Economics XI – First In Class

Economics XI

Last updated: March 25, 2022

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Micro-economics

Introduction 5 Topics Paid

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Central Problems of an Economy

Economy and Types of Economy

Meaning of Microeconomics, Microeconomics and Positive and Normative Economics

Production Possibility Frontier

Opportunity Cost

Theory of Consumer Behaviour 13 Topics Sample Lesson Free

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Introduction to Theory of Consumer Behaviour

Utility in Consumer Behaviour

Cardinal utility-utility analysis

ordinal utility- Indifference Curve and the Law of Diminishing Marginal Rate of Substitution

Shapes and features of Indifference Curve

Consumer’s equilirium

Demand and factors affecting demand.

Shifts in the Demand Curve

movement in demnd curve

Elasticity of Demand

Degree of elasticity demand, diagramatic presenetation of elasticity of demand

Factors affecting elasticity of demand

Producer Behaviour and Supply 22 Topics Paid

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Production and Production function

Total product and marginal product

Average product, Relationship between Total product & Marginal product and Average product and Marginal product

Law of variable proportion and Stage of production

Numerical of Production function

Cost and its related concept

Total Cost, Total variable cost, Total fixed cost and Marginal cost

Average Cost, Average variable cost and Average fixed cost

Relationship between- AC and MC, AVC and MC, AVC and AC and AFC, MC and TVC

Numerical of Cost

Concept of revenue

Determination of revenue under different form of market

Relationship between TR and MR & AR and MR

Numerical of Revenue

Factor affecting supply

Change in quantity supply

Change in supply

Elasticity of supply

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Forms of Market and Price Determination under Perfect Competition with simple applications. 5 Topics Paid

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Introduction of Market and its type

Perfect competition market and its features

Price determination under perfect competition market

Effect on equilibrium when change in demand and supply situation takes place

Concept of price ceiling and price flooring

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