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December 02, 2021
WEEK 2 : THEORY OF PRODUCTION : GENERAL ECONOMICS PAPER I (INDIAN ECONOMIC SERVICES)
WEEK 2 : THEORY OF PRODUCTION : GENERAL ECONOMICS PAPER I (INDIAN ECONOMIC SERVICES)

This was a Diwali week, so it took a real effort to bring myself on the recording table time and again and record these. But you know, doing these recordings and teaching a class, is the best part of the day. I did, Theory of Cost, but apparently, this topic was not sufficiently separated in the syllabus, but they did ask questions, however sparingly these last years. There was only one topic, assigned specifically to Duality and Cost, and there was a question last year (2019) from it. I have also dealt with the same in the second heading, named Cost Functions for Perfect Complements, Perfect Substitutes and Max Functions. Again I took a lot of help of Nicholson & Snyder and Varian, while making these. Questions from this topic, which were asked in previous years, I will be covering next week. Cost Minimization Cost Functions for Perfect Complements, Perfect Substitutes and Max Functions Demand function and elasticity in a perfectly competitive market Unconditional Input demand functions Example Sheppard’s Lemma and Contingent Input Demand Functions Unconditional Input demand functions and SR Marginal cost function Example Short Run Supply Curve and Shutdown Point Shutdown price and Minimum efficient scale of production...

December 02, 2021
WEEK 1 : THEORY OF PRODUCTION: GENERAL ECONOMICS PAPER I (INDIAN ECONOMIC SERVICES)
WEEK 1 : THEORY OF PRODUCTION: GENERAL ECONOMICS PAPER I (INDIAN ECONOMIC SERVICES)

I have been making videos for Indian economic services for quite sometime, I thought of revamping the course many times, but now, I am determined that I have to do this, and make this course as useful for students as possible. This week, I tried to cover ‘Theory of Production’, (Topic 2 : Paper 1, Indian Economic services). In the syllabus, following topics are mentioned Factors of production and production function. Forms of Production Functions: Cobb Douglas, CES and Fixed coefficient type, Translog production function. Laws of return, Returns to scale and Return to factors of production I particularly followed Nicholson and Snyder for the above topics and also referred to Varian here and there to put some final touches. Have completed following videos, pertaining to the above topic : Production function, Returns to scale and Returns to production function Homogenous Functions and Homogenous Production functions (IES 2011) Expansion Path of not linearly Homogenous production function (IES 2013, 2015, 2018) Cobb Douglas Production function (IES 2013, 2016, 2018) Returns to Scale and Convexity of Isoquants Numerical (IES 2014) Forms of Production function (Cobb Douglas : Elasticity of Substitution) (IES 2018) Types of Production functions (Perfect Substitutes and Leontieff Production function)...