New Online Batch : Live Classes : Indian Economic Services 2021 / Indian Administrative Services (Economics Optional) : 20th April 2021, 10 AM

Indian Economic Services Coaching with live online classes and separate platform for Recordings.

  • Day/s of classes : Monday to Friday
  • Timings : 10 AM tentatively
  • Number of Classes per week : Five classes 
  • Number of Hours per week : 5-6 Hours
  • Online Platform : Yes
  • Will I be given Recordings ? You will be given an online platform on which all recordings are uploaded.
  • What if I miss any online class ? You are given recordings daily, so you need not worry about it.
  • I cannot attend live classes, as I have college/ work etc? You are given recordings, and after going through recordings at your own pace, you can ask doubts on the platform
  • What all you will cover in the course ? Paper 1, 2, 3 and 4 for IES and Complete Paper 1 and 2 for IAS Economics Optional
  • Will it be strictly according to the syllabus? Yes, that is why, we have live classes. They (live classes) help in streamlining the course as we go on.
  • Will you cover every topic in the live class? Mostly yes. Sometimes we will also be giving you recordings to be done before or after the class. They will also be uploaded in the same folder, where other current live classes are getting uploaded
  • Why live classes, you could have just given the recordings? Yes, we could have and we have been doing that, but interaction with students helps, not only to students but it helps us (teachers) also. It helps in making the course, resembling one to one to the syllabus.
  • How will you clear doubts? You have our numbers, you can message us or you may mail us. There is forum on the platform too, which you can use. Also, while the class is going on, you may ask your doubts there too.
  • What is the medium (language) of instruction ? English
  • In how many months you will cover the syllabus? At least, four months, but it can slip over to more months too. The exam is generally in June, so we have enough time to prepare
  • Will I be getting the entire course on the day we enroll ? Yes, the course is already recorded. And with this year’s (almost) daily live class, it will be updated even better
  • Do I have to compulsorily come to the live class? It depends on you. It helps in bringing discipline and regularity, but there are many students who always want to do things at their own pace, for them recordings are always there.
  • What if I join in the middle of the course? You can join at anytime. Once the course has started you can always watch recordings of previous classes. But at that same time, you also have to understand that there is nothing like joining in the middle of the course in online course. You are getting entire course at once, plus, you will be getting the set of live class recordings, already held, properly arranged on a platform. You may do them, and ask doubts, if any.
  • Is Coaching necessary to clear this exam? No, and a resounding no. Leave this paper, coaching is not necessary for any paper, what is necessary, is, your notes, your revision and your regularity. Coaching can give you a regularity, which sometimes students lack and it will help you make notes along with past years, so that you don’t have to spend your time in researching and making notes. And there is someone from whom you can interact and ask doubts. This is the way coaching can help. This is the right attitude before joining any coaching.
  • Is this coaching sufficient to clear this exam ? Again, there is nothing like sufficient. What we have done is, we are making notes for you, along with past years. We can take your regular classes. We can complete the entire syllabus. This is the best we can do. Some of you might want to delve more deep into the subject, then you are most welcome, to do that. But classes would revolve around the syllabus and the kind/level of questions asked in previous years. 
  • Is this a difficult course? No, but it is huge. That makes it difficult. Anything worthwhile is little difficult. 
  • For many how many days, will I be getting a platform? 365 days from the date of enrolment.
  • I am currently enrolled, and have already done the old course, should I also attend the live class? There is no harm, at least for an hour everyday. If there is anything new, you may add to your notes and if not, then it will be revision for you.
  • I want to see a demo, do you provide any? There are many demo videos provided, please have a look at them. We will also be providing an index of classes we are taking, so that you will know the current status at which live classes are going on. For demo videos , please click here
  • Is the course already recorded? Yes, and it will be updated with these live classes
  • I am preparing for IAS Economics Optional, so should I attend live classes? The course for Indian Economic Services is a superset, it includes almost all topics, which are asked in IAS Economics Optional and includes few more topics. There is a nomenclature difference between the two. There are few topics like Economic History, asked primarily in IAS Economics Optional but not in IES, its (Economic History) will be separately provided. But right now, the course which will be followed strictly is IES, and later, we will also bring up the cycle for (word-for-word) IAS Economics syllabus. You may check the syllabus of two papers yourself and then decide
  • Is this course useful for UGC NET Economics? Well, yes and no both. It depends how you look at it. Micro, Macro, Development Eco, International Eco, and all other subjects will remain same, whether you prepare for IES/ IAS Economics Optional or UGC Net. But the questions which will be discussed here will be descriptive and not MCQs, as are asked in UGC Net Economics. The topics will remain same, but the pattern of the questions are different, so you decide. In these live classes / recordings, no MCQs will be discussed, but we are sure you may answer them, having gone through the course. But, again, you may wait, till we come up with UGC Net Economics course explicitly.
  • What is the fees of this online course?  Rs 30,000
  • How to Register for this course ? Pls click here and fill up the required information
  • I have more queries regarding this course ? Please call at 9999886629 and clear your queries

