[Microeconomics] Types of Goods- Giffen, Veblen, Inferior; Elasticity of Demand & Supply, Marginal Utility curve & More

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IAS Mock Interviews
  1. Prologue
  2. MiE/P1: Microeconomics- Type of Goods, Elasticity of Demand & Supply, Giffen, Veblen, Inferior Goods
  3. MiE/P2: Types of Market Structures, Marginal Utility Curve, Average cost, Capital Formation, Propensity to save
  4. 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

Giffen Goods

  • 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

Microeconomics: Marginal Utility

  • 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

Remaining lectures in BES16 series

Since some players are getting restless / worried- here is the answer to their question “how many videos / lectures left?”

VideoApprox. length
BES164/P6: GDP, inflation from latest survey0:30 minutes
BES165: Paris Summit, Rail budget, energy-communication infra.3:30 minutes
BES166: HRD-2015, Census-20112:30 hrs
Total remaining duration6:30 hrs

and that’ll be the end for this years’ BES-series.

Mrunal recommends

  1. (free) NCERT, NIOS, TN-Books 4 History,Geo,Sci
  2. Indian Polity M.Laxmikanth (Hindi | English)
  3. Spectrum: Modern History (Hindi | English)
  4. Maths: Quantam CAT Sarvesh Kumar
  5. Objective General English SP Bakshi
  6. Word Power made Easy -Norman Lowe
  7. Topic wise Solved Paperset by Disha

39 Comments on “[Microeconomics] Types of Goods- Giffen, Veblen, Inferior; Elasticity of Demand & Supply, Marginal Utility curve & More”

  1. haha I m the one among them restless about duration of the remaining lectures…thank bhai… :)

    1. Friend how I can get the powerpoint presentaion of the lectures

  2. Hi, mrunal please upload HFS11 P1-P4 ppt. It is missing somehow

    1. +1(of history)

  3. kabali….mrunal

  4. Hi sir ,thank u so much for ur service.if u release ur English version lecture series it wil b help ful for south indians and also at PAN India level..see sir pls if u can do it….
    Thank u…,

  5. Pdf upload karo…..youtube kaun dekhe ga 3G or 4G kai costly internet mai….

    1. Coaching aur padai dono hi costly hai …kyo kar rahe ho ..

    2. Mohit, Powerpoints of all videos, are available here Click Me

      PDFs are not created because
      many of the slides-won’t make sense without the accompanying animation.

  6. thank you sir … great series \,,/

  7. Thanks sir…. Long live Mrunal.

  8. Your making our life easier for the real needy people. Thanks a ton Guruji

  9. Thank you Mrunal sir, Pratik sir, Raj Tanil mam, Ishaani mam, Kavan Lambasiya sir,

    You guys have proven your commitments towards nation building. As ardent follower’s and as aspirant’s, we would like to value every second you guys have spent for us.

    I would like to thank mrunal and team from bottom of my heart.
    Long live Mrunal and team!!!!!!!!!

    Jai Hind

  10. thanku mrunal and team….

  11. Sir, pls take a note of the situation and upload the remaining PPT sooner than later . All our efforts might go in vain incase we fail to revise the concepts and lectures from the ppt. Its not possible to watch the videos repetadely.

    So , if some one from Mrunal’s sir side or if Sir u urself is seeing these comments than pls be quick to address our concerns .

    1. Kunal, I understand that. but often there are last minute additions and corrections in the PPT, just before we begin the recording.

      Hence, if draft-PPTs are uploaded in advance, it’ll do more dis-service to learner than benefit. because they’ll have to re-download the final-version thereby wasting twice the bandwidth.

      1. Sir , first of all many thanks for uploading the PPT’s of the discused lectures , :)

        By remaining ppt’s I meant the same old ppts concepts of which has already been discused .

        I badly needed it sir specially for the revision of microeconomics part , which is new to most of us if not than at least for me cz I never covered it for CSP .

        Thanks again sir for your responce , selfless efforts and light mood discussion of an intense subject in an exhaustive way , :) .

        May God bless us all in our edevour .

      2. the videos can be quickly revised, just by increasing the speed of lectures to x2.. :-)
        sir , i’m new in the preperation so want to know if u also provide something for current affairs and issues???

  12. Sir Plz upload history ppt….


  14. all the best and god bless u sir!

  15. Thanks a lot for such a great work. You have made Economy fun. Hope, able to crack exam with such a great help. Will surely come to Gujarat to meet and thank u. One day.. after the storm settles down.

  16. pls correct this very tiny typographical mistake in the note named

    [Microeconomics] Types of Goods- Giffen, Veblen, Inferior; Elasticity of Demand & Supply, Marginal Utility curve & More

    its woods at the place of goods in types of goods point.

  17. Thanks mrunal sir …and team

  18. sir, you are doing a great service to humanity ! Helping students to face such a inhumane exam (only Prelims is inhumane, not mains) is a real service to humanity in true sense! :)

  19. Thank you Mrunal Sir…loading for valuable notes.

  20. Hi Sir,
    Please start Sociology optional course for mains

  21. Sir you r great , I salute

  22. aap atak isliye rhe the kyunki aapka dhyan (slides + Green Screen (Chroma)) ke technical aspects pe jyada tha .by the way samajh me aaya hae sab. NCERT padh ke jo padhega use aur samajh me aayega. UPSC ke questions dekhne ke baad samajh me aaya ki SSC ki microeconomics jyada hard hoti hae. THANK U.

  23. no pdf for your latest videos please upload them sir

  24. Dear Mrunal Sir,

    Thanks to you for providing so much help

  25. please make economy and history lectures in english or else provide subtitle for videos

  26. Sir pls post the video in english language seperately sir. Im from south side.. Many of my friends too feeling tough in hindi sir.

  27. Sir please continue with the microeconomics series plz plz plz …. thank you

  28. Sir, small correction – Q: What is the slope of exceptional demand curve? Upwards to Right. (not Upwards to Left)

  29. Sir how to download ppt of microeconomocs lectures .

    Please help
    Thank u

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