Class 11 Micro Economics Notes
Class 11
Introduction to Microeconomics
Chapter 1: Introduction to Microeconomics — learn what an economy is, the three vital processes of production, consumption, and investment, why we study economics, and its meaning as a social science. CBSE Class 11 Microeconomics notes covering 7 topics: Introduction to Economics, Scarcity and the Economic Problem, Positive and Normative Economics, Microeconomics and Macroeconomics, Central Problems of an Economy, Opportunity Cost, and Production Possibility Frontier.
Consumer's Equilibrium
Chapter 2: Consumer's Equilibrium — understand how consumers maximise satisfaction using cardinal and ordinal utility approaches, the law of diminishing marginal utility, indifference curve analysis, and budget constraints. CBSE Class 11 Microeconomics notes covering 6 topics: Concept of Utility TU and MU, Law of Diminishing Marginal Utility, Consumer's Equilibrium Cardinal Approach, Indifference Curve Analysis, Budget Line and Budget Set, and Consumer's Equilibrium Ordinal Approach.
Demand
Chapter 3: Demand — learn the meaning of demand, its determinants, the demand function and schedule, the law of demand, movements and shifts in the demand curve, and related goods. CBSE Class 11 Microeconomics notes covering 6 topics: Meaning of Demand, Determinants of Individual and Market Demand, Demand Function Schedule and Curve, Law of Demand, Movement Along and Shift in Demand Curve, and Related Goods and Kinds of Demand.
Elasticity of Demand
Chapter 4: Elasticity of Demand — learn how to measure the responsiveness of quantity demanded to price changes using the percentage method and total expenditure method. CBSE Class 11 Microeconomics notes covering 6 topics: Concept of Elasticity of Demand, Price Elasticity of Demand, Measuring Price Elasticity Percentage Method, Total Expenditure Method, Degrees of Price Elasticity, and Factors Affecting Price Elasticity.
Production Function
Chapter 5: Production Function — understand the relationship between inputs and outputs in production. CBSE Class 11 Microeconomics notes covering 7 topics: Introduction to Production, Production Function, Short Run and Long Run, Variable and Fixed Factors, Concepts of Product, Law of Variable Proportions, and Relationships between TP-MP and AP-MP.
Cost
Chapter 6: Cost — understand the meaning of cost, short run costs (fixed, variable, total), average costs, marginal cost, and the relationships between cost curves. CBSE Class 11 Microeconomics notes covering 6 topics: Meaning and Types of Cost, Short Run Costs, Average Costs, Marginal Cost, Relationship between Cost Curves, and Formulae and Solved Examples.
Revenue
Chapter 7: Revenue — understand how a firm's sales translate into income through Total, Average and Marginal Revenue. CBSE Class 11 Microeconomics notes covering 5 topics: Meaning of Revenue, Concept of Revenue, Revenue Curves under Perfect Competition, Revenue Curves under Imperfect Competition, and Relationships between TR-MR and AR-MR.
Producer's Equilibrium
Chapter 8: Producer's Equilibrium — understand how a firm chooses the output level that maximises its profit through the MR-MC approach. CBSE Class 11 Microeconomics notes covering 2 topics: Meaning of Profit & Producer's Equilibrium, and Producer's Equilibrium by MR-MC Approach.
Supply
Chapter 9: Supply — understand how a firm willingness to sell responds to price through the law of supply, the supply curve and elasticity of supply. CBSE Class 11 Microeconomics notes covering 5 topics: Meaning of Supply, Determinants Function Schedule and Curve, Law of Supply, Movement along and Shift in Supply Curve, and Price Elasticity of Supply.
Main Market Forms
Chapter 10: Main Market Forms — understand how the number of sellers shapes price and competition across perfect competition, monopoly, monopolistic competition and oligopoly. CBSE Class 11 Microeconomics notes covering 5 topics: Meaning of Market and Market Structure, Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly and Comparison of Market Forms.
Price Determination and Simple Applications
Chapter 11: Price Determination and Simple Applications — study how market equilibrium price and quantity are determined under perfect competition, how changes in demand and supply shift that equilibrium, and how price ceilings and floors alter it. CBSE Class 11 Microeconomics notes covering 8 topics: Market Equilibrium under Perfect Competition, Viable and Non-Viable Industry, Change in Demand, Change in Supply, Simultaneous Changes in Demand and Supply, Special Cases of Demand and Supply, Price Ceiling, and Price Floor.