Indian Economic Services: Free Basic Microeconomics Videos for IES Preparation

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Microeconomics is a core part of the Indian Economic Services (IES) syllabus and plays a crucial role in UPSC Economics Optional and advanced university-level economics courses.

This page brings you a free, structured basic set of video lessons that cover essential microeconomic concepts — from utility theory and indifference curves to production and cost analysis. Each video breaks down the concepts step-by-step with diagrams, clear explanations, and solved numerical examples, making it easier to learn and revise.

If you are looking for personalized mentorship, live classes, and test series, you can also explore our Indian Economic Services Coaching Program, designed to guide you through every stage of your preparation.

đź“Ś Utility Theory and Preferences

 📌Homothetic Preferences & Revealed Preference

đź“ŚIntertemporal Choice and Index Numbers

đź“Ś Labour Supply and Work-Leisure Choice

đź“Ś Choice Under Uncertainty

đź“Ś Production Theory Basics

đź“Ś Cost Theory Basics

Cobb Douglas Utility function : Demand curve /Normal Good/Substitutes or Complements/Elasticity

Perfect Complements Utility |Demand curve /Normal Good/Elasticity/Engel Curve/ Income Offer Curve|3|

Demand function for Perfect Substitutes and One Simple Application | 4 |

Quasilinear Preferences, Income Offer curve and Engel Curve. | 5 |

Indifference Curves : Tangency Condition and Optimal Choice | 6 |

Corner Solutions in Indifference Curve (Part 1) :U = max{x,y} | 7 |

Corner Solutions in Indifference Curve (Part 2) : U = x^2 + y^2 |Concave Preferences| | 8 |

Corner Solutions|Indifference Curve :(Part 3)|lexicographic Preferences| Economic Bads| Neutral |9|

Monotonicity of Preferences | Why Indifference Curves are Downward Sloping| | 10 |

Averages are preferred to extremes | Well Behaved Preferences| |11|

Diminishing MRS | Numerical Examples | Test of Diminishing MRS | |MRS as the ratio of MU | |12|

Monotonic Transformation of a Utility Function | Meaning | Definition | Example | 13 |

Homethetic Preferences (Part 1) | Meaning | Definition | Simple Proof | 14 |

Homethetic Preferences (Part 2)|All Homogenous are Homothetic|Not all Homothetic are Homogenous|15|

Homothetic functions(Part 3)| Income expansion Path | Elasticity |Constant MRS along a ray |16|

Weak Axiom of Revealed Preference | Meaning | Example | 17 |

Weak Axiom of Revealed Preference (Part 2) | Violation of WARP | 18 |

Weak Axiom of Revealed Preference (Part 3) | Violation of WARP Numerical Example | 19 |

Revealed Preference (Part 4) | Strong Axiom of Revealed Preference | Meaning | Numerical | 20 |

Substitution Effect and Income Effect |Meaning | Diagram | Simple Numerical Example | 21 |

Sign of Substitution Effect | Revealed Preference Argument | 22 |

Hicksian Substitution Effect| Non Positive Nature of Hicksian Substitution Effect | 23 |

Slutsky Identity | Slutsky Equation | Normal goods | Inferior Goods | Giffen Goods| 24 |

Substitution effect & Income Effect | Perfect Complements | Perfect Substitutes | Quasilinear | 25 |

Intertemporal Choice | Budget Constraint | Present Value Form and Future Value Form | 26 |

Intertemporal Choice | When Lender remains a lender | When Borrower remains a borrower| 27 |

Intertemporal Choice and Slutsky Equation | 28 |

Index numbers | Revealed Preference | Lasperyers and Paasche Quantity Index | 29 |

Index numbers | Revealed Preference | Lasperyers and Paasche Price Index | 30 |

Intertemporal Choice | Kinked Budget Constraint | Numerical Example | 31 |

Work Leisure Choice (Part 1) | Budget Constraint | Labour Supply | Numerical Example | 32 |

Work Leisure Choice Part 1 | Budget Constraint | Labour Supply | Numerical Example | 32 | HINDI |

Backward Bending Supply Curve of Labour | Work Leisure Choice (Part II) | | 33 |

Overtime Wages and Pure Substitution Effect | Work Leisure Choice (Part 3) | 34 |

Choice Under Uncertainty | Part 1 | Meaning of Expected Value and Expected Utility | 35 |

Choice Under Uncertainty | Part 2 | Risk Averse Individual and Fair Bet | 36 |

[Choice Under Uncertainty] | Part 3 | Risk Aversion | Risk Premium | Certainty Equivalence | 37 |

[Choice Under Uncertainty] Part 4 | Demand for Insurance | Actuarially Fair Insurance Premium | 38 |

Production Theory Basics | Part 1 | Production Function | Isoquant | MRTS | 39 |

[Production Theory Basics] | Part 2 | Relation between Diminishing MU and Diminishing MRTS | 40 |

[Production Theory Basics] | Part 3 | Returns to Scale | CRS | IRS | DRS |

[Production Theory Basics] Elasticity of Substitution | High & Low elasticity of substitution | 42 |

Examples of Elasticity of Substitution | Cobb Douglas | Perfect Complement | Perfect Substitutes|43|

[Production Theory Basics] [Part 6] Technical Progress using the production function concept | 44 |

[Production Theory Basics] Part 7 | Numerical Examples from Production Theory | 45 |

[Cost Theory Basics] Meaning of Cost Minimisation | Tangency between Isocost Line and Isoquant |46|

Derivation of Cost function from production function | Cobb Douglas | Perfect Complements |47|

[Cost Theory Basics] [Part 3 ] |Conditional Input Demand Function Responses |Comparative Statics|48|

[Cost Theory Basics] [Part 4] Short run and Long Run Costs | Cobb Douglas Production function | 49 |

[Cost Theory Basics] [Part 5] Relation between AC and MC | Interpretation | Numerical Example | 50 |

[Cost Theory] Part 6 | Output Elasticity wrt Total Cost | Relation with AC/MC | Numerical | 51|

This free video series is designed to help every aspirant master the basics of microeconomics for the Indian Economic Services exam.

For comprehensive preparation, including advanced topics, test series, and one-on-one mentorship, check out our Indian Economic Services Coaching.

Bookmark this page for quick revision, and share it with fellow students. If you have doubts, feel free to comment below or connect Whatsapp 

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