Microeconomics Last Updated : 03 May, 2024 Improve Improve Like Article Like Save Share Report Microeconomics is a branch of economics studying the behaviour of an individual economic unit. Adam Smith is known as the father of economics and microeconomics. Microeconomics help in contemplating the attributes of different decision-makers in an economy like individuals, enterprises, and households. In simple terms, microeconomics help in understanding why and how different goods have different values, how individuals make certain decisions, and how they cooperate with each other. Microeconomics-11 Chapter 1: Introduction Introduction to Microeconomics Microeconomics and Macroeconomics: Meaning, Scope, and Interdependence Difference between Microeconomics and Macroeconomics Economic Problem & Its Causes Central Problems of an Economy Opportunity Cost : Definition, Types, Formula & Examples Production Possibilities Curve (PPC) : Meaning, Assumptions, Properties and Example Difference between Centrally Planned Economy and Market Economy Chapter 2: Consumer’s Equilibrium Theory of Consumer Behaviour Difference between Needs and Wants Utility Analysis : Total Utility and Marginal Utility Law of Diminishing Marginal Utility (DMU) : Meaning, Assumptions & Example Consumer’s Equilibrium in case of Single and Two Commodity Indifference Curve : Meaning, Assumptions & Properties Budget Line: Meaning, Properties, and Example Difference between Budget Line and Budget Set Shift in Budget Line Consumer’s Equilibrium by Indifference Curve Analysis Difference between Cardinal Utility and Ordinal Utility Chapter 3: Demand Theory and Determinants of Demand Individual and Market Demand Difference between Individual Demand and Market Demand What is Demand Function and Demand Schedule? Demand Curve Law of Demand Movement along Demand Curve and Shift in Demand Curve Difference between Expansion in Demand and Increase in Demand Difference between Contraction in Demand and Decrease in Demand Substitute Goods and Complementary Goods Difference between Substitute Goods and Complementary Goods Normal Goods and Inferior Goods Difference between Normal Goods and Inferior Goods Types of Demand Substitution and Income Effect Difference between Substitution Effect and Income Effect Difference between Normal Goods, Inferior Goods, and Giffen Goods Chapter 4: Elasticity of Demand Price Elasticity of Demand: Meaning, Types, Calculation and Factors Affecting Price Elasticity Methods of Measuring Price Elasticity of Demand: Percentage and Geometric Method Difference between Elastic and Inelastic Demand Relationship between Price Elasticity of Demand and Total Expenditure Chapter 5: Production Function: Returns to a Factor Production Function: Meaning, Features, and Types What is TP, AP and MP? Explain with examples Law of Variable Proportion: Meaning, Assumptions, Phases and Reasons for Variable Proportions Relationship between TP, MP, and AP Law of Returns to Scale: Meaning and Stages Difference between Returns to Factor and Returns to Scale Chapter 6: Concepts of Cost and Revenue What is Cost Function? Difference between Explicit Cost and Implicit Cost What is Cost ? | Types of Cost What is Total Cost ? | Formula, Example and Graph What is Average Cost ? | Formula, Example and Graph What is Marginal Cost ? | Formula, Example and Graph Variable Cost: Meaning, Formula, Types and Importance Difference between Total Variable Costs and Total Fixed Costs Interrelation between Costs Types of Cost Concepts of Revenue| Total Revenue, Average Revenue and Marginal Revenue Relationship between Revenues (AR, MR and TR) Break-even Analysis: Importance, Uses, Components and Calculation What is Break-even Point and Shut-down Point? Chapter 7: Producer’s Equilibrium Producer’s Equilibrium: Meaning, Assumptions, and Determination Chapter 8: Theory of Supply Theory of Supply: Characteristics and Determinants of Individual and Market Supply Difference between Stock and Supply Supply Function and Supply Schedule Supply Curve Law of Supply: Meaning, Assumptions, Reason and Exceptions Changes in Quantity Supplied and Change in Supply Difference between Movement Along Supply Curve and Shift in Supply Curve Difference between Change in Quantity Supplied and Change in Supply Difference between Expansion in Supply and Increase in Supply Difference between Contraction of Supply and Decrease in Supply Price Elasticity of Supply : Type, Determinants and Methods Types of Elasticity of Supply Chapter 9: Forms of Market Market : Characteristics & Classification Perfect Competition Market: Meaning, Features and Revenue Curves Monopoly Market: Features, Revenue Curves and Causes of Emergence Monopolistic Competition: Characteristics & Demand Curve Oligopoly Market: Types and Features Difference between Perfect Competition and Monopoly Difference between Perfect Competition and Monopolistic Competition Difference between Monopoly and Monopolistic Competition Distinction between the four Forms of Market(Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly) Long-Run Equilibrium under Perfect, Monopolistic, and Monopoly Market Profit Maximization : Meaning, Elements, Conditions and Formula Profit Maximization in Perfect Competition Market Profit Maximization in Monopoly Market Chapter 10: Market Equilibrium under Perfect Competition Determination of Market Equilibrium under Perfect Competition Effects of Changes in Demand and Supply on Market Equilibrium Price Ceiling and Price Floor or Minimum Support Price (MSP): Simple Applications of Supply and Demand Difference between Price Ceiling and Price Floor Important Formulas: Important Formulas in Microeconomics | Class 11 Like Article Suggest improvement Previous Business Studies Next Statistics for Economics Share your thoughts in the comments Add Your Comment Please Login to comment...