Micro Economics Book and Revision Notes : Class 12 cover

Micro Economics Book and Revision Notes : Class 12

Pioneer in Developing Concepts

Instructor: Grooming Education Academy

Language: English

Class 11 Micro Economics student-friendly book designed for self -study of students based on practical examples, past examination questions, revision notes, value-added questions and project work. This book includes Chapters Namely Introduction, Consumer's equilibrium and demand, producer behaviour and supply, Forms of market and price determination under perfect competition with simple applications. This book strictly covers topics given in the NCERT book of class 11 Micro Economics.

This is the best student-friendly book designed for self -study of students to impart practical knowledge and inbuilt strong fundamentals from the beginning. This book can also be referred by students of Graduation and Post-graduation having business economics to strengthen the basic understanding of concepts of business economics and micro-economics. At the end of the book, complete revision notes have been provided to assist the students in revising the complete book in a few hours.

Our team has devoted more than three years to complete this book, and it has been made freely available for students so that it can reach the wide number of students and the potential of this book can be utilised to the greatest extent.

Book Content :

Unit 1: Introduction         
Meaning of microeconomics and macroeconomics; positive and normative economics. What is an economy? Central problems of an economy: what, how, and for whom to produce; concepts of production possibility frontier and opportunity cost. 
 

Unit 2: Consumer's Equilibrium and Demand     
Consumer's equilibrium - meaning of utility, marginal utility, the law of diminishing marginal utility, conditions of consumer's equilibrium using marginal utility analysis. 
 Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget set and budget line), preferences of the consumer (indifference curve, indifference map) and conditions of consumer's equilibrium. Demand, market demand, determinants of demand, demand schedule, demand curve and its slope, movement along and shifts in the demand curve; price elasticity of demand - factors affecting price elasticity of demand; measurement of price elasticity of demand – percentage-change method.  
 

Unit 3: Producer Behaviour and Supply    
Meaning of Production Function – Short-Run and Long-Run, Total Product, Average Product and Marginal Product. Returns to a Factor. Returns to scale
Cost: Short run costs - total cost, total fixed cost, total variable cost; Average cost; Average fixed cost, average variable cost and marginal cost-meaning and their relationships. 
Revenue - total, average and marginal revenue - meaning and their relationship. 
Producer's equilibrium-meaning and its conditions in terms of marginal revenue, marginal cost. Supply, market supply, determinants of supply, supply schedule, supply curve and its slope, movements along and shifts in the supply curve, price elasticity of supply; measurement of price elasticity of supply - percentage-change method. 
 

Unit 4: Forms of Market and Price Determination under Perfect Competition with simple applications.     
Perfect competition - Features; Determination of market equilibrium and effects of shifts in demand and supply.  Other Market Forms - monopoly, monopolistic competition, oligopoly - their meaning and features.  Simple Applications of Demand and Supply: Price ceiling, price floor. 

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