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

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

Prologue

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

Remaining lectures in BES16 series

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

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