Economics XI

Micro-economics
Introduction
 5 Topics
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
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.
Market 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
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
Supply
Factor affecting supply
Law of supply
Change in quantity supply
Change in supply
Elasticity of supply
1 of 2
Forms of Market and Price Determination under Perfect Competition with simple applications.
 5 Topics
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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Demand and factors affecting demand.

Economics XI Theory of Consumer Behaviour Demand and factors affecting demand.
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