Institute: Central Board of Secondary Education (CBSE)
Topic: Introductory Microeconomics - Consumer Equilibrium and Demand
shaalaa.com | Theory of Demand Part 1
- Consumer's equilibrium - meaning of utility, marginal utility, 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 - (a) percentage change method and (b) geometric method (linear demand curve); relationship between price elasticity of demand and total expenditure.