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NCERT-Class-12-Economics-Part-1

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Full book of subject economics for class 12th

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Contents..
. I OIN NTRODuCTION 1

1.1A simple Economy 1

1.2central Problems of an Economy2 

1.3organisation of Economic Activities4 1.

3.1 The centrally Planned Economy4 1.3.2 The Market Economy 5 1.4Positive and Normative Economics6 1.5Microeconomics and Macroeconomics6 1.6Plan of the Book 6 . 2 T 2. T 2. T 2. T R R HEORY HEORY OF OF c c E E ONSuMER ONSuMER B B v v EHAvIOuR EHAvIOuR 8 8 2.1The consumer’s Budget 8 2.1.1 Budget set 9 2.1.2 Budget Line 1o 2.1.3 changes in the Budget set12 2.2Preferences of the consumer13 2.2.1 Monotonic Preferences14 2.2.2 substitution between Goods14 2.2.3 Diminishing Rate of substitution15 2.2.4 Indifference curve 15 2.2.5 shape of the Indifference curve16 2.2.6 Indifference Map 17 2.2.7 utility 17 2.3optimal choice of the consumer18 2.4Demand 2o 2.4.1 Demand curve and the Law of Demand21 2.4.2 Normal and Inferior Goods24 2.4.3 substitutes and complements25 2.4.4 shifts in the Demand curve25 2.4.5 Movements along the Demand curve and shifts26 in the Demand curve
2.5Market Demand 27 2.6Elasticity of Demand 27 2.6.1 Elasticity along a Linear Demand curve29 2.6.2 Factors Determining Price Elasticity of Demand for a Good31 2.6.3 Elasticity and Expenditure32 . 3 3. P D I T RODuCTION AND c O OSTS 36 3.1Production Function 36 3.2The short Run and the Long Run38

3.3Total Product, Average Product and Marginal Product38 3.3.1 Total Product 38 3.3.2 Average Product 39 3.3.3 Marginal Product 39 3.4The Law of Diminishing Marginal Product and the Law of4o variable Proportions
3.5shapes of Total Product, Marginal Product and Average Product curves41 3.6Returns to scale 42 3.7costs 42 3.7.1 short Run costs 43 3.7.2 Long Run costs 47 . 4 4. T HE T HEORY OF THE F I IRM uNDER P P E ERFECT c MEIN OMPETITION 52 4.1Perfect competition: Defining Features 52 4.2Revenue 53 4.3Profit Maximisation 55 4.3.1 condition 1 55 4.3.2 condition 2 56 4.3.3 condition 3 56 4.3.4 The Profit Maximisation Problem: Graphical Representation57 4.4supply curve of a Firm 58 4.4.1 short Run supply curve of a Firm58 4.4.2 Long Run supply curve of a Firm 59 4.4.3 The shut Down Point 6o 4.4.4 The Normal Profit and Break-even Point6o 4.5Determinants of a Firm’s supply curve 61 4.5.1 Technological Progress 61 4.5.2 Input Prices 61 4.5.3 unit Tax 62 4.6Market supply curve 62 4.7Price Elasticity of supply 64 4.7.1 The Geometric Method 65 . M 5 5. M AT ARKET E E IM Q QuILIBRIuM 69 5.1Equilibrium, Excess Demand, Excess supply69 5.1.1 Market Equilibrium: Fixed Number of Firms7o 5.1.2 Market Equilibrium: Free Entry and Exit78 5.2Applications 82 5.2.1 Price ceiling 82 5.2.2 Price Floor 83 6 . 6 . N . 6 6. N N ON – – Tv COMPETITIvE M M E ARKETS 86 86 6.1simple Monopoly in the commodity Market86 6.1.1 Market Demand curve is the Average Revenue curve87 6.1.2 Total, Average and Marginal Revenues9o 6.1.3 Marginal Revenue and Price Elasticity of Demand91 6.1.4 short Run Equilibrium of the Monopoly Firm91 6.2other Non-perfectly competitive Markets95 6.2.1 Monopolistic competition 95 6.2.2How do Firms behave in oligopoly?96 Glossary 1o1

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