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Microeconomics

Last Updated : 03 May, 2024
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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

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 

Chapter 7: Producer’s Equilibrium

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

Chapter 8: Theory of Supply

Chapter 9: Forms of Market

Chapter 10: Market Equilibrium under Perfect Competition

Important Formulas:

Important Formulas in Microeconomics | Class 11



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