Indian Economic Services : Revealed Preference Theory, Elasticity of Demand, Simple Games of Complete Information and Concept of Nash Equilbrium, Choice Under Risk and Uncertainty, Labour Leisure Choice and Backward Bending Supply Curve of Labour and Overtime Wages

Revealed Preference Theory (IES 2019)

Topic Discussed

  • Revealed Preference Theory
  • Assumption
  • The principle of Revealed Preference
  • Weak Axiom of Revealed Preference

Past Year Questions Discussed

Q 2 (c) IES 2019

An individual buys two goods X and Y at prices Px and Py. Check whether her behavior satisfies the Weak Axiom of Revealed Preference, given the following information: 

When (Px , Py) = (1, 2), (X, Y) = (1, 2)

When (Px, Py) = (2, 1), (X, Y) = (2, 1)

Elasticity of Demand and its relation with the Slope of Demand Curve (IES 2011, 2015, 2017, 2019)

Topic Discussed

  • Elasticity of Demand and Supply
  • Price Elasticity of Demand
  • Arc Elasticity
  • Problems in using Arc Elasticity
  • Point Elasticity of Linear Demand Curve
  • Constant Elasticity Demand Curves
  • Elasticity of Demand Curves Parallel to each other
  • Elasticity of two intersecting Demand Curves
  • Elasticity with Different Slopes of Demand Curves

Past Year Questions Discussed

Q 2(a) IES 2017

How can you measure the price elasticity of demand at any point on a straight line demand curve?

Q 2(b) IES 2017

Compare between price elasticity at a given price and also at a given quantity for a set of parallel demand functions.

Q 3 IES 2011/ 1(b) 2015/ 2019

The demand function Q1 = 50- P1 intersects another linear demand function Q2 at P = 10. The elasticity of demand for Q2 is six times larger than that of Q1 at that point. Find the demand function for Q2.

Cross Price Elasticity of Demand, Income Elasticity of Demand, Total Expenditure Method (IES 2011, 2013, 2014, 2016)

Topics Discussed

  • Cross Elasticity of Demand 
  • Substitute Goods
  • Complementary Goods 
  • Income Elasticity of Demand
  • Share of Weighted Income Elasticities = 1
  • Homogeneous Function
  • Euler’s Theorem
  • Sum of Own-Price Elasticity, Cross Price Elasticity and Income Elasticity for Marshallian Demand Function = 0
  • Elasticity and Revenue 
  • Elasticity and Marginal Revenue
  • Marginal Revenue Curves

Past Year Ques Discussed

Q 1(e) IES 2011

Define cross elasticity of demand. Based on such definition, how can you distinguish between the

substitute goods and the complementary goods?

Q 2 IES 2016

Derive the demand functions from the utility function U = f (q1, q2, ..qn) subject to budget constraint y = p1q1 + p2q2 + …+ pnqn and if the demand function for a commodity i (i = 1, 2, ..n) is homogeneous of degree zero in prices and income, then show that the sum of own and cross price elasticities of demand for the commodity equals its income elasticity of demand with negative sign.

