- MiE/P1: Microeconomics- Type of Goods, Elasticity of Demand & Supply, Giffen, Veblen, Inferior Goods
- MiE/P2: Types of Market Structures, Marginal Utility Curve, Average cost, Capital Formation, Propensity to save
- Remaining lectures in BES16 series
Yes this is just subpart of BES164 (Sectors of Economy). I’ve given these two lectures different code (MiE/P*) because in future it’ll forkout as a separate playlist. Because BES16 (budget-Economic survey-2016) series may become redundant in the years to come, but Micro-economics theory will remain the same.
MiE/P1: Microeconomics- Type of Goods, Elasticity of Demand & Supply, Giffen, Veblen, Inferior Goods
- Type of Goods: free goods, common woods, public goods, private goods, economic goods, club goods, artificially scarce goods- features, examples and MCQs
- What is tragedy of commons?
- Types of demands for economic goods: individual versus market. Ex Ante vs. Ex Post, Joint demand, Derived Demand, composite demand
- Why is demand for a ‘factor of production’ is said to be a derived demand?
- 3 types of demand elasticity
- Positive cross elasticity in substitutes, Negative cross elasticity in complementary products, Zero cross elasticity
- Price elasticity of demand: perfectly inelastic, perfectly elastic, unitary elastic
- When demand curve shows “positive slope”: Veblen Goods, Giffen Goods, curfew and emergency situation
- Income elasticity of Normal Goods
- Giffen goods: understanding their demand slope and characteristics
- Inferior goods and their demand curve
- Laws of supply: understanding the difference between stock and supply; elasticity of supply
Youtube Link: https://youtu.be/r8gqIpaZOjA
MiE/P2: Types of Market Structures, Marginal Utility Curve, Average cost, Capital Formation, Propensity to save
- Definition of market; Characteristics of various types of markets: Perfect competition, Monopoly, Monopolistic, Oligopoly, Monospony: number of participants, nature of product, knowledge -entry-exit norms, who is the price marker?
- Price elasticity of demand during perfect competition
- Price discrimination in monopoly, natural monopoly; MRTP and CCI acts
- Economic cost, explicit vs implicit cost, normal profit, social cost, Total cost curve, average fixed cost curve
- Long term Average cost curve- economies and dis-economies of scale, law of variable proportion
- Economic cycle Recession, double dip recession
- Marginal Utility, rate of substitution, indifference line, budget line
- Propensity to consume, marginal propensity to save
- Basic terms of Microeconomics: wants, desire, consumption, utility, production, consumption, wealth, capital formation, investment multiplier, production possibility curve.
Youtube Link: https://youtu.be/18uebNiI8qY
Since some players are getting restless / worried- here is the answer to their question “how many videos / lectures left?”
|BES164/P6: GDP, inflation from latest survey||0:30 minutes|
|BES165: Paris Summit, Rail budget, energy-communication infra.||3:30 minutes|
|BES166: HRD-2015, Census-2011||2:30 hrs|
|Total remaining duration||6:30 hrs|
and that’ll be the end for this years’ BES-series.