• January 31, 2022
• admin

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