Unit 2: Theory of Demand and Supply
Teaching Hours for this Unit: 10
Syllabus coverage in this unit
2.1 Theory of Demand: Meaning, Determinants, Law of Demand, Movement and Shift in Demand Curve · 2.2 Theory of Supply: Meaning, Determinants, Law of Supply, Movement and Shift in Supply Curve · 2.3 Determination of Equilibrium Price and Quantity · 2.4 Change in Demand and Supply, and Effects in Equilibrium Price and Quantity · 2.5 Concepts of Utility: Meaning and Types; Cardinal Utility Approach and Ordinal Utility Approach: Meaning, Assumptions, and Differences
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