Economics – Revision Notes :

CHAPTER 2 : CONSUMPTION ANALYSIS

1. What is consumption?
2. Characteristics of Human wants?
3. What are the two types of utility analysis? Give outline about them.
4. Describe about the concept of “Diminishing Marginal Utility”.
5. Describe about the “Equi – Marginal Utility”.
6. What is meant by Consumer’s Surplus, describe through the SD graph.
7. State the Law of Demand.
8. Describe the following briefly.
 Determinants of Demand
 Exceptions of the law of Demand.
 Extraction and Contraction of Demand.
 Shift in the Demand Curve.
9. What is Elasticity of Demand? Types of Elasticity of Demand.
10. What is Elasticity of Demand Coefficient?
11. Describe the levels of price Elastic Demand?
12. What are the types of Measurement of Elasticity of Demand?
13. What is the Ordinal Utility analysis and give the outline about them.
14. Indifference curve analysis – Describe briefly.
15. What is Marginal Rate of Substitution?
16. Properties of Indifference curve.
17. Price line (or) Budget Line
18. What is the condition for the consumer Equillibrium?

CHAPTER 3 : PRODUCTION ANALYSIS

1. Define production and its types.

2. What are the important factors of production?
3. Describe briefly about the Land and Labor in terms of Economics.
4. Describe briefly about the Capital and Organization.
5. What is the difference between the Short run and Long run Production?
6. Describe everything about the Law of variable proportions (or) Diminishing
Marginal Returns.
7. Describe about Laws of Returns to the scale (or) Economics of Scale.
8. What is Diseconomics of scale and its types
9. Describe the concept of “Iso – Quant curve”
 Assumptions
 Properties
 Representing MRTs
10. Describe the concept of “Iso – cost line.
11. What is the condition of Producer’s Equilibrium.
12. Cobb – Douglas Production Function
13. Law of Supply
 Shifters of supply curve and moving along the supply curve.
 Elasticity of supply
 Types of Elasticity of Supply (w.r.t the degrees of responsiveness)
14.
15.