## Currently, I am offering following courses in online mode

- IAS – Economics optional
- Indian Economic Services (IES)
- Test Series for IAS Economics Optional
- Test Series for IAS Economic Services

__IAS Economics Optional – Syllabus____Indian Economic Services -Syllabus____UGC NET Economics – Syllabus__

**These are the classes which we have taken in 2021, Indian Economic Services course. Herein we are also mentioning the primary and secondary texts for topics. **

**General Economics 1 **

**Part 1 **

**Theory of Consumer Demand**

**(Readings : Hal Varian primarily; for few topics use HL Ahuja, which are not clearly given in Varian) **

- Cardinal Utility Approach
- Indifference Curve Analysis and Utility function (Part 1) : Rational Preferences, Diminishing MRS, Properties of Indifference Curves
- Indifference Curve Analysis and Utility functions (Part 2) (Demand functions) (IES 2011, 2015, 2017, 2018, 2019, 2020)
- Demand Functions | Neutrals | Economic Bads | Bliss Point (IES 2015)| Concave Preferences (IES 2021) |
- Normal Goods, Inferior goods, Giffen Goods, Substitutes, Complements, Income Offer curve, Price Offer curve, Engel curves (IES 2012)
- Duality, Indirect Utility function, Expenditure function (IES 2013, 2014, 2018, 2010)
- Applications of Indifference Curve Analysis | Compensating and Equivalent Variation | Income Subsidy vs Price Subsidy |
- Price, Income and Substitution Effects (IES 2010, 2011, 2012, 2016, 2017)
- Slutsky equation and Demand Curve
- Comparison of Cardinal Utility Approach and Ordinal Utility Approach | IES 2013 |
- Consumer Surplus | Part 1 | (IES 2010, 2011, 2014)
- Consumer Surplus | Part 2 |
- Application of Substitution and Income Effects | Intertemporal Choice | Case of a saver and a borrower |
- Revealed Preference Theory (IES 2019)
- Revealed Preference Approach | Derivation of Demand curve using Revealed Preference | Derivation of Indifference curve using Revealed Preference|
- Elasticity of Demand and its relation with the Slope of Demand Curve (IES 2011, 2015, 2017, 2019)
- Cross Price Elasticity of Demand, Income Elasticity of Demand, Total Expenditure Method (IES 2011, 2013, 2014, 2016)
- Backward Bending Labour Supply Curve | Choice of Labour and Leisure |
- Choice Under Risk and Uncertainty (Part 1) : Simple, Compound and Reduced form Lotteries ; Preferences over Risk (Independence Axiom and Continuity Axiom); Expected Utility Function (VNM Expected Utility Function)
- Choice Under Risk and Uncertainty (Part 2) : Expected Utility function Unique (IES 2013); Risk Averse, Risk Loving, Risk Neutral; Arrow Pratt Measure of Risk Aversion; Demand for Insurance
- Certainty Equivalence | Risk Premium | Fair Insuarance | Demand for Insuarance | Numericals |
- Simple Games of Complete Information and Concept of Nash Equilbrium (IES 2012, 2014, 2016, 2018)

