Learning Objectives
Definition of Utility: Understanding the meaning and importance of utility in economics.
Types of Utility: Learn about form utility, place utility, time utility, and service utility.
Concept of Total and Marginal Utility: Differentiate between total utility and additional satisfaction derived from consuming one more unit.
Law of Diminishing Marginal Utility: Explore how utility decreases as consumption increases.
Utility Maximization: How consumers allocate resources to maximize satisfaction.
Cardinal vs. Ordinal Utility: Understanding the difference between measurable and ranked satisfaction.
Consumer Behavior: Insights into how utility influences decision-making.
Practical Applications: Real-life scenarios where utility is applied in decision-making.
Material Includes
- Detailed Notes: Comprehensive and easy-to-understand explanations of utility concepts.
- Video Lectures: Engaging recorded lessons explaining utility theories with examples.
- Diagrams and Graphs: Visual aids to explain total and marginal utility concepts.
- Case Studies: Real-world applications of utility in consumer decision-making.
- Glossary of Terms: Definitions of key terms like utility, satisfaction, diminishing marginal utility, etc.
- Practice Questions: A variety of MCQs, short-answer, and long-answer questions for practice.
- Worksheets: Topic-specific worksheets to reinforce understanding.
- Revision Notes: Concise summaries for quick revision before exams.
- Test Papers: Chapter-based and full-length test papers aligned with the CBSE syllabus.
- Interactive Quizzes: Online quizzes to test your knowledge and understanding.
Target Audience
- Class 11 CBSE Students: Those studying Economics as part of their curriculum.
- Commerce and Arts Students: Students focusing on microeconomics concepts.
- Exam Aspirants: Students preparing for school or competitive exams where utility is a key concept.
- Economics Enthusiasts: Beginners interested in learning about consumer behavior and decision-making.
- Parents and Educators: Assisting students in understanding utility effectively.
- Online Learners: Students accessing e-learning platforms for supplementary education.
Curriculum
8 Lessons
Utility
Consumer Behaviour5:45
Law of DMU8:17
Relation Between TU And MU00:11:15
Consumer Surplus And Equillibrium00:06:20
Concept Of Utility00:09:26
Important Questions of EMU00:06:35
Law Of EMU Case 100:11:15
Law Of EMU Case 200:04:52
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Material Includes
- Detailed Notes: Comprehensive and easy-to-understand explanations of utility concepts.
- Video Lectures: Engaging recorded lessons explaining utility theories with examples.
- Diagrams and Graphs: Visual aids to explain total and marginal utility concepts.
- Case Studies: Real-world applications of utility in consumer decision-making.
- Glossary of Terms: Definitions of key terms like utility, satisfaction, diminishing marginal utility, etc.
- Practice Questions: A variety of MCQs, short-answer, and long-answer questions for practice.
- Worksheets: Topic-specific worksheets to reinforce understanding.
- Revision Notes: Concise summaries for quick revision before exams.
- Test Papers: Chapter-based and full-length test papers aligned with the CBSE syllabus.
- Interactive Quizzes: Online quizzes to test your knowledge and understanding.
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