Theory of Demand Notes for CBSE Class 11 - Microeconomics

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Notes for CBSE Class 11th Chapter 3 - Theory of Demand - Microeconomics. What is Demand, Desire, Want. Quantity Demanded. Types of Demand. Price demand, Income Demand, Cross Demand. Assumptions for Demand. What is Law of Demand + Formula. Explanation of Law of Demand in individual and marker terms. Individual measure and assumptions. Individual Demand Schedule, Individual Demand Curve. Market Measure : Market Demand Schedule and Market Demand Curve. Exceptions to the Law of Demand in terms of Griffen Good, Ignorance, Articles of Distinction, Goods expected to become costly, Necessities. Cause of Negative Relation between Price and Quantity Demanded. Law of Diminishing Marginal Utility (DMU) : Income effect, Substitution Effect, Size or Consumer Group, Alternative uses of the commodity. Factors affecting Demand (Demand Function). Determinants of Individual Demand Function and Market Demand Function. Change in Quantity Demand and Change in Demand (Movement along Demand Curve). Expansion

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