Revision Notes For Class 12 Economics Microeconomics Chapter 2 Theory Of Consumer Behaviour

Theory Of Consumer Behaviour is a chapter that deals with various concepts – utility, marginal utility, total utility, budget, monotonic preferences, indifference curve, marginal rate of substitution, diminishing rate of substitution, indifference map, properties of indifference curve, conditions for consumer’s optimum, demand, demand function, demand schedule, demand curve, linear demand, law of demand, exceptions to the law of demand, normal goods, inferior goods, giffen goods, substitute goods, complementary goods, price elasticity of demand, degrees of price elasticity of demand, factors influencing the elasticity of demand.

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