**2. Theory of Production and Cost**

**(Readings : Nicholson and Snyder primarily; for few topics use HL Ahuja, which are not clearly given in NS) **

- Laws of Returns to a Variable Factor | Ridge Lines | Economic Region of Production|
- Factors of production and production function, Homogenous Production function and Expansion Path (IES 2015)
- Forms of Production Functions: Cobb Douglas, CES and Fixed coefficient type and Elasticity of Substitution
- Technical progress and Growth Accounting
- CES Production function and Elasticity of Substitution (IES 2012, 2017, 2018) And Laws of Variable Proportions and Laws of Returns to Scale
- Cost Minimization | Expansion Path |
- Cost Minimization, Example of Cost functions (IES 2020), Properties of Cost function, Returns to Scale (IES 2018)
- Cost function and Duality (IES 2019), U-shaped AC curve (IES 2010), Derivation of LTC, LAC and LMC curves
- Measures of Efficiency – Technical Efficiency, Allocative Efficiency, Productive Efficiency, X Efficiency
- Translog Production Function | Monotonicity | Marginal Product | MRTS | Elasticity of Substitution |
- Translog Cost Function | Elasticity of Substitution |
- Equilibrium of the Firm and Industry | Perfect Competition | Demand Curve | Supply Curve | Shut Down Point | SR Supply Curve | SR and LR Equilibrium |
- Equilibrium of the Firm and Industry | Constant Cost | Decreasing Cost | Increasing Cost Industry | IES 2015 | Simple Numerical Question |
- Equilibrium of the Firm and Industry | Tax Incidence Analysis |
- Equilibrium of the Firm and Industry | Incidence of Tax | Numerical Question | IES 2015 |
- External Economies and Diseconomies | LR Supply function | IES 2016 |
- Profit Maximization (IES 2017) | CES Production function with DRS and CRS (IES 2014) | AP and MP (IES 2018) |

**3. Theory of Value**

- Pricing under different market structures (Part 1) : Monopoly Profit Maximization, SR and LR Equilbrium, No unique supply curve of a Monopolist
- Pricing under different Market Structures (Part 2) – Monopoly LR Equilbrium, Multiplant Monopolist, Lerner’s Index
- Pricing under different Market Structures (Part 3) – Monopolist will never operate on Inealstic Portion of demand curve (IES 2011), Deadweight loss of Monopolist (IES 2012), Monopolist’s Profits (IES 2014),Third Degree Price Discrimination
- Pricing under different Market Structures (Part 4) – First, Second and Third Degree Price Discrimination
- Pricing under different Market Structures (Part 5) – Two Part Tariff
- Pricing under Different Market Structures (Part 6) : Cournot Duopoly (Part 1)
- Pricing under Different Market Structures (Part 7) : Cournot Duopoly (Part 2 ) and Introduction to Bertrand Duopoly
- Monopoly Profit Maximization | IES 2019 | Constant Elasticity of Demand and Monopoly Optimal | IES 2018 | Measures to assess Monopoly Power | IAS 2014 |\
- Pricing under Different Market Structures (Part 8) : Bertrand Duopoly Reaction Curves and a Numerical Example
- Pricing under Different Market Structures (Part 9) : Bertrand Nash Equilbrium Proof, Numerical Questions (IES 2018 and IES 2016), Introduction to Stackelberg Model
- Pricing under Different Market Structures (Part 10) : Stackelberg Model (Part 2) , Numerical on Stackelberg Model (IES 2014) and Introduction to Pricing in Incomplete Information
- Pricing in Incomplete Information – Adverse Selection in Market for Lemons and Insuarance Markets
- Pricing in Incomplete Information – Moral Hazard and Solution to Moral Hazard (IES 2012)
- Solution to Adverse Selection Problem and Difference between Partial Equilbrium and General Equilbrium Analysis
- Marshallian and Walrasian Stability Analysis (IES 2016) Part 1
- Marshallian and Walrasian Stability Analysis (IES 2012) Part 2
- Natural Monopoly and Bilateral Monopoly
- Marginal Cost Pricing and Average Cost Pricing and Natural Monopoly
- Peak Load Pricing
- Kinked Demand Curve Model of Oligopoly
- Monopolistic Competition | SR and LR equilibrium | Excess Capacity |
- Monopolistic Competition | Selling Costs | Perceived and Effective Demand | LR Equilibrium |
- Price Leadership Models | Low Cost Firm | Dominant Firm |
- Price Leadership by Dominant Firm | Barometric Price Leadership | Baumol’s Sales Maximization Model |
- Baumol’s Sales Maximization Model with Advertizing | Comparison between Different Market Structures |
- Comparison between Cournot and Bertrand | IES 2021 | Cobweb Model |
- Cobweb Model (Part 2) | IAS 2014 | Bain’s Entry Preventing Pricing Model | IAS 2016 |

