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Formula Sheet

Theory of Consumer Behavior — Formula Sheet

Madhya Pradesh Board · Class 12 · Economics

11 formulas from Theory of Consumer Behavior (Madhya Pradesh Board Class 12 Economics) on one page, grouped by topic.

46 questions80 flashcards11 formulas & key relations5 concepts

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An illustration showing a consumer facing a choice between two goods (e.g., bananas and mangoes) with a limited income, representing the fundamental problem of choice in consumer behavior.
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11 Entries · 5 Sections

Formulas and Key Relations

1. Utility and Marginal Utility

MU_n = TU_n - TU_{n-1}

TU_n = MU_1 + MU_2 + ... + MU_n

2. Ordinal Utility, Indifference Curve, and MRS

MRS = |ΔY / ΔX|

MRS falls as bananas increase

3. Budget Set and Budget Line

p_1x_1 + p_2x_2 ≤ M

p_1x_1 + p_2x_2 = M

x_2 = M/p_2 - (p_1/p_2)x_1

Δx_2 / Δx_1 = -p_1 / p_2

4. Consumer Equilibrium

MRS = price ratio

Budget constraint

p1x1 + p2x2 ≤ M.

Budget line

p1x1 + p2x2 = M.

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Frequently Asked Questions

What are the important topics in Theory of Consumer Behavior for Madhya Pradesh Board Class 12 Economics?
Key topics in Theory of Consumer Behavior include Utility, Cardinal Utility Analysis, and Marginal Utility, Ordinal Utility Analysis, Indifference Curve, and MRS, Budget Set, Budget Line, and Consumer’s Optimum, Demand, Law of Demand, and Market Demand. Study these first, then practise questions on each for the Madhya Pradesh Board Class 12 board exam.
How many formulas are in Theory of Consumer Behavior?
This sheet lists 11 formulas from Theory of Consumer Behavior, grouped by topic. Learn what each symbol stands for so you can apply the formula, not just recall it.
How should I revise Theory of Consumer Behavior for the Madhya Pradesh Board Class 12 board exam?
Learn the core ideas first, then work through the 46 practice questions on Theory of Consumer Behavior. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All Madhya Pradesh Board Class 12 Economics Formula Sheet

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