# BBS 1st Year Microeconomics Notes

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Here are the BBS 1st Year Microeconomics Notes. TU bbs 1st year economics notes pdf download.

## BBS 1st Year Microeconomics Notes

Following are the chapter-wise microeconomics notes

Chapter 1: Introduction:

Microeconomics is the branch of economics that deals with small parts of an economy. It is all about how an individual makes a decision.

Chapter 2: Market Equilibrium and Efficiency

In a free Market economy, market forces are demand and supply. The equilibrium price and output are determined by the interaction between these two market forces.

Chapter 3: Elasticity of Demand and Supply

Price elasticity of demand is defined as the responsiveness of change in quantity demanded to the change in the price of the commodity.

Chapter 4: Analysis of Consumer Behaviors

It is the study of consumer how people will make their buying decisions with regard to a product, service, and company.

#### Chapter 5: Theory of Production

The mathematical and functional relationship between inputs and outputs is known as production function.

Chapter 6: Cost and Revenue Curve

Cost is defined as the expenditure incurrred on factor of production while producing a commodity. Similarly, the mathematical relationship between cost and level of output is known as cost function.

Chapter 7: Theory of Product Pricing

The market structure refers to the characteristics or structural variables of the market that affects managerial decisions.

Chapter 8: Theory of Factor Pricing

Factor Pricing deals with the theory of factor price determination. The term factor refers to factor of production.

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= Weh ave BBS 1st year economics chapter 1 , chapter 2, Chapter 3 and all the chapter.