**4. Theory of Distribution**

- Theory of Factor Pricing and Income Distribution (Part 1) : Demand for a factor when there is only a single variable factor and when there is more than one variable factor
- Theory of Factor Pricing and Income Distribution (Part 2) : Demand for a factor when there are several variable factors, Supply of factor, Demand for a factor in a Monopolistic Market and Monopolistic Exploitation
- Theory of Factor Pricing and Income Distribution (Part 3) : Monopsonist Firm, Monopsonistic Exploitation
- Theory of Factor Pricing and Income Distribution (Part 4) – Bilateral Monopoly, Effects of Goals of Trade Union on its members
- Monopsony Numerical Questions
- Macro Distribution Theory of Ricardo ( Economic Rent and Elasticity of Factor Supply- IES 2018)
- Ricardian Theory of Rent, Quasi Rent and Economic Rent & Elasticity of Factor Supply
- Marginal Productivity Theory | Euler’s Product Exhuastion Theorem |
- Clark Wicksteed Walras Product Exhaustion Theorem | Relative Factor Shares and Income Distribution |
- Smith’s Theory of Growth (Background to Macro Distribution Theories)
- Malthusian Theory and Ricardian Theory of Distribution
- The Conclusion of Ricardian Theory and Introduction of Marxian Theory
- Analysis of Marx’s Theory (Part 2)
- Harrod Domar Model (Part 1)
- Harrod Domar Model (Part 2) | Knife Edge Condition |
- Solow Growth Model (Part 1)
- Solow Growth Model (Part 2)
- Kaldor’s Model of Distribution (Part 1)
- Kaldor’s Model of Distribution (Part 2)
- Kaldor’s Model of Distribution (Part 3)
- Kalecki’s Theory of Distribution
- Kaldor and Kalecki Distribution Theory Questions | IAS 2009, 2011, 2016, 2018 |

**Welfare Economics**

- General Equilibrium |Edgeworth Box |Pareto Efficiency |Mathematical Condition and a Numerical Example |
- Competitive Equilibrium | Meaning and Example | Walras Law | First Welfare Theorem| Meaning and Proof |
- Second Welfare Theorem | First Welfare Theorem under Simple Monopoly and Discriminating Monopoly |
- Social Welfare Function | Welfare Maximisation |
- Aggregation Principles | Desirable Properties of SWF | Arrow Impossibility Theorem
- Criterion of Social Welfare | Efficiency in Exchange, Production, Composition of output |
- Kaldor Hicks Criterion | Derivation of Grand Utility Possibility Frontier | Welfare Maximization |
- Kaldor Hicks Criterion and Scitovsky Double criterion
- Social Welfare Functions | GUPF | Welfare Maximization | PO is necessary but not sufficient condition for Welfare Maximization | IES 2021 | IAS 2010 | IAS 2017 |
- Market Failure | Pareto Inefficiency | Imperfect Market Competition |
- Market Failure | Externalities | Consumption and Production Externalities IES 2017|
- Market Failure | Externalities | Solutions to Externalities | Coase Theorem | Pigouvian Taxes | Arrowian Solution | IES 2020 | IES 2019 |
- Externalities | Coase Theorem | Limitations of Coase Solutions | (IES 2017)
- Public Goods | Characteristics | When it is Pareto Improvement to provide Public Goods | Quaslinear Preferences |
- Free Rider Problem | Voting Mechanism | Continous Public Good | MRS 1 + MRS 2 = MC (G) condition |
- Sen’s Capability Approach | Functionings | Capabilities | Agency |
- Numerical Questions on Externalities | IES 2019 |

