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Course Content
Basic Concepts on Economics
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Goods
Classification of Goods
Utility
Value Vs Price
Wealth
Concept of Production and Consumption
Concept, Definition, nature and subject matter of economics
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Concept of Economics
Definition of Smith (Wealth Definition)
Definition of Marshall (Welfare Definition)
Definition of Robbins (Welfare Definition)
Scope of Economics
Consumer Behavior
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Total Utility and Marginal Utility
Law of Diminishing Marginal Utility
Indifference Curve
Indifference Schedule
Indifference Map
Marginal rate of substitution (MRS)
Properties of Indifference Curves
Price Line or Budget Line
Consumer’s Equilibrium (Maximum Satisfaction)
Criticism on Indifference Curve Analysis
Price Effect
Income Effect
Substitution Effect
Giffen’s good and the law of demand
Demand
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Concept of demand
Determinants of Demand:
Law of Demand
Extension and Contraction of Demand
Increase and Decrease in Demand
Exceptions to the Law of Demand
Types of Demand
ELASTICITY OF DEMAND
Types of Elasticity of Demand
Factors Influencing the Elasticity of Demand
Measurement of Elasticity of Demand
Uses of Elasticity of Demand
Types of income elasticity of demand
Supply and Cost
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Supply
Determinants of Supply
Law of Supply
Extension and Contraction of Supply
Increase and decrease in supply
Elasticity of Supply
Different Types of Elasticity of Supply
Determinants of Elasticity of Supply
Exceptional Supply Curve or Backward bending Labour Supply Curve
Interaction of Demand and Supply
Cost
Fixed and Variable Costs
Short-run to long-run cost/function
Graphical Properties of variable and fixed costs
Determinants of cost
Importance of fixed and variable cost
SR and LR differences in equilibrium conditions of the firm
Market
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Meaning of Market
Market Structure
Land and Rent
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FACTORS OF PRODUCTION
Land
Types of assets
Characteristics of Land
Rent
Ricardian Theory of Rent
The modern Theory of rent
Quasi Rent
Labour and Wage
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Labour
Introduction to wage
Marginal Productivity Theory of Wage
Demand-Supply Theory of Wage
Capital and Investment
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Capital
Types of Capital
Concept of Interest
Differences in interest rates
Theories of Interest
Liquidity Preference Theory of Interest
Modern Theory of Interest
Organization and Profit
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Concept of Organization
Forms of Business Organization
Profit
Net profit and Gross profit
Profit Theories:
Theories of Population
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Malthusian Theory of Population
Optimum Theory of Population
Differences Between Malthusian and Optimum theory of population
Master Principles of Economics – Notes, Case Studies & Practical Insights – with Rahul

Giffen’s good and the law of demand

An exception to the Marshall’s law of demand is called “Giffen’s Paradox”. The paradox states that for some special inferior goods, the amount demanded does not raise with a fall in their price, rather it decreases.

What is the demand curve for a Giffen good? - Quora

Fig 5: Giffen’s Good and the law of demand.

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