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  • January 21, 2022
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Theory of Consumer Demand

5.Normal Goods, Inferior goods, Giffen Goods, Substitutes, Complements, Income Offer curve, Price Offer curve, Engel curves (IES 2012)

Topic Discussed

  1. Normal and Inferior Goods
  2. How demand changes as income changes?
  3. Comparative Statics
  4. What conditions need to be satisfied for a good to be Giffen good?
  5. Veblen Goods
  6. Income Offer curve and Engel curve of Perfect Substitutes
  7. Income Offer curve and Engel curve of Perfect Complements
  8. Income Offer curve and Engel curve for Quasi-linear Pref
  9. Price Offer curve and Demand curve : Perfect Substitutes
  10. Price Offer curve and Demand curve : Perfect Complements
  11. Income Offer Curves
  12. Both Goods can’t be Inferior
  13. A Good can’t be Inferior at all Income Levels
  14. Engel Curves
  15. Substitute Goods and Complement Goods

Past Year Question(s) Discussed in this class/recording :

IES 2012, Q 1 (h)

6. Duality, Indirect Utility function, Expenditure function (IES 2013, 2014, 2018, 2010)


Topic Discussed:

  1. Properties of IOF
  2. Perfects Compliments
  3. Perfect Substitutes
  4. Max Function
  5. Roy’s Identity
  6. Expenditure Function
  7. Properties of Expenditure Function
  8. Sheppard’s Lemma

Past Year Questions Discussed in this class/recording :

IES 2013, Q 1 (j)

IES 2014, Q 1 (a)

IES 2018, Q 2 (a)

IES 2018, Q 1 (e)

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