Micro Economics

Micro Economics for CBSE Class 11 Commerce — understand individual economic decision-making from consumer behaviour to market equilibrium across 11 chapters. • Introduction to Microeconomics — scarcity and choice, positive vs normative economics, central problems, PPF, opportunity cost • Consumer's Equilibrium — utility analysis, law of DMU, cardinal and ordinal approaches, indifference curves, budget line • Demand — meaning, determinants, demand function, law of demand, movement and shift, substitutes and complements • Elasticity of Demand — price elasticity, percentage method, total expenditure method, degrees of elasticity, factors affecting • Production Function — TP, AP and MP, law of variable proportions, returns to a factor • Cost — TFC, TVC, TC, AFC, AVC, AC, MC, relationship between cost curves • Revenue — TR, AR, MR under perfect and imperfect competition, relationship between revenue concepts • Producer's Equilibrium — MR-MC approach, equilibrium under perfect and imperfect competition • Supply — meaning, determinants, law of supply, movement and shift, price elasticity of supply • Main Market Forms — perfect competition, monopoly, monopolistic competition, oligopoly, their features • Price Determination and Simple Applications — market equilibrium, changes in demand and supply, price ceiling and price floor Perfect for CBSE board exam preparation.