Learn · An Introduction to Microeconomics
Lecture 2 of 141week-01
Lecture-02 Resources, Wants & Scarcity
Prof. Vimal Kumar · IIT Kanpur
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- An Introduction to Microeconomics, IIT Kanpur (at NPTEL)
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All the lectures
- Lecture-01 What is Economics ?
- Lecture-02 Resources, Wants & Scarcity
- Lecture-03 Allocation, Command, Market and Mixed Economy
- Lecture-04 Individual
- Lecture-05 Rationality, Self Interest and Optimization
- Lecture-06 Branches of Economics
- Lecture-07 Introduction to Demand & Supply
- Lecture-08 Demand
- Lecture-09 Demand:Effect of Substitutes and Complements
- Lecture-10 Market Demand Function
- Lecture-11 Factors Affecting Demand
- Lecture-12 Supply and Market Supply
- Lecture-13 Supply: Effect of Substitutes and Complements
- Lecture-14 Factors Affecting Supply
- Lecture-15 Market Equilibrium
- Lecture-16 Few Examples
- Lecture-17 Application: Price Control
- Lecture-18 Consumer Surplus
- Lecture-19 Producer Surplus
- Lecture-20 Total Surplus
- Lecture-21 Effect of Price Control on Surplus
- Lecture-22 Implications of Market Equilibrium
- Lecture-23 Price Elasticity of Demand
- Lecture-24 Elastic, Inelastic and Unit- elastic Demand
- Lecture-25 Perfectly Elastic and Perfectly Inelastic Demand
- Lecture-26 More on Elasticity
- Lecture-27 Factors Affecting Price Elasticity of Demand
- Lecture-28 Effect of Taxation
- Lecture-29 Tax Imposed on Seller
- Lecture-30 Incidence of Tax
- Lecture-31 Incidence of Tax: Four Extremes
- Lecture-32 Incidence of Tax: Effect on Surplus
- Lecture-33 Towards Consumer Theory
- Lecture-34 Budget Line and Budget Set
- Lecture-35 Factors Affecting the Budget Line
- Lecture-36 Few Examples of Changes in Budget Line
- Lecture-37 Consumption Set
- Lecture-38 Convexity of Consumption Set
- Lecture-39 Describing Utility
- Lecture-40 Some Axioms
- Lecture-41 Preferences as a Mathematical Construct
- Lecture-42 Rationality in Real Life Vs. Rationality in Economics
- Lecture-43 More on Three Axioms of Rationality
- Lecture-44 Defining Utility Function
- Lecture-45 Ordinal Vs. Cardinal Utility
- Lecture-46 Properties of Preferences: Continuity
- Lecture-47 Indifference Set
- Lecture-48 Indifference Curve
- Lecture-49 Behavioural Assumption: More is Better
- Lecture-50 Properties of Preferences: Convexity
- Lecture-51 Marginal Rate of Substitution (MRS)
- Lecture-52 DMRS and Convexity: Example
- Lecture-53 Summary
- Lecture-54 Utility Maximization
- Lecture-55 Utility Maximization: tangency criterion
- Lecture-56 More on Utility Maximization
- Lecture-57 Utility Maximization: Example
- Lecture-58 Example Revisited
- Lecture-59 Marginal Utility Vs. Marginal Rate of Substitution (MRS)
- Lecture-60 Perfect Substitutes
- Lecture-61 Perfect Complements
- Lecture-62 An Example with Quasi Linear Preferences
- Lecture-63 Demand Revisited
- Lecture-64 Effect of Income on Quantity Demanded
- Lecture-65 Effect of Change in Price
- Lecture-66 Substitution Effect and Income Effect
- Lecture-67 Giffen Good
- Lecture-68 Expenditure Minimization as a Dual Problem of Utility Maximization
- Lecture-69 Marshallian and Hicksian Demand Function
- Lecture-70 Slutsky Equation
