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# CBSE Class 11 Microeconomics Notes

Microeconomics is the study of households’, individuals’, and firms’ behaviour towards the allocation of resources and the decision-making process. In short, it deals with the choices made by people and the factors affecting their choices. GeeksforGeeks Class 11 Microeconomics Notes have been designed according to the CBSE Syllabus for Class 11. These revision notes consist of detailed Chapter-wise important topics and concepts. Here, the learners can get easy access to the Chapter-wise notes from the below-mentioned quick links. The notes contain 10 chapters covering every important topic, like Production Function, Demand, Supply, Cost Function, Forms of Market, Consumer Equilibrium, etc.

### Chapter 1: Introduction

The first chapter of Class 11th Microeconomics covers the introductory section of the subject. It talks about microeconomics and macroeconomics, along with the differences between them. Other important topics of this chapter that covers the basics of the subject are Economic Problem, Central Problems of an Economy, and the Production Possibility Curve.

### Chapter 2: Consumer’s Equilibrium

The second chapter of Class 11th Microeconomics is Consumer’s Equilibrium. A consumer is a person who buys goods and services for the satisfaction of their needs and wants. The consumer is the main part of a market and an economy. Therefore, this chapter entails important information regarding the consumer, their behaviour, equilibrium, and utility. The notes of this chapter cover other important topics like Diminishing Marginal Utility, Indifference Curve, and Budget Line.

### Chapter 3: Demand

Demand for a commodity or service helps an organization in deciding its production, marketing, and other essential things. It is important for the learners to understand the Individual and Market Demand for a product or service. The third chapter of Class 11th Microeconomics notes covers everything required to know about demand. The notes also cover the change in demand and quantity demanded.

### Chapter 4: Elasticity of Demand

The fourth chapter of Class 11th Microeconomics Elasticity of Demand explains in detail how a change in the price or other factors affecting the demand of a commodity changes its demand. There are three types of elasticity of demand, but the notes cover Price Elasticity of Demand in detail as per the CBSE Curriculum 2022-2023.

### Chapter 5: Production Function: Returns to a Factor

The next chapter of Class 11th Microeconomics, Production Function: Returns to a Factor explains in detail how an organization can produce the maximum number of outputs with the given set of inputs or resources. It also consists of important topics like Product: Total Product, Marginal Product, and Average Product, Law of Variable Proportion, Relationship between TP, MP, and AP, and Law of Diminishing Returns.

### Chapter 6: Concepts of Cost and Revenue

The sixth chapter of Class 11th Microeconomics is Concepts of Cost and Revenue. The notes of this chapter cover in detail the Cost Function, fixed and variable cost, Interrelation between Costs, Revenue, and the Relationship between Revenues.

### Chapter 7: Producer’s Equilibrium

Producer’s Equilibrium is a situation in Microeconomics in which an organization maximizes its profits. The seventh chapter Producer’s Equilibrium of Class 11th Microeconomics covers everything required to know about producer’s equilibrium, including assumptions and determination.

• Producer’s Equilibrium: Meaning, Assumptions, and Determination

### Chapter 8: Theory of Supply

The eighth chapter of Class 11th Microeconomics Theory of Supply explains how a change in the price of a commodity changes its supply in the market. The notes also cover everything required to know about the Law of Supply, Changes in Quantity Supplied, Change in Supply, and Price Elasticity of Supply.

### Chapter 9: Forms of Market

The next chapter of Class 11th Microeconomics is Forms of Market. There are four forms of the market in microeconomics, viz., Perfect Competition, Monopoly, Monopolistic Competition, and Oligopoly. The notes of this chapter cover features, characteristics, and revenue curves of the four forms of the market.

### Chapter 10: Market Equilibrium under Perfect Competition

A market is said to be in equilibrium when the quantity demanded is equal to the quantity supplied of the commodity. The notes of the chapter include Equilibrium Price, Equilibrium Quantity, a shift in demand and supply and equilibrium price, Special cases of equilibrium, and Simple applications of supply and demand.

#### Important Formulas:

Important Formulas in Microeconomics | Class 11

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