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Introductory Micro Economics

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Introductory Micro Economics
INTRODUCTORY MICRO-ECONOMICS 
CLASS XI 

 

Unit 4: Introduction                                                                                           8 Periods
Meaning of microeconomics and macroeconomics; positive and normative economics
What is an economy? Central problems of an economy: what, how and for whom to produce; concepts of production possibility frontier and opportunity cost.
Unit 5: Consumer’s Equilibrium and Demand                                                      32 Periods
Consumer’s equilibrium – meaning of utility, marginal utility, law of diminishing marginal utility, conditions of consumer’s equilibrium using marginal utility analysis.
Indifference curve analysis of consumer’s equilibrium-the consumer’s budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer’s equilibrium.
Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand – factors affecting price elasticity of demand; measurement of price elasticity of demand – percentage-change method.
Unit 6: Producer Behaviour and Supply                                                                       32 Periods
Meaning of Production Function – Short-Run and Long-Run Total Product, Average Product and Marginal Product.
Returns to a Factor

  • Cost: Short run costs – total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships.
  • Revenue – total, average and marginal revenue – meaning and their relationship. Producer’s equilibrium-meaning and its conditions in terms of marginal revenue- marginal cost. Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in supply curve, price elasticity of supply; measurement of price elasticity of supply – percentage-change method.

Unit 7: Forms of Market and Price Determination under Perfect Competition with simple applications.                                                                                                                                     28 Periods

  • Perfect competition – Features; Determination of market equilibrium and effects of shifts in demand and supply.
    Other Market Forms – monopoly, monopolistic competition, oligopoly – their meaning and features.
    Simple Applications of Demand and Supply: Price ceiling, price floor.

 

Name of Chapters:
Ch-1 Introduction
(a) study material (b) Test papers (c) Video
Ch-2 Consumers Equilibrium
(a) study material (b) Test papers (c) Video
Ch-3 Theory of Demand
(a) study material (b) Test papers (c) Video
Ch-4 Elasticity of Demand
(a) study material (b) Test papers (c) Video
Ch-5 Production Function
(a) study material (b) Test papers (c) Video
Ch-6 Cost
(a) study material (b) Test papers (c) Video
Ch-7 Revenue
(a) study material (b) Test papers (c) Video
Ch -8 Producers Equilibrium
(a) study material (b) Test papers (c) Video
Ch-9 Theory of Supply
(a) study material (b) Test papers (c) Video
Ch-10 Forms of Market and Price Determination
(a) study material (b) Test papers (c) Video
Ch-11 Simple Application of tools of Demand and Supply
(a) study material (b) Test papers (c) Video

 

Overview

  • Be the first student
  • Language: English
  • Duration: 10 days
  • Lectures: 2
  • 3 Downloadable Resources
  • 8 Сoding Exercises
  • Certificate of Completion
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