(Download) NCERT Books for UPSC & State PSC Exams: Class XII (Economics - Microeconomics)


(Download) NCERT Books for UPSC & State PSC Exams: Class XII (Economics - Microeconomics)


Content:

1. INTRODUCTION

  • A Simple Economy
  • Central Problems of an Economy
  • Organisation of Economic Activities
  • The Centrally Planned Economy
  • The Market Economy
  • Positive and Normative Economics
  • Microeconomics and Macroeconomics
  • Plan of the Book

2. THEORY OF CONSUMER BEHAVIOUR

  • Utility
  • Cardinal Utility Analysis
  • Ordinal Utility Analysis
  • The Consumer’s Budget
  • Budget Set and Budget Line
  • Changes in the Budget Set
  • Optimal Choice of the Consumer
  • Demand
  • Demand Curve and the Law of Demand
  • Deriving a Demand Curve from Indifference Curves and Budget Constraints
  • Normal and Inferior Goods
  • Substitutes and Complements
  • Shifts in the Demand Curve
  • Movements along the Demand Curve and Shifts in the Demand Curve
  • Market Demand
  • Elasticity of Demand
  • Elasticity along a Linear Demand Curve
  • Factors Determining Price Elasticity of Demand for a Good
  • Elasticity and Expenditure

3. PRODUCTION AND COSTS

  • Production Function
  • The Short Run and the Long Run
  • Total Product, Average Product and Marginal Product
  • Total Product
  • Average Product
  • Marginal Product
  • The Law of Diminishing Marginal Product and the Law of Variable Proportions
  • Shapes of Total Product, Marginal Product and Average Product Curves
  • Returns to Scale
  • Costs
  • Short Run Costs
  • Long Run Costs

4. THE THEORY OF THE FIRM UNDER PERFECT COMPETITION

  • Perfect competition: Defining Features
  • Revenue
  • Profit Maximisation
  • Condition 1
  • Condition 2
  • Condition 3
  • The Profit Maximisation Problem: Graphical Representation
  • Supply Curve of a Firm
  • Short Run Supply Curve of a Firm
  • Long Run Supply Curve of a Firm
  • The Shut Down Point
  • The Normal Profit and Break-even Point
  • Determinants of a Firm’s Supply Curve
  • Technological Progress
  • Input Prices
  • Market Supply Curve
  • Price Elasticity of Supply

5. MARKET EQUILIBRIUM

  • Equilibrium, Excess Demand, Excess Supply
  • Market Equilibrium: Fixed Number of Firms
  • Market Equilibrium: Free Entry and Exit
  • Applications
  • Price Ceiling
  • Price Floor

6. NON-COMPETITIVE MARKETS

  • Simple Monopoly in the Commodity Market
  • Market Demand Curve is the Average Revenue Curve
  • Total, Average and Marginal Revenues
  • Marginal Revenue and Price Elasticity of Demand
  • Short Run Equilibrium of the Monopoly Firm
  • Other Non-perfectly Competitive Markets
  • Monopolistic Competition
  • How do Firms behave in Oligopoly?

Glossary


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Courtesy: NCERT