Theory of Consumer Demand
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:
- Labour Leisure Choice
- Substitution Effect
- Income Effect when Leisure is a normal good
- Backward bending Labour Supply Curve