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  • December 01, 2021
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WEEK 2 : THEORY OF PRODUCTION : GENERAL ECONOMICS PAPER I (INDIAN ECONOMIC SERVICES)

This was a Diwali week, so it took a real effort to bring myself on the recording table time and again and record these. But you know, doing these recordings and teaching a class, is the best part of the day. I did, Theory of Cost, but apparently, this topic was not sufficiently separated in the syllabus, but they did ask questions, however sparingly these last years. There was only one topic, assigned specifically to Duality and Cost, and there was a question last year (2019) from it. I have also dealt with the same in the second heading, named Cost Functions for Perfect Complements, Perfect Substitutes and Max Functions.

Again I took a lot of help of Nicholson & Snyder and Varian, while making these. Questions from this topic, which were asked in previous years, I will be covering next week.

Cost Minimization
Cost Functions for Perfect Complements, Perfect Substitutes and Max Functions
Demand function and elasticity in a perfectly competitive market
Unconditional Input demand functions Example
Sheppard’s Lemma and Contingent Input Demand Functions
Unconditional Input demand functions and SR Marginal cost function Example
Short Run Supply Curve and Shutdown Point
Shutdown price and Minimum efficient scale of production Example
Profit Maximization
Profit Maximization condition, Marginal revneue curve and Elasticity of demand
Profit Max, Marginal Revenue and Elasticity of demand Example
Equilibrium, Passing of a tax and Deadweight loss of a tax

While making these, I am strictly following syllabus only, but I have done the naming differently, because under one main heading, there are many issues to be discussed. While making notes, listen to these recordings and also read a book side by side. You know, having a sound knowledge of these basic subjects, particularly Microeconomics and Macroeconomics, is paramount, as these will be applied in all other subjects.

This week, I have started a new book, Inglorious Empire by Shahsi Tharoor. Since I have just started it, don’t have much to write about it.

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