New Online Batches

Online Coaching for Indian Economics Services and Other Courses

IES, IAS Economics Optional & UGC Net Economics Preparation

Online Courses: Indian Economic Services, IAS Economics Optional, UGC Net Economics

December 02, 2021
INDIAN ECONOMIC SERVICES : INDIFFERENCE CURVE ANALYSIS AND UTILITY FUNCTION; DUALITY, INDIRECT UTILITY FUNCTION
INDIAN ECONOMIC SERVICES : INDIFFERENCE CURVE ANALYSIS AND UTILITY FUNCTION; DUALITY, INDIRECT UTILITY FUNCTION

Hello Guys, we have started our online classes again from 8th November this year. Here I am documenting what all we have completed this week, and within each class what is discussed, including the previous years questions which are discussed in each class/recording. You may look at this blogpost, as the set of question bank, when you are preparing your notes. I think I will take one more week to complete this topic 1, of Paper 1. This coming week I will be discussing Revealed preference approach, Elasticity of Demand and Supply (several questions are asked in previous years from this subtopic), and Game Theory concepts, Nash Equilibrium and Dominant Strategy Equilibrium Indifference Curve Analysis and Utility function (Part 1) : Rational Preferences, Diminishing MRS, Properties of Indifference Curves Topics discussed Consumption Set Consumer Preferences Rationality Axioms Utility Representation Indifference Curve and Marginal Utility Marginal Rate of Substitution Properties of Indifference Curve 2. Indifference Curve Analysis and Utility functions (Part 2) (Demand functions) (IES 2011, 2015, 2017, 2018, 2019, 2020) Topics Discussed Optimization Principle Utility Maximization Budget Constraint First order conditions for a maximum Second order conditions Perfect Substitutes Past Year Questions Discussed in this class/recording IES 2018, 9 (a) Consider...