Theory of Demand and Supply | Olcademy

Theory of Demand and Supply

  • 22 Apr 2021
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  • English

Demand and Supply

₹ 3000


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.

What will you learn?
  • 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.
What knowledge and tools are required?
  • Basic knowledge of economics concepts such as consumption and exchange process is optional.
  • A notebook to take down notes
  • A good functioning computer
  • High-speed internet connection
  • Skype
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.
Lecture 1 :- Introduction to Demand

The concept of Demand and Quantity demanded

  • Topics

  1. 1. Concept of Demand and Quantity Demanded
  2. 2. Assumptions of Rational Demand
  3. 3. Demand Function
  4. 4. Law of Demand
  5. 5. Exceptions to Law of Demand
Lecture 2 :- Demand Schedule and curve

  • Topics

  1. 1. Foundation of Demand Schedule and Curve
  2. 2. Reasons behind Downward sloping Demand Curve
  3. 3. Mathematical relationship between slope and elasticity
  4. 4. Factors affecting demand
Lecture 3 :- Shifts Vs Movement

  • Topics

  1. 1. Individual Vs Market Demand
  2. 2. How to derive Market Demand curve
  3. 3. Expansion Vs Contraction
  4. 4. Increase and Decrease in Demand
  5. 5. How Shifts and Movement affect the Market Demand curve
Lecture 4 :- Elasticity of Demand

  • Topics

  1. 1. Introduction to the Elasticity and its types
  2. 2. Mathematical Derivation of Elasticity
  3. 3. Factors affecting Elasticity of demand
Lecture 5 :- Methodology of Measurement of Elasticity

  • Topics

  1. 1. Percentage Method
  2. 2. Total Outlay Method
  3. 3. Point Method
Lecture 6 :- Introduction to Supply

  • Topics

  1. 1. Concept of Supply and Quantity Supplied
  2. 2. Supply Function
  3. 3. Law of Supply
  4. 4. Exceptions to Law of Supply
Lecture 7 :- Supply Schedule and Curve

  • Topics

  1. 1. Derivation of Supply Schedule and Cuve
  2. 2. Reason behind upward sloping supply curve
  3. 3. Factors affecting supply
  4. 4. Expansion Vs Contraction
  5. 5. Increase Vs Decrease
  6. 6. Individual Vs Market Supply
Lecture 8 :- Elasticity of Supply

  • Topics

  1. 1. Introduction to the concept
  2. 2. Methodology of Measurement
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Karan Tondon

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Skills: communication skillssubject expertiseAnalytical thinkingcontent creator

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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