Consumer's Equilibrium Notes - Microeconomics CBSE Class 11th NCERT

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Notes for CBSE Class 11th Chapter 2 Consumer's Equilibrium. Who is Consumer. Ways to study consumer's behavior. Utility and features of utility. Types of Utility. Cardinal and Ordinal utility analysis. Law of Diminishing Marginal Utility (DMU), Assumptions of Law of DMU, Relationship between Totally Utility and Marginal Utility. Conditions of Consumer Equilibrium. Consumer Equilibrium in case of a Single Commodity and Two Commodities. Law of Equi-Marginal Utility. Assumptions of Law of Equi-Marginal Utility. Conditions of Consumer's Equilibrium (Ordinal Utility Analysis), Consumer Budget Constraint. Budget Line or Price Line. Assumptions and Features of Budget / Price Line. Slope of Budget Line : Price Ratio, Changes in Budget Line. Change in Income, Change in Price of Good. Indifference curve Analysis and Consumer Analysis (Ordinal Analysis). Indifference Curve, Marginal Rate of Substitution (MRS) or Slope of Indifference Curve, Properties of Indifference Curve. Consumer's Equilibrium

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