**General Economics Part 2**

**Mathematical Economics**

- Mathematical Methods | Sets, Functions , Monotonicity, Convexity and Concavity |
- Exponential and Logarithmic Functions | Differential Calculus and its Applications (Part 1) |
- Applications of Differentials in Economics | Integrals and Applications of Integrals in Economics |
- Applications of Integrals in Economics | Matrix Algebra |
- Matrix Algebra | Part 2 | Optimization | Part 1
- Optimization | Part 2 |
- Optimization | Part 3 |
- Optimization | Part 4 | Difference Equations | Part 1 |
- Difference Equation | Part 2 | Differential Equations | Part 1 |
- Differential Equations | Part 2 |

**Econometrics**

- Correlation
- Regression
- Normal Equations, Assumptions of CLRM and Unbiasedness
- Variance, Covariance of beta two hat, Consistency and Gauss Markov Theorem
- TSS, ESS ,RSS and Confidence Interval Approach
- Confidence Interval for beta and sigma, one tailed and two tailed t test, Proof of r2 R2, and Test of Goodness of fit
- Regression through Origin
- Scaling and Units of Measurement
- Functional Forms and their Interpretation
- Multiple Linear Regression Model and Adj R2
- Comparing two R2 Values and Hypothesis Testing in Multiple Linear Regression Model=
- Testing of linear combinations, Indirect and Direct t test and Polynomial Curve Fitting
- Meaning of Multicollinearity | Exact Multicollinearity | Consequences of Ignoring Multicollinearity |
- Detecting Multicollinearity | Solutions to Multicollinearity | Meaning of Serial Correlation |
- Consequences of Ignoring Serial Correlation | Durbin Watson Test |
- Meaning of Hetroscedasticity | Visual Inspection | Tests for Hetroscedasticity | Generalized Least Squares |
- Dummy Variables | Meaning | Examples | Chow Test |
- Input Output Model (Open and Closed Model, Hawkin Simon Conditions)

**Statistics**

- Measures of Central Tendency | Arithmetic Mean of Ungrouped Data |
- Measures of Central Tendency | Median and Mode of Ungrouped Data |
- Measures of Central Tendency | Geometric and Harmonic Mean |
- Measures of Dispersion | Range | Variance | Mean Deviation |
- Measures of Central Tendency | Mean, Median, Mode, GM |
- Harmonic Mean | Measures of Dispersion | Part 1 | Range, Mean Deviation, Variance |
- Measures of Dispersion | Moments | Skewness | Kurtosis Classical Definition of Probability
- Probabilty Thoeory | Total Probability | Baye’s Theorem |
- Mathematical Expectation
- Mathematical Expectation | Part 2 | Binomial Distribution |
- Poisson Distribution | Probability Density Function |
- Normal Distribution
- The method of Curve Fitting | The method of Least Sqaures |
- Sampling and Test of Significance

- Only IAS Economics Optional Course : Rs 30,000
- Only Indian Economic Services Course : Rs 30,000

**Only Test Series (IAS or IES) :**

- a) Those who are enrolled in online course Rs 10,000 ( 12 Tests)
- b) Those who are not enrolled in the online course Rs 12,000 (12 tests)

__Classes__

You will be given an online platform where all these courses will be uploaded and its access will be for one year, from the date of purchase. These classes will be in the form of **recordings**, as you have seen in the demo

- Whether you should buy an online course?

May be or may be not. It depends, how you look at it. You can take my words for it, that we will do the complete course (infact more) and in time. Online version gives independence to both of us. As far as, doubts are concerned, there is a forum on the site, which gives you an ample opportunity to discuss your concerns. Anyhow, you can always talk to me, if you have any query

- How can I see the demo?

We have provided some small snippets of our lectures, you can view them at nishantmehra.com

- How will you help me in answer writing practice?

When you buy test series, then those tests will be checked and returned with comments. This will help you to keep track of your course as well as answer writing practice.

- Which all papers will you cover in IAS, IES and UGC-Net?

I will tell you, what I will not cover. In IES exam, General studies and English paper will not be covered and in UGC Net Economics paper, Teaching Aptitude paper will not be covered. Apart from that, entire syllabus of IAS Economics Mains, IES and UGC-Net Economics will be covered.

