Microeconomics

Microeconomics is a branch of economics studying the behaviour of an individual economic unit. Adam Smith is known as the father of economics and microeconomics. Microeconomics help in contemplating the attributes of different decision-makers in an economy like individuals, enterprises, and households. In simple terms, microeconomics help in understanding why and how different goods have different values, how individuals make certain decisions, and how they cooperate with each other. 

Microeconomics-11

Chapter 1: Introduction

1. Introduction to Microeconomics
2. Microeconomics and Macroeconomics: Meaning, Scope, and Interdependence
3. Difference between Microeconomics and Macroeconomics
4. Economic Problem & Its Causes
5. Central Problems of an Economy
6. Opportunity Cost : Definition, Types, Formula & Examples
7. Production Possibilities Curve (PPC) : Meaning, Assumptions, Properties and Example
8. Difference between Centrally Planned Economy and Market Economy

Chapter 2: Consumer’s Equilibrium 

1. Theory of Consumer Behaviour
2. Difference between Needs and Wants
3. Utility Analysis : Total Utility and Marginal Utility
4. Law of Diminishing Marginal Utility (DMU) : Meaning, Assumptions & Example
5. Consumer’s Equilibrium in case of Single and Two Commodity
6. Indifference Curve : Meaning, Assumptions & Properties
7. Budget Line: Meaning, Properties, and Example
8. Difference between Budget Line and Budget Set
9. Shift in Budget Line
10. Consumer’s Equilibrium by Indifference Curve Analysis
11. Difference between Cardinal Utility and Ordinal Utility

Chapter 3: Demand

1. Theory and Determinants of Demand
2. Individual and Market Demand
3. Difference between Individual Demand and Market Demand
4. What is Demand Function and Demand Schedule?
5. Demand Curve
6. Law of Demand
7. Movement along Demand Curve and Shift in Demand Curve
8. Difference between Expansion in Demand and Increase in Demand
9. Difference between Contraction in Demand and Decrease in Demand
10. Substitute Goods and Complementary Goods
11. Difference between Substitute Goods and Complementary Goods
12. Normal Goods and Inferior Goods
13. Difference between Normal Goods and Inferior Goods
14. Types of Demand
15. Substitution and Income Effect
16. Difference between Substitution Effect and Income Effect
17. Difference between Normal Goods, Inferior Goods, and Giffen Goods

Chapter 4: Elasticity of Demand

1. Price Elasticity of Demand: Meaning, Types, Calculation and Factors Affecting Price Elasticity
2. Methods of Measuring Price Elasticity of Demand: Percentage and Geometric Method
3. Difference between Elastic and Inelastic Demand
4. Relationship between Price Elasticity of Demand and Total Expenditure

Chapter 5: Production Function: Returns to a Factor

1. Production Function: Meaning, Features, and Types
2. What is TP, AP and MP? Explain with examples
3. Law of Variable Proportion: Meaning, Assumptions, Phases and Reasons for Variable Proportions
4. Relationship between TP, MP, and AP
5. Law of Returns to Scale: Meaning and Stages
6. Difference between Returns to Factor and Returns to Scale

Chapter 6: Concepts of Cost and Revenue 

• What is Cost Function?
• Difference between Explicit Cost and Implicit Cost
• What is Cost ? | Types of Cost
• What is Total Cost ? | Formula, Example and Graph
• What is Average Cost ? | Formula, Example and Graph
• What is Marginal Cost ? | Formula, Example and Graph
• Variable Cost: Meaning, Formula, Types and Importance
• Difference between Total Variable Costs and Total Fixed Costs
• Interrelation between Costs
• Types of Cost
• Concepts of Revenue| Total Revenue, Average Revenue and Marginal Revenue
• Relationship between Revenues (AR, MR and TR)
• Break-even Analysis: Importance, Uses, Components and Calculation
• What is Break-even Point and Shut-down Point?

Chapter 7: Producer’s Equilibrium

1. Producer’s Equilibrium: Meaning, Assumptions, and Determination

Chapter 8: Theory of Supply

• Theory of Supply: Characteristics and Determinants of Individual and Market Supply
• Difference between Stock and Supply
• Supply Function and Supply Schedule
• Supply Curve
• Law of Supply: Meaning, Assumptions, Reason and Exceptions
• Changes in Quantity Supplied and Change in Supply
• Difference between Movement Along Supply Curve and Shift in Supply Curve
• Difference between Change in Quantity Supplied and Change in Supply
• Difference between Expansion in Supply and Increase in Supply
• Difference between Contraction of Supply and Decrease in Supply
• Price Elasticity of Supply : Type, Determinants and Methods
• Types of Elasticity of Supply

Chapter 9: Forms of Market

• Market : Characteristics & Classification
• Perfect Competition Market: Meaning, Features and Revenue Curves
• Monopoly Market: Features, Revenue Curves and Causes of Emergence
• Monopolistic Competition: Characteristics & Demand Curve
• Oligopoly Market: Types and Features
• Difference between Perfect Competition and Monopoly
• Difference between Perfect Competition and Monopolistic Competition
• Difference between Monopoly and Monopolistic Competition
• Distinction between the four Forms of Market(Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly)
• Long-Run Equilibrium under Perfect, Monopolistic, and Monopoly Market
• Profit Maximization : Meaning, Elements, Conditions and Formula
• Profit Maximization in Perfect Competition Market
• Profit Maximization in Monopoly Market

Chapter 10: Market Equilibrium under Perfect Competition

• Determination of Market Equilibrium under Perfect Competition
• Effects of Changes in Demand and Supply on Market Equilibrium
• Price Ceiling and Price Floor or Minimum Support Price (MSP): Simple Applications of Supply and Demand
• Difference between Price Ceiling and Price Floor

Important Formulas:

Important Formulas in Microeconomics | Class 11