Answer the following in Detail:
(1) Explain how spending crores of rupees on IPL is a rational decision for a film actor but not for an educationist.
(2) Write in brief about the scope of statistics in economics. How can statistics be misused by sellers in the market?
Dear student,
A film actor earns crores of rupees from a single movie and even they earn a lot by advertisement and sponsoring products, for them spending on IPL is not a big deal as they have such high income that they can afford so, while in case of an educationist it is not an easy job as they earn much less than actors.
Hence, this justifies the statement.
Regards
A film actor earns crores of rupees from a single movie and even they earn a lot by advertisement and sponsoring products, for them spending on IPL is not a big deal as they have such high income that they can afford so, while in case of an educationist it is not an easy job as they earn much less than actors.
Hence, this justifies the statement.
Regards