### IAS Economics Mains

Entire syllabus of Paper 1 and Paper 2

### IES (Indian Economic Services)

Paper 1, 2 , 3 and 4

### UGC Net Economics

Paper 2 and 3

- What reference are you using of these lectures?

We will be telling before each lecture, which reference is used

- How will my doubts be cleared?

There is a forum on the website, you have to give us a day to answer your query. But there is a way to ask a doubt, whenever you ask a doubt, always tell, how much you are able to understand and what is your view and thinking about it, then we will tell, what is the correct approach to look at the problem

- How will I be getting the study material?

We will give you an access to our online platform, and you will be getting your material, primarily in the form of recordings. We will be recording each topic and will upload on the platform.

- Can I save or download these recordings?

No, you will not be able to save or download them. You can only view them for the time access has been provided to you.

- You are providing an online course, don’t you think that an online course is inferior to a classroom course?

I will not say inferior but it is the second best. You have to understand this very clearly, that there is no perfect substitute for a classroom course. If you can find a good teacher, who can teach you in a class, can complete the syllabus in a sufficient depth and does not just superficially touch the topics and haphazardly complete the course, you should join him in all cases. But, if you don’t find him, then you can come to me

- What are the other advantages of online course?

You are free of hassle of coming to classes. You can move at your own pace. You can get the same quality teaching irrespective of your location.

- Can I append you course with my existing coaching?

Yes, by all means. Even though our course is self sufficient, if you still want to be taught by more than one teacher about the same topic, that is your wish.

- Will I be getting any printed notes?

No. You will be getting the entire material in the form of recordings and you have to make notes of them. You will also be told references for each topic, which you have to read alongside the recording. Ultimately, its your paper, you should be writing as much as possible and your note taking skills should be A-class, which will develop only when you listen to the lecture, read the reference and then take notes.

- If you will tell me all references, I may not need any coaching, is that true?

Go back to your college days, you were told which books you have to follow, but still you need classes in order to understand them, same holds true here also. Many of you would also know the subject very well, some of you might be a post grad in economics, but you will not have a time and discipline to assimilate the entire material in one place and do it systematically, there coaching might help.

However, if you still think, only references will suffice your need, I will give all references to you and you should start preparing on your own. If at anytime, while in the course of your self preparation, you believe that you need my help, you can always call me up.

- Will you start an offline / classroom course anytime soon?

I have not thought about it yet. At least, not anytime soon.Will inform you, once that is started.

- You have covered some topics in IAS course, which is not specifically given in the syllabus?

Yes, that’s true. You have to be little wider in your approach. If you look at the past years papers, they have asked questions from the topics not mentioned in the syllabus. For example, there is no mention of compensated demand functions or no mention of demographic change but they have asked it. But these topics can be prepared within the wider set of topics they have mentioned. So, I have covered some of these topics too, what I believe any serious aspirants should know.

- For how long I will have an access to the course?

For 365 days from the date of payment.

- How can coaching help me?

I am glad to answer this question. Coaching means, that your preparation will pick up pace. It means, that what you would have covered by yourself in a year, may be you can do that in five months. It means that your entire syllabus will be covered. It means that your doubts will be solved. It means that past years papers will be discussed. It means that standard books will be taught. It means that you will learn ‘a lot’ (emphasis added) But all of this will be possible only if you are willing to work.

I can assure you certain things:

- Your entire course will be covered in depth and not just superficially
- You will be taught from standard books at par with Delhi University
- Discussion of past years papers
- Solving your doubts
- I want to enroll in your course, what should I do?

After seeing the demo, if you want to enroll finally, you can give a mail to me at nishant@nishantmehra.com as your final acceptance, we will give you payment options and you can access the course for one year from the date of payment.

__Any other query or to finally register for the course__

**You can contact me at**

**Email : nishant@nishantmehra.com**

**Phone:99-99-88-66-29**