Theory of Consumer Behaviour | Complete Microeconomics | UGC NET/SET Economics 2026 Class -1

This educational lecture covers the complete Theory of Consumer Behaviour within the field of Microeconomics. The content is structured for academic preparation, primarily targeting candidates preparing for examinations such as UGC NET Economics and State Eligibility Tests (SET). Key microeconomic concepts addressed include Utility Analysis utilizing the Cardinal Approach, the Law of Diminishing Marginal Utility, and the Law of Equi-Marginal Utility.

Further topics detailed are Indifference Curve Analysis, which employs the Ordinal Approach, and the concept of Consumer Equilibrium. The instructional session also examines the decomposition of the price effect into the income effect and the substitution effect. Analysis extends to specific goods categories, such as Giffen Goods and Inferior Goods, concluding with an overview of Revealed Preference Theory. The material is designed to provide clear conceptual understanding for competitive economics exams.