Microeconomics Theory 1 Pdf notes

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Number of Pages: 210 Pages
File size: 2
Suitable for:
Certificate, Diploma, University and Professional Courses

Topics Covered:

Topic 1: Introduction

  • Meaning of economics
  • Scarcity and choice
  • The concept of opportunity cost
  • Scope of economics
  • Economic methodology
  • Distinction between microeconomics and macroeconomics

Topic 2: The price theory

  • Theory of demand
  • Theory of supply
  • The concept of equilibrium
  • Application of price theory

Topic 3: Theory of the consumer

  • The cardinal utility theory
  • The ordinal/indifference curve theory
  • Substitution and income effects
  • Revealed preference hypothesis
  • The consumer surplus
  • Derivation of a household’s demand curve

Topic 4: Theory of the firm

  • Theory of production
  • Theory of costs

Topic 5: Market structures

  • Perfect/pure competition
  • Monopoly
  • Monopolistic competition
  • Oligopoly


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