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Microeconomics Class 11: Itna tho aana hi chaiye ... #Minimum #level of #Understanding in #microeconomics and #Macroeconomics #Cbse #Isce #class11 and #class12 #broad #prep
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For Quick revision :
Must have Clear understanding of these topics :
I will keep updating this page as needed :
### Microeconomics
1. *Introduction to Microeconomics*
- Definition, scope, and importance of microeconomics.
- Basic economic problems: what to produce, how to produce, and for whom to produce.
2. *Consumer's Equilibrium and Demand*
- Utility analysis: total utility, marginal utility, law of diminishing marginal utility.
- Indifference curve analysis: properties of indifference curves, budget line, consumer equilibrium.
- Demand: law of demand, determinants of demand, movement along and shift in demand curve.
3. *Elasticity of Demand*
- Price elasticity, income elasticity, and cross elasticity of demand.
- Measurement methods: percentage change method, total expenditure method, geometric method.
4. *Producer Behavior and Supply*
- Production function: short-run and long-run production, law of variable proportions, returns to scale.
- Cost concepts: fixed cost, variable cost, total cost, average cost, marginal cost.
- Revenue concepts: total revenue, average revenue, marginal revenue.
- Supply: law of supply, determinants of supply, movement along and shift in supply curve.
5. *Forms of Market and Price Determination*
- Perfect competition: features, price determination, equilibrium of firm and industry.
- Monopoly: features, price determination, equilibrium.
- Monopolistic competition: features, price determination, equilibrium.
- Oligopoly: features, price rigidity, kinked demand curve.
6. *Simple Applications of Tools of Demand and Supply*
- Price ceiling and price floor: meaning, implications, and examples.
- Market equilibrium: effects of shifts in demand and supply.
These topics should give you a comprehensive understanding of the key areas in Class 11 Economics.
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