Demand and Law of Demand | Economics ISC Class 12 |

Demand and Law of Demand | Economics ISC Class 12 | ‪@star_commerce‬

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Meaning, factors affecting demand; Demand function; Law of Demand; derivation of demand curve; movement and shift of the demand curve; exceptions to the Law of Demand.
Law of Diminishing Marginal Utility, Law of Equi marginal Utility, consumer’s equilibrium through utility approach (Cardinal) and indifference curve analysis (Ordinal).
The concept of demand: meaning, types of demand. A demand function to be specified incorporating the determinants of demand. Diagrams should be used in explaining the Law of Demand, reasons for downward slope of demand curve, its derivation using demand schedule. Derivation of market demand curve from individual demand curve.
(a) Cardinal Utility Analysis: meaning of utility, total utility, marginal utility, relationship of TU and MU, Law of Diminishing Marginal Utility (schedule and diagram, Only assumptions to be taught,
criticisms not required), Consumer’s equilibrium – one commodity (schedule and diagram), Law of Equi marginal Utility (statement, schedule) and conditions of consumer’s equilibrium using marginal
utility;
(b) Ordinal Utility Analysis: Indifference Curve – its meaning and properties (including MRS and DMRS), indifference map, consumer’s budget line, Consumer’s equilibrium – condition (to be
explained with the help of a diagram)