Class 11 Micro Economics: 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.
Topics(8)
Market Equilibrium under Perfect Competition
Market Equilibrium under Perfect Competition — understanding how equilibrium price and quantity are determined when market demand equals market supply. CBSE Class 11 Microeconomics notes with the chocolate market schedule and graphs.
Viable and Non-Viable Industry
Viable and Non-Viable Industry — understanding when demand and supply curves intersect and why a non-viable industry never produces. CBSE Class 11 Microeconomics notes with graphs.
Change in Demand
Change in Demand — understanding how increases and decreases in demand shift the demand curve and change equilibrium price and quantity. CBSE Class 11 Microeconomics notes with graphs.
Change in Supply
Change in Supply — understanding how increases and decreases in supply shift the supply curve and change equilibrium price and quantity. CBSE Class 11 Microeconomics notes with graphs.
Simultaneous Changes in Demand and Supply
Simultaneous Changes in Demand and Supply — understanding how the relative magnitude of demand and supply shifts determines the new equilibrium. CBSE Class 11 Microeconomics notes with twelve cases and graphs.
Special Cases of Demand and Supply
Special Cases of Demand and Supply — understanding equilibrium changes under perfectly elastic and perfectly inelastic curves. CBSE Class 11 Microeconomics notes with graphs.
Price Ceiling
Price Ceiling — understanding maximum price controls below equilibrium and the shortage and black marketing they create. CBSE Class 11 Microeconomics notes with the ceiling graph.
Price Floor
Price Floor — understanding minimum support prices above equilibrium and the surplus and buffer stock they create. CBSE Class 11 Microeconomics notes with the floor graph.