MiE/P2: Types of Market Structures, Marginal Utility Curve, Avg. Cost, Economies of Scale

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- 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.
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- Faculty Name: You know who, now in HD
- Language: Hindi; Powerpoints: English
- Powerpoint available at http://Mrunal.org/download Goto Mediafire folder- Powerpoints - 1_Mrunal -4_Sectors of Economy
- Exam-Utility: UPSC IAS IPS Civil service exam and its Preliminary (CSAT), Mains and Interview stage; and other banking exams (IBPS, RBI), Staff selection commission (SSC-CGL), GPSC, MPPSC, RPSC and other state services examinations