to mathematical tools

What are the main mathematical tools used in economics in this chapter?

Answer

The main mathematical tools are slope of a straight line and equation of a straight line. These tools help in understanding relationships between two variables in economics.

Card 2Curve and functional relationship

What is a curve in economics and statistics?

Answer

Graphic representation of a functional relationship between two variables is called a curve. A curve can be a straight line, convex, or concave depending upon the behaviour of slope.

Card 3Slope of a line

Define slope of a line.

Answer

Slope is the ratio of change in Y to change in X between two points of a curve. It is written as Slope = Change in Y / Change in X = ΔY/ΔX. Here Y is the dependent variable and X is the independent va…

Card 4Slope of a line

Does the slope formula apply only to straight lines?

Answer

No. The definition of slope applies to all types of curves, whether straight, convex, or concave. For a straight line, the slope remains unchanged all along the line.

Card 5Slope formula

What is the formula for slope using coordinates of two points?

Answer

If the coordinates of two points are (X1, Y1) and (X2, Y2), then slope is m = (Y2 - Y1)/(X2 - X1) = Vertical difference / Horizontal difference.

Card 6Downward sloping line

How is the slope of a downward sloping line calculated?

Answer

For a downward sloping line, slope = ΔY/ΔX = -AE/EB = -8/2 = -4. This negative value shows that when X rises by 1 unit, Y reduces by 4 units.

Card 7Interpretation of slope

What does a negative slope mean?

Answer

The minus sign attached to the value of slope indicates that there is negative functional relation between X and Y. A negative slope means that when one variable rises, the other falls.

Card 8Upward sloping line

What is the slope of an upward sloping line?

Answer

For an upward sloping line, slope = +BC/+AC = +8/+2 = +4. The plus sign indicates a positive relation between X and Y.

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Frequently Asked Questions

What are the important topics in Some Mathematical Tools Used In Economics for ICSE Class 11 Economics?
Key topics in Some Mathematical Tools Used In Economics include Statistical Tools and Mathematical Tools in Economics, Slope of a Straight Line, Equation of a Straight Line. Study these first, then practise questions on each for Class 11 exams.
How many flashcards are available for Some Mathematical Tools Used In Economics?
There are 26 flashcards for Some Mathematical Tools Used In Economics covering key definitions, facts and ideas. A few sample cards are shown on this page.
How should I revise Some Mathematical Tools Used In Economics for Class 11 exams?
Learn the core ideas first, then work through the 65 practice questions on Some Mathematical Tools Used In Economics. Revise definitions regularly and use flashcards for quick recall before the exam.

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