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►Advanced Mathematical Methods
The Intermediate Micro Economics – I (ECON – 007) Course for BA (Hons) Economics Semester III, UGCF 2023, Delhi University has been taught by Mr. Dheeraj Suri. The Video Lectures are based upon the books prescribed by the University of Delhi. The Duration of Video Lectures is approximately 50 Hours.
Course Fee : Rs. 7,000
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- Full Course Video Lectures
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- Live online Doubts Sessions (at least twice a week) for resolution of Doubts
- Mock Tests at the Website
- Video Lectures Cover Theory Portions Exchaustively + Complete Solutions of Back Questions of readings + Solutions of Previous Years Papers + Large Number of Numericals
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Demo Lectures
Demo PDF of Study Material
Chapter-3-UtilityDemo Quiz
Exam Pattern
The Question Paper of 90 Marks Will Have Two Parts (Part A & Part B)
Part A Will be of Marks and it is Based Upon
Part B Will be of Marks and it is based Upon
Course Content of Our Video Lectures
Lectures are as per Latest Syllabus for UGCF 2023
Unit I : Consumer Behaviour [ Marks]
Chapter 1 : Budget Constraint [218 Minutes]
Based Upon Hal Varian Chapter 2
Number of Lectures 7 Lectures
Total Duration of Lectures 218 Minutes
Number of Questions in Notes 40 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Budget Constraint, Budget Set, Budget Line, Pivot & Shift in the Budget Line, Numeraire, Tax & Subsidies, Kink in the Budget Line, Rationing, Food Stamp Program, Back Questions of Reading & Workbook
Chapter 2 : Preference [213 Minutes]
Based Upon Hal Varian Chapter 3
Number of Lectures 7 Lectures
Total Duration of Lectures 213 Minutes
Number of Questions in Notes 61 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Consumer Preferences, Complete, Reflexive & Transitive Preferences, Indifference Curves, Economic Goods, Bads & Neutrals, Satiation Point, Discrete Goods, Well Behaved Preferences, Marginal Rate of Substitution, Back Questions of Reading & Workbook
Chapter 3 : Utility [150 Minutes]
Based Upon Hal Varian Chapter 4
Number of Lectures 4 Lectures
Total Duration of Lectures 150 Minutes
Number of Questions in Notes 36 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Ordinal & Cardinal Utility, Utility Functions, Monotonic Transformations, Examples of Utility Functions (Cobb-Douglas, CES, Perfect Substitutes, Perfect Complements, Quasi Linear Utility Function etc.), Back Questions of Reading & Workbook
Chapter 4 : Choice [319 Minutes]
Based Upon Hal Varian Chapter 5
Number of Lectures 9 Lectures
Total Duration of Lectures 319 Minutes
Number of Questions in Notes 81 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Consumer Equilibrium, Interior Optimum, Boundary Optimum, Concave Preferences, Demand Functions for Various Utility Functions, Income Tax V/s Quantity Tax, Back Questions of Reading & Workbook
Chapter 5 : Demand [268 Minutes]
Based Upon Hal Varian Chapter 6
Number of Lectures 4 Lectures
Total Duration of Lectures 268 Minutes
Number of Questions in Notes 53 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Demand Functions, Normal Goods, Inferior Goods, Giffen Goods, Income Offer Curve, Engel Curve, Price Offer Curve, Demand Curve, Substitutes and Complements, Back Questions of Reading & Workbook
Chapter 6 : Revealed Preference [171 Minutes]
Based Upon Hal Varian Chapter 7
Number of Lectures 4 Lectures
Total Duration of Lectures 171 Minutes
Number of Questions in Notes 28 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Direct Revealed Preferences, Indirect Revealed Preferences, Weak Axiom of Revealed Preference (WARP), Strong Axiom of Revealed Preference (SARP), Quantity & Price Index Numbers and their effect on Consumers Welfare, Indexation of Social Security Payments, Back Questions of Reading & Workbook
