As given in the examination problem that market for a good is in equilibrium. So, we assume that initial price is OP as shown in the figure.

In the given figure price is on vertical axis and quantity demanded and supplied are on horizontal axis. But due to increase in demand, demand curve shifts rightward from DD to D₁D₁. With new demand curve D₁D₁ there is excess demand at initial price OP because at price OP, demand is PB and supply is PA, so there is excess demand of AB at price OP. Due to this excess demand, competition among the consumer will rise the price. With the rise in price, there is upward movement along the demand curve (contraction in demand) from B to C and similarly, there is upward movement along the supply curve (expansion in supply) from A to C. So, finally equilibrium price rises from OP to OP₁ and equilibrium quantity also rises from OQ to OQ₁.
Conclusion
Due to increase in demand,
(i) Equilibrium price rises from OP to OP₁ 
(ii) Equilibrium quantity also rises from OQ to OQ₁

(a) Originality: Project must not be copied but an original work of investigator.
(b) Sample Selection: Sample must be randomly selected. There must not be any bias in selection of the sample else the entire motto of preparing project will defeat.
(c) Decision Making: Many decisions are required to be taken in making of a project. Therefore, decision making is another important value.
(d) Communication Skills: In order to get information from people, one needs to be tactful. It calls for good communication skills.

Median = size of \(\frac { N }{ 2 } \)Item
Median = size of \(\frac { 30 }{ 2 } \)=15 item 15^thitem lies in 30-40
We can find median by using the formula equal to
Median = l₁+\(\frac { \left( N/2-C \right) }{ f } \)(i)
Where  l₁=30; f=8; \(\frac{N}{2}\)=15; C=10;  i=10
l₁=30+\(\frac { \left( 15-10 \right) }{ 8 } \)(10)=36.25
M.D. From Mean =\(\frac { \sum { F } |X-Median| }{ \sum { F } } \)
Coefficient of M.D. from Mean =\(\frac { M.D.fromMean }{ Mean } \)=\(\frac { 11.8 }{ 36.25 } \)=0.325

Generally, data are classified on the basis of the following four bases:
Geographical Classification:
In geographical classification, data are classified on the basis of geographical or locational differences - such as cities, districts, or villages - between various elements of the data set. The following is an example of a geographical distribution. (Figures are hypothetical)

Chronological Classification:
When data are classified on the basis of time, the classification is known as chronological classification. Such classifications are also called time series because data are usually listed in chronological order starting with the earliest period. The following is an example of a Chronological distribution. (Figures are hypothetical)

Another example can be:

Qualitative Classification:
In qualitative classification, data are classified on the basis of descriptive characteristics or on the basis of attributes like sex, literacy, region, caste, or education, which cannot be quantified. This is done in two ways:
Simple classification:
In this type of classification, each class is subdivided into two sub-classes and only one attribute is studied, for example male and female; blind and not blind, educated and uneducated; and so on.
Manifold classification: In this type of classification, a class is subdivided into more than two subclasses which may be sub-divided further. An example is given below:

Quantitative Classification: In this classification, data are classified on the basis of characteristics which can be measured such as height, weight, income, expenditure, production, or sales. An example is given below:

The Pearson correlation coefficient is the most widely used. It measures the strength of the linear relationship between normally distributed variables. When the variables are not normally distributed or the relationship between the variables is not linear, it may be more appropriate to use the Spearman rank correlation method. It gives an answer for any number fo figures while rank correlation can't be used if n 'is more than 30.
(a) If many numbers are repeating, it becomes still more difficult to use rank correlation.
(b) But if we do not know the figures but ranks, then it is advisable to use rank correlation.

The producer will be at equilibrium at 5 units of output which satisfy both the conditions of producer's equilibrium.
(i) MC = MR
(ii) MC must be rising.

(a) When purchasing a unit of a commodity a consumer compares its price with the expected utility from it. Utility obtained is the benefit, and the price payable is the cost. The consumer compares benefit and the cost. He will buy the unit of a commodity only if the benefit is greater than or at least equal to the cost.
(b) equilibrium Conditions for Single Commo ·ty Consumer Equilibrium Necessary Condition Marginal utility in terms of Money = Price
\(\frac { Marginal\ utility\ of\ a\ product\ in\ utils[M{ U }_{ X }] }{ \ utility\ of\ one\ rupee[M{ U }_{ M }] } \)
In particular, the condition (A) says that the marginal utility of a Product in terms of Money be equal to its price. Sometimes, this is loosely stated as marginal utility is equal to price, i.e.,

(b) Suppose, the price of commodity X in the market is Rs.3 per unit. It means he has to pay Rs.3 per unit for all the units he buys. Suppose, the utility obtained from the first unit is 5 utils (=Rs. 5). The consumer will buy this unit because the utility of this unit is greater than the price and this process continues till Marginal utility = Price as shown in the above schedule at quantity 3.
(c) Consumer will not buy the fourth unit MU = Price.
If MU> PRICE
(a) Means benefit is greater than cost and whenever benefit is greater than cost, consumer keeps on consuming additional unit of a commodity till MU = Price.
(b) It is so because according to the law of diminishing marginal utility, MUfalls as more is purchased till it becomes equal to price.
If MU< PRICE
(a) Means benefit is less than cost and whenever benefit is less than cost, the consumer keeps on decreasing additional unit of a commodity till MU = Price.
(b) It is so because according to the law of diminishing marginal utility, MU rises as less units are consumed till it becomes equal to price.
Sufficient Condition
Total gain falls as more is purchased after equilibrium. It means that consumer continues to purchase so long as total gain is increasing or at least constant.
(a) It can be explained with the help of the following schedule:
because utility of this unit is 2 utils (= Rs.2) which is less than the price. It is not worth buying the fourth unit. The consumer will restrict his purchase to only 3 units

The three central problems of an economyare:
(i) What to produce?
(a) What to produce refers to a problem in which decision regarding which goods and services should be produced is to be taken.
(b) Since its resources are limited, every economy has to decide what commodities are to be produced and in what quantities.
(c) The guiding principle for an economy here is to allocate resources in such a way that gives maximum aggregate utility to the society.
(ii) How to produce?
(a) How to produce refers to a problem in which decision regarding which technique of production should be used is made.
(b) Goods and services can be produced in two ways: by using labour intensive techniques, and by using capital-intensive techniques
(c) The guiding principle for an economy in such a case has to decide about the techniques of production on the basis of cost of production. Those techniques of production should be used which lead to the least possible cost per unit of commodity or service.
(iii) For whom to produce? 
(a) For whom to produce refers to a problem in which decision regarding which category of people are going to consume a good, i.e., economically poor or rich.
(b) As we know, goods and services are produced for those who can purchase them or have the capacity to buy them.
(c) Capacity to buy depends upon how income is distributed among the factors of production. The higher the income, the higher will be the capacity to buy and vice versa. So, this is a problem of distribution.
(d) The guiding principle is that the economy must see here that important and urgent wants of its citizens are being satisfied for the maximum possible extent or not.