Introduction to Microeconomics

Types of Microeconomics

Income elasticity of demand

Demand Function

Supply Function

Price elasticity of demand

Price elasticity of supply

Cross Elasticity of Demand

Indifference curve: Meaning, Assumptions and Properties

Cardinal vs Ordinal utility and Marginal Rate of Substitution

Consumer's equilibrium

Income effect: Derivation of ICC and Engel Curve for Normal and Inferior Goods

Price effect: Derivation of PCC and Demand Curve for Substitutes and Complementary Goods

Substitution Effect

Decomposition of Price Effect Into Income and Substitution Effect

Law of returns to scale And Law of Variable Proportion

Concept of Total Product, Average Product and Marginal Product And Production Function

Concept of Isoquant

Optimal Employment of Two Inputs

Principle of Marginal Rate of Technical Substitution and Cobb-Douglas Production Function

Various Concepts of Costs

Short run costs

Graphical Representation of Short Run Costs

Long Run Costs and Cost curves

Long Run Costs: Meaning and Derivation

Revenue, Relationship of Revenues with Price Elasticity of Demand

Revenue under Perfect Competition and Imperfect Competition

Monopoly: Meaning and Characteristics

Equilibrium Price and Output Determination in Monopoly

Equilibrium Price and Output Determination under Discriminating Monopoly

Oligopoly

Profit maximization and Equilibrium of a Firm

Price and Output under Second and Third Degree Discrimination

Equilibrium price and output determination under perfect competition

Equilibrium Price and Output Determination under Monopolistic Competition

Wages: Marginal Productivity Theory of Wages

Rent: Modern Theory of Rent

Interest: Loanable Funds Theory of Interest

Liquidity Preference Theory of Interest

Profits: Dynamic Theory and Innovation Theory

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