MiE/P1: Microeconomics- Type of Goods, Giffen-Veblen-Inferior, Elasticity of Demand & Supply

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- 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
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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
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