- Lecture-71 An Application: Subsidy Vs. Direct Benefit Transfer
- Lecture-72 Towards Producer Theory
- Lecture-73 Technology or Production Function
- Lecture-74 Isoquants
- Lecture-75 Few Axioms Related to Technology
- Lecture-76 Axioms/ Assumptions Continued
- Lecture-77 Production in Short Run
- Lecture-78 Average and Marginal Product of Labour (APL & MPL)
- Lecture-79 More on APL and MPL
- Lecture-80 Law of Diminishing Marginal Returns
- Lecture-81 Production in Long Run
- Lecture-82 MRTS: Few Examples
- Lecture-83 Decreasing MRTS
- Lecture-84 Elasticity of Substitution
- Lecture-85 Returns to Scale
- Lecture-86 Elasticity of Scale
- Lecture-87 Economic Terminology: Opportunity Cost
- Lecture-88 Economic Terminology: Sunk Cost
- Lecture-89 Economic Terminology: Economic Profit and Accounting Profit
- Lecture-90 Diminishing Marginal Product Vs. DMRTS
- Lecture-91 Returns to Scale through Graphs
- Lecture-92 Cost in Long Run
- Lecture-93 Cost Minimization
- Lecture-94 Cost Minimization: Few Examples
- Lecture-95 Cost Minimization: Cobb-Douglas Production Function
- Lecture-96 More on Cost Minimization
- Lecture-97 Cost Function in the Long Run
- Lecture-98 Cost in Short Run: TC, FC and VC
- Lecture-99 Cost in Short Run: MC
- Lecture-100 Shape of Cost Curves
- Lecture-101 Factor Demand Function
- Lecture-102 Output Expansion Path
- Lecture-103 Cost Revisited: Quasi Fixed Cost
- Lecture-104 Cobb-Douglas Function: Cost and Returns to Scale
- Lecture-105 Short Run Vs. Long Run Cost Minimization
- Lecture-106 Short Run Vs. Long Run Cost Minimization Through Graphs
- Lecture-107 LRAC Vs. SRAC
- Lecture-108 Short Run Marginal Cost Vs. Long Run Marginal Cost
- Lecture-109 Profit Maximization
- Lecture-110 Marginal Revenue
- Lecture-111 Profit Maximization in Short Run Through Graphs
- Lecture-112 Profit Maximization in Short Run Through Algebra and Calculus
- Lecture-113 Market Environment
- Lecture-114 Perfectly Competitive Market
- Lecture-115 Supply Curve
- Lecture-116 An example obtaining the short run supply function
- Lecture-117 Two Interpretations of Supply Function
- Lecture-118 Profit maximization implies cost minimization
- Lecture-119 Producer’s Surplus Revisited
- Lecture-120 Profit Maximization and Returns to Scale
- Lecture-121 Short Run Supply Vs. Long Run Supply
- Lecture-122 Long Run Equilibrium and Supply Function
- Lecture-123 Introduction to Monopoly
- Lecture-124 Marginal Revenue of the Monopolist
- Lecture-125 Monopoly: Price Elasticity of the Demand and MR
- Lecture-126 Profit Maximization for the Monopolist
- Lecture-127 Inverse Elasticity Pricing Rule
- Lecture-128 Profit Maximization for the Monopolist through Graph
- Lecture-129 No Supply Function for Monopoly
- Lecture-130 Monopoly: Comparative Statics
- Lecture-131 Imposition of the Tax on the Monopolist
- Lecture-132 Welfare Effects of Monopoly Pricing
- Lecture-133 Price Discrimination
- Lecture-134 Monopoly: Example
- Lecture-135 Responses from Policy Makers
- Lecture-136 Introduction to Oligopoly
- Lecture-137 Nash Equilibrium
- Lecture-138 Cournot Model of Duopoly
- Lecture-139 Stackelberg Model of Duopoly
- Lecture-140 Bertrand Model of Duopoly
- Lecture-141 Market Environment: Comparison Table