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  • January 31, 2022
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Theory of Consumer Demand

17. Cross Price Elasticity of Demand, Income Elasticity of Demand, Total Expenditure Method (IES 2011, 2013, 2014, 2016)

Topics Discussed

  • Cross Elasticity of Demand
  • Substitute Goods
  • Complementary Goods
  • Income Elasticity of Demand
  • Share of Weighted Income Elasticities = 1
  • Homogeneous Function
  • Euler’s Theorem
  • Sum of Own-Price Elasticity, Cross Price Elasticity and Income Elasticity for Marshallian Demand Function = 0
  • Elasticity and Revenue
  • Elasticity and Marginal Revenue
  • Marginal Revenue Curves

Past Year Ques Discussed

Q 1(e) IES 2011

Q 2 IES 2016

Q 1 (h) IES 2011

Q 1 (a) IES 2013

Q11 IES 2013

18. Backward Bending Labour Supply Curve | Choice of Labour and Leisure |

Topic Discussed: 

  1. Labour Leisure Choice
  2. Substitution Effect
  3. Income Effect when Leisure is a normal good
  4. Backward bending Labour Supply Curve

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