Monthly Archives: October 2019

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 Example
  • Profit Maximization
  • Profit Maximization condition, Marginal revneue curve and Elasticity of demand
  • Profit Max, Marginal Revenue and Elasticity of demand Example
  • Equilibrium, Passing of a tax and Deadweight loss of a tax

 

While making these, I am strictly following syllabus only, but I have done the naming differently, because under one main heading, there are many issues to be discussed. While making notes, listen to these recordings and also read a book side by side. You know, having a sound knowledge of these basic subjects, particularly Microeconomics and Macroeconomics, is paramount, as these will be applied in all other subjects.

This week, I have started a new book, Inglorious Empire by Shahsi Tharoor. Since I have just started it, don’t have much to write about it.

For any queries about the course just mail or call us

Happy Studying,

N

 

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) and their elasticity of substitution (IES 2017)  
  • Diminishing MRTS and Diminishing returns to Labour numerical
  • Expansion Path a linearly Homogenous production function (IES 2015)
  • Elasticity of Substitution of CES Production function (IES 2011, 2012, 2017)
  • Technical progress and Growth Accounting
  • Technical progress and Growth Accounting Numerical example

Mostly, one should follow readings of Delhi University, they are more than sufficient to prepare for this paper or UPSC economics optional. I am also following the same readings, and you know, while reading them again and again, every time they teach something new or provide a new insight into the old concept. Anyways, you don’t have to read the same book repeatedly, you should keep a notebook alongside and maintain writing practice, always jot down points. Note-making is a skill, which you will develop slowly and gradually. You will improve every time you make new notes. If possible try to make notes in the question and answer format; in the second layer of recordings, I am also doing the same, after introducing the concept, I am trying to locate which questions were asked in the papers and then discuss them in the videos.

I still have to do Cost Theory, that is very cursorily mentioned in the syllabus, but still questions were asked in full capacity in the real exam. In this week, my goal is to complete all cost theory videos, and if possible a video on Types of productive and economic efficiency.

One thing which I want to tell all aspirants, is make notes of all sub-topics of the syllabus and if possible convert them in the question and answer format and write them. It will be very handy while revising all notes. I am also closely following the same strategy in my videos. More than anything, this course is like, a goal for me, am I able to cover full length and breadth of the syllabus. I have already made the first layer of recordings, now the present exercise is to superimpose new videos on the old ones and at the same time improve them.

This week, I was reading a spiritual novel, it is more like a memoir, “By His Grace, A Devotee’s Story” . It is based on the life and lila of Neem Karoli Baba. Have just completed a new book also, Atomic Habits. You guys should also read voraciously, it will help, it will help in forming your opinion, blossom new ideas in you. Do not just read academic books. You might be thinking, what is he writing all about, actually, some years down the line, I want to read my posts and think how I changed overtime, how my posts changed, how my thinking changed. I don’t want this blog to be just a selling mouthpiece, I want it to be my space, where I can express my views also.

Have not decided on which of the videos to give as a demo from the above ones, will put that in a day or two. For queries, you can mail or call us.

N