Theory of Demand and Supply

Who should take this course

This course is suitable for the students of 12 grade with economics as a compulsory subject in the school curriculum.!
As the course will cover the foundation of economics, it will be helpful for the students with economics as a subject in graduation or pursuing Economic Honours.!

Learnings

The course is designed keeping in mind the needs of students of class 12th (Commerce) to prepare them for the board exams. The concepts of demand and supply discussed in the course would help them in a better understanding of how markets work.!
The theoretical aspect of the concept included in the course will help graduate students in understanding how economic models are designed keeping in mind the needs of the different societies.!
The course will help in the development of skills like problem-solving, critical thinking, and awareness about the functioning of the society.!

Description

Open to: Students of Grade 12

Prerequisite: None

This course is an integrated study of Microeconomics with a special focus on the concepts of Demand and Supply. Demand for commodities indicates consumer behavior whereas supply indicates how producer influences the market. The economic variables help microeconomic units to take pricing and production decisions. These two are significant determinants of an economy's growth and health. The concepts covered in the course will prepare students for the Board exams of class 12th.

Syllabus

31 Aug Introduction to Demand

Concept of Demand and Quantity Demanded

Assumptions of Rational Demand

Demand Function

Law of Demand

Exceptions to Law of Demand

03 Sep Demand Schedule and curve

Foundation of Demand Schedule and Curve

Reasons behind Downward sloping Demand Curve

Mathematical relationship between slope and elasticity

Factors affecting demand

07 Sep Shifts Vs Movement

Individual Vs Market Demand

How to derive Market Demand curve

Expansion Vs Contraction

Increase and Decrease in Demand

How Shifts and Movement affect the Market Demand curve

10 Sep Elasticity of Demand

Introduction to the Elasticity and its types

Mathematical Derivation of Elasticity

Factors affecting Elasticity of demand

14 Sep Methodology of Measurement of Elasticity

Percentage Method

Total Outlay Method

Point Method

17 Sep Introduction to Supply

Concept of Supply and Quantity Supplied

Supply Function

Law of Supply

Exceptions to Law of Supply

21 Sep Supply Schedule and Curve

Derivation of Supply Schedule and Cuve

Reason behind upward sloping supply curve

Factors affecting supply

Expansion Vs Contraction

Increase Vs Decrease

Individual Vs Market Supply

24 Sep Elasticity of Supply

Introduction to the concept

Methodology of Measurement

Instructor Details

Karan Tondon

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Hey, I have completed my graduation in Economics from the University of Delhi with the first division. I have more than 4 years of experience as a private tutor. I have worked as a subject matter expert in economics with Acadecraft Pvt Ltd for a year. My work as SME involved the creation of content for various publication houses and e-learning platforms. I have experience in crafting question papers for various competitive exams.

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12 Sep - 20 Jan

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