View Economics View All Subject MICROECONOMICS Topic-Wise Notes Subject Matter of Economics 1. Nature and Scope of Economics 2. Approaches to Study of Economics: Micro & Macro Economics 3. Economic Agents: Consumer, Producer and Government 4. Central Problems of Economy & Problem of Scarcity and Choice 5. Basic Principle of Economics 6. Law of Demand and Supply and Function 7. Elasticity of Demand: Price, Income and Cross Elasticities and their Measurements 8. Elasticity of Supply 9. Price Determination Theory of Consumer Behaviour 1. Cardinal Utility Analysis of Consumer Behaviour 2. Ordinal Utility Analysis of Consumer Behaviour 3. Income Effect: Income Consumption Curve, Derivation of Engel Curve, Substitution Effect - Hicks and Slutsky Methods 4. Price Effect: Price Consumption Curve, Derivation of Demand Curve 5. Breaking up Price Effect into Income and Substitution Effects: Comparison of Cardinal and Ordinal Utility Analysis 6. Features of Special Classes of Utility Functions - The Cobb-Douglas Utility Function 7. The Leontief Utility Function Theory of Production and Cost 1. Production Function 2. Laws of Production - Law of Variable Proportions & Law of Returns to Scale 3. Economies and Diseconomies of Scale 4. Production with Two Variable Inputs - Isoquants, Isoquant Map, Iso-Cost Lines 5. Producer's Equilibrium 6. Expansion Path 7. Economic Region of Production and Ridge Lines The Concepts of Costs 1. Accounting Costs and Economic Costs 2. Opportunity Cost, Private Cost and Social Costs 3. The Cost Function 4. The Traditional Theory of Costs - Short-Run and Long Run Costs: The Envelope Curve 5. Modern Theory of Costs - Short-Run Costs and Long Run Costs Analysis: L-Shaped Curve Concepts of Revenue 1. Total, Average and Marginal Revenue and Their Relationships, Break-Even Analysis & it's Uses Subjective Q&A Subject Matter of Economics 1. Nature and Scope of Economics 2. Approaches to Study of Economics: Micro & Macro Economics 3. Economic Agents: Consumer, Producer and Government 4. Central Problems of Economy & Problem of Scarcity and Choice 5. Basic Principle of Economics 6. Law of Demand and Supply and Function 7. Elasticity of Demand: Price, Income and Cross Elasticities and their Measurements 8. Elasticity of Supply 9. Price Determination Theory of Consumer Behaviour 1. Cardinal Utility Analysis of Consumer Behaviour 2. Ordinal Utility Analysis of Consumer Behaviour 3. Income Effect: Income Consumption Curve, Derivation of Engel Curve, Substitution Effect - Hicks and Slutsky Methods 4. Price Effect: Price Consumption Curve, Derivation of Demand Curve 5. Breaking up Price Effect into Income and Substitution Effects: Comparison of Cardinal and Ordinal Utility Analysis 6. Features of Special Classes of Utility Functions - The Cobb-Douglas Utility Function 7. The Leontief Utility Function Theory of Production and Cost 1. Production Function 2. Laws of Production - Law of Variable Proportions & Law of Returns to Scale 3. Economies and Diseconomies of Scale 4. Production with Two Variable Inputs - Isoquants, Isoquant Map, Iso-Cost Lines 5. Producer's Equilibrium 6. Expansion Path 7. Economic Region of Production and Ridge Lines The Concepts of Costs 1. Accounting Costs and Economic Costs 2. Opportunity Cost, Private Cost and Social Costs 3. The Cost Function 4. The Traditional Theory of Costs - Short-Run and Long Run Costs: The Envelope Curve 5. Modern Theory of Costs - Short-Run Costs and Long Run Costs Analysis: L-Shaped Curve Concepts of Revenue 1. Total, Average and Marginal Revenue and Their Relationships, Break-Even Analysis & it's Uses
