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December 02, 2021
WEEK 4 (DAY 3 TO 7) : THEORY OF VALUE AND WELFARE ECONOMICS : GENERAL ECONOMICS PAPER I : INDIAN ECONOMIC SERVICES
WEEK 4 (DAY 3 TO 7) : THEORY OF VALUE AND WELFARE ECONOMICS : GENERAL ECONOMICS PAPER I : INDIAN ECONOMIC SERVICES

In the last week, days 3 to 7, I completed videos pertaining to Theory of Value and have started Welfare economics, simultaneously. Some topics like Marshallian and Walrasian stability, cross subsidy free pricing are left, that I will be covering this week and will go deeper into welfare economics. Sometimes, when I read the syllabus, I have a feeling, that it could be more properly arranged, for example, before talking about externalities, we should discuss Pareto efficiency in detail; also before doing aggregation problem in welfare economics, Pareto efficient needs to be done more thoroughly. There is part 4, of Paper 1, Theory of Distribution. That I will be doing in the last, once, I have completed Welfare economics and Public goods and externalities. Also, while doing theory of Value, I thought of recording ancillary topics like product differentiation, entry deterrence, collusion etc, but then they should be rather placed in Industrial economics, in Paper 3. Following are snapshots of recordings done in these days Cournot Equilibrium Natural Monopoly and Average Cost and Marginal Cost Pricing Intertemporal Choice Part 1 Intertemporal Choice Part 2 Pareto Efficiency Meaning and Introductory Concepts

December 02, 2021
WEEK 4 (DAY 1 AND 2) : THEORY OF VALUE : GENERAL ECONOMICS PAPER I : INDIAN ECONOMIC SERVICES
WEEK 4 (DAY 1 AND 2) : THEORY OF VALUE : GENERAL ECONOMICS PAPER I : INDIAN ECONOMIC SERVICES

When I start writing notes for these videos, sometimes I get too consumed in the depth I can cover, but then nearly every time, I have to remind myself, that I have to stick to the syllabus which is given. While doing Cournot, or Bertrand or Stackelberg Model, there is so much, which I can discuss, but then given the trends in the past years and syllabus, have to restrain myself. Also, while making these videos, I realised that it will be better, if we make notes in a question and answer format, it will have a better retention. In Indian economic services paper, this covers a part of Theory of Value (Pricing under different market forms) Following questions, which were answered in today’s recordings are these : How does Cournot output in equilibrium compare with that of the perfect cartel? Explain mathematically and graphically. 2. Suppose market demand function is p(Q) = a-bQ, where b > 0. There are two firms, i =1,2. The cost function of the ith firm is Ci(qi) = c.qi. Derive equilibrium output, price and industry profits under following assumptions : Bertrand Cournot Perfect cartel 3. Analytically show that the Nash equilibrium in Bertrand equilibrium, with...

December 02, 2021
WEEK 3 : THEORY OF VALUE : GENERAL ECONOMICS PAPER I (INDIAN ECONOMIC SERVICES)
WEEK 3 : THEORY OF VALUE : GENERAL ECONOMICS PAPER I (INDIAN ECONOMIC SERVICES)

My apologies for being little late in posting this weekly post. I was little occupied with ECOPOINT classes, so didn’t get the time to post it here. I started with Topic 3, Theory of Value, General Economics Paper 1, Indian Economic Services. I like this topic, there is a lot of room to play and discuss so many things, but I have kept myself restricted to the syllabus defined. In the syllabus, there is a subtopic, Pricing in different markets, now this involves detailed discussion of how optimal price is arrived in different market forms, perfect competition, we have already discussed, the thing which is left is, Imperfect market forms viz. Monopoly, Price discrimination in Monopoly, Peak Load pricing and Marginal cost Pricing and Natural Monopoly dilemma. These were the topics which I discussed this week. After explaining the model, have discussed the numerical example for each, to give a broader and better understanding of each of them. This week, I didn’t record any IES past years papers, will be doing them in the coming week. I wanted to cover some room first and then move on to the past years. I will be doing the same topic 3, next...