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Video tutorials - Economics: Introductory Microeconomics - Consumer Equilibrium and Demand (Central Board of Secondary Education (CBSE))

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shaalaa.com | Theory of Demand Part 1

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Theory of Demand Part 1 [00:21:29]
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Series 1: playing of 8

Consumer Equilibrium and Demand
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  • 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.
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