Class 11 Economics

The Class 11 coaching is organized for Commerce students learning Economics and Students will learn

Economics Topics:

Part A: Statistics for Economics

In this course, the learners are expected to acquire skills in collection, organisation and

presentation of quantitative and qualitative information pertaining to various simple

economic aspects systematically. It also intends to provide some basic statistical tools

to analyse, and interpret any economic information and draw appropriate inferences. In

this process, the learners are also expected to understand the behaviour of various

economic data.

Unit 1: Introduction

What is Economics?

Meaning, scope, functions and importance of statistics in Economics

Unit 2: Collection, Organisation and Presentation of data

Collection of data - sources of data - primary and secondary; how basic data is

collected with concepts of Sampling; methods of collecting data; some important

sources of secondary data: Census of India and National Sample Survey Organisation.

Organisation of Data: Meaning and types of variables; Frequency Distribution.

Presentation of Data: Tabular Presentation and Diagrammatic Presentation of Data:

(i) Geometric forms (bar diagrams and pie diagrams), (ii) Frequency diagrams

(histogram, polygon and Ogive) and (iii) Arithmetic line graphs (time series graph).

Unit 3: Statistical Tools and Interpretation

For all the numerical problems and solutions, the appropriate economic interpretation may be

attempted. This means, the students need to solve the problems and provide interpretation for

the results derived.

Measures of Central Tendency- Arithmetic mean, Median and Mode

Correlation – meaning and properties, scatter diagram; measures of correlation - Karl

Pearson's method (two variables ungrouped data) Spearman's rank correlation

(Non-Repeated Ranks and Repeated Ranks).

Introduction to Index Numbers - meaning, types - Wholesale Price Index, Consumer Price

Index and index of industrial production, uses of index numbers; Inflation and Index Numbers,

Simple Aggregative Method.

Part B: Introductory Microeconomics

Unit 4: Introduction

Meaning of microeconomics and macroeconomics; positive and normative economics

What is an economy? Central problems of an economy: what, how and for whom to

produce; concepts of Production Possibility Frontier and Opportunity Cost.

Unit 5: Consumer's Equilibrium and Demand

Consumer's equilibrium - meaning of Utility, Marginal Utility, Law of Diminishing

Marginal Utility, conditions of consumer's equilibrium using marginal utility analysis.

Indifference curve analysis of consumer's equilibrium-the consumer's budget (budget

set and budget line), preferences of the consumer (indifference curve, indifference

map) and conditions of consumer's equilibrium.

Demand, market demand, determinants of demand, demand schedule, demand curve

and its slope, movement along and shifts in the demand curve; price elasticity of

demand - factors affecting price elasticity of demand; measurement of price elasticity of

demand – percentage-change method and total expenditure method

Unit 6: Producer Behaviour and Supply

Meaning of Production Function – Short-Run and Long-Run

Total Product, Average Product and Marginal Product.

Returns to a Factor

Cost – Short run costs - Total Cost, Total Fixed Cost, Total Variable Cost; Average

Cost; Average Fixed Cost, Average Variable Cost and Marginal Cost - meaning and

their relationships.

Revenue – Total Revenue, Average Revenue and Marginal Revenue - meaning and

their relationship.

Producer's Equilibrium - meaning and its conditions in terms of Marginal RevenueMarginal Cost.

Supply, market supply, determinants of supply, supply schedule, supply curve and its

slope, movements along and shifts in supply curve, price elasticity of supply;

measurement of price elasticity of supply - percentage-change method.

Unit 7: Perfect Competition - Price Determination and simple applications.

Perfect competition - Features; Determination of market equilibrium and effects of

shifts in demand and supply. (Short Run Only)

Simple Applications of Demand and Supply: Price ceiling, Price floor.