Q 1 (h) IES 2011

Consider a linear demand function q = a – bp, where q = quantity demanded, p = price per unit

and a, b > 0, Find out the average and the marginal revenue and draw the diagram.

Q 1 (a) IES 2013

If the law of demand is x =a e-bP, where p is price and x is quantity demanded. Express price elasticity

of demand, total revenue and marginal revenue as functions of x.

Q11 IES 2013

For statistically estimated demand function for the commodity X,

DX = 1547 Px 0.2 Py 0.3 A 0.4 / Pz 0.5 B 0.3

(where x, y, z are goods, A stands for advertisement outlay, B for budget of the consumer and Px , Py , Pz are prices of goods x, y, z respectively).

Answer the following:

(a) How are x, y and z related?

(b) Whether x is an inferior, normal or Giffen type good? 

(c) What would be the percentage change in demand for x (i.e. Dx) and in which direction if advertisement outlay increases by 50 percent?

Simple Games of Complete Information and Concept of Nash Equilbrium (IES 2012, 2014, 2016, 2018)

Topic Discussed

  • Dominant Strategy Equilibrium
  • Nash Equilibrium
  • Mixed Strategy Nash Equilibrium
  • Problem with Nash Equilibrium
  • Sequential Game
  • Mixed Strategy and Nash Equilibrium

Past Year Ques Discussed

IES, Q 1 (f) 2014

What is Nash Equilibrium? Do all games have Nash Equilibrium? Can a game have more than one equilibrium?

Q 12, IES , 2012

What is ‘Prisoner’s Dilemma’? Discuss its importance and implications in Game theory.

Q 9 (b) IES, 2016

In a non- cooperative game, find

  • Saddle point in a pure strategy game
  • Maximum expected pay-off in a mixed strategy game
  • Solution of a sequential game in an ‘extensive form’

Q 3,IES 2018

Consider a one shot simultaneous move game with two players, Player 1 and Player 2. Let si, i = 1, 2 designate a pure strategy of player i. Let si ≠ 0 be the pure strategy set of player i, and πi (s1 , s2 ) be the pay-off function for player i, i = 1, 2.

(a) Define a Nash equilibrium in pure strategies for this game. 3

(b) Consider the following game:

                                                            Player 2

 S21S22
S1110, 100, 12
S1212, 03, 3

.

Player 1

Show that the unique pure strategy Nash equilibrium is not Pareto optimal. 

Choice Under Risk and Uncertainty (Part 1) : Simple, Compound and Reduced form Lotteries ; Preferences over Risk (Independence Axiom and Continuity Axiom); Expected Utility Function (VNM Expected Utility Function)

Topics Discussed

  • Choice under risk and Uncertainty
  • St. Peters berg Paradox
  • Lotteries
  • Simple Lottery
  • Compound Lottery
  • Reduced Lottery
  • Preferences over Lotteries
  • Expected Utility Theory

Choice Under Risk and Uncertainty (Part 2) : Expected Utility function Unique (IES 2013); Risk Averse, Risk Loving, Risk Neutral; Arrow Pratt Measure of Risk Aversion; Demand for Insurance

Topics Discussed

  • Expected Utility Theory and Risk Aversion 
  • Certainty Equivalent and Risk Premium 
  • Arrow Pratt Measure of Risk Aversion
  • Relative Risk Aversion
  • How Absolute Risk Aversion Changes with Wealth
  • How Relative Risk Aversion Changes with Wealth
  • Risk Aversion and Insurance

Past Year Question Discussed

 Q3, IES, 2013

Describe Von Neuman and Morgenstern utility index. Is this index unique? Explain.

Labour Leisure Choice and Backward Bending Supply Curve of Labour and Overtime Wages (IES 2018)

Topic Discussed

  • Backward Bending Labour Supply Curve
  • Overtime and the Supply of Labour

Question Discussed

Q 5 (b), IES, 2018

How can you get the wage offer curve and the supply curve of labour? In a flourishing economy there is every possibility that the labour supply curve will be backward bending. Do you agree? Justify your answer.