Chapter 7 : Slutsky Equation [344 Minutes]
Based Upon Hal Varian Chapter 8
Number of Lectures 9 Lectures
Total Duration of Lectures 344 Minutes
Number of Questions in Notes 55 Questions
Number of MCQ Tests on this Chapter 4 Tests
Important Topics Covered
Price Effect, Income Effect, Substitution Effect, Slutsky Equation, Separation of Income & Substitution Effect for Normal goods, Inferior Goods, Giffen goods and for Various Utility Functions, Law of Demand, Rebating a Tax, Voluntary Real Time Pricing, Hicksian Substitution & Income Effect, Back Questions of Reading & Workbook
Chapter 8 : Buying & Selling [441 Minutes]
Based Upon Hal Varian Chapter 9
Number of Lectures 8 Lectures
Total Duration of Lectures 441 Minutes
Number of Questions in Notes 33 Questions
Number of MCQ Tests on this Chapter 4 Tests
Important Topics Covered
Endowment, Gross Demand, Net Demand, Effect of Change in Endowment & Change in Price on Equilibrium, Offer Curve, Demand Curve, Endowment Income Effect, Labour Supply, Effect of Change in Wage Rate & Overtime Wages on Labour Supply, Back Questions of Reading & Workbook
Chapter 9 : Inter Temporal Choice [370 Minutes]
Based Upon Hal Varian Chapter 10
Number of Lectures 8 Lectures
Total Duration of Lectures 370 Minutes
Number of Questions in Notes 41 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Present Value, Future Value, Annuity, Inter Temporal Budget Constraint, Consumer’s Equilibrium with Intertemporal Budget Constraint, Effect of Change in Interest Rate & Change in Inflation Rate on Consumer’s Equilibrium, Slutsky Equation & Intertemporal Choice, Relation Between Real & Nominal Interest Rates, Bonds, Back Questions of Reading & Workbook
Chapter 10 : Risk & Uncertainty [536 Minutes]
Based Upon Bernheim & Whinston Chapter 11
Number of Lectures 11 Lectures
Total Duration of Lectures 536 Minutes
Number of Questions in Notes 36 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Risk & State of Nature, Risk Preferences & Indifference Curves, Guaranteed Consumption, Expected Consumption, Certainty Equivalent, Risk Premium, Expected Utility, Nature & Demand for Insurance, Risk Management with Hedging, Diversification etc., Back Questions of Reading
Unit II : Decision Making Under Uncertainty [ Marks]
Chapter 10 : Risk & Uncertainty [536 Minutes]
Based Upon Bernheim & Whinston Chapter 11
Number of Lectures 11 Lectures
Total Duration of Lectures 536 Minutes
Number of Questions in Notes 36 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Risk & State of Nature, Risk Preferences & Indifference Curves, Guaranteed Consumption, Expected Consumption, Certainty Equivalent, Risk Premium, Expected Utility, Nature & Demand for Insurance, Risk Management with Hedging, Diversification etc., Back Questions of Reading
Unit III : Production behaviour & Markets [Marks]
Chapter 11 : Production Functions [452 Minutes]
Based Upon Nicholson & Snyder Chapter 9
Number of Lectures 14 Lectures
Total Duration of Lectures 452 Minutes
Number of Questions in Notes 56 Questions
Number of MCQ Tests on this Chapter 4 Tests
Important Topics Covered
Production Function, Average & Marginal Products, Diminishing Marginal Productivity, Relation Between TPL, APL & MPL, Isoquants, Properties of Isoquants, Shape of Isoquants for Various Production Functions (eg., Cobb-Douglas, CES, Fixed Proportions, Linear Production Function, Leontief Production Function etc.), MRTS, Elasticity of Substitution, Returns to Scale, Homogeneous & Homothetic Production Functions, Back Questions of Reading
Chapter 12 : Cost Functions [453 Minutes]
Based Upon Nicholson & Snyder Chapter 10
Number of Lectures 9 Lectures
Total Duration of Lectures 453 Minutes
Number of Questions in Notes 41 Questions
Number of MCQ Tests on this Chapter 2 Tests
Important Topics Covered
Cost Functions, Cost Minimizing Input Choices, Contingent Demand for Inputs, Firm’s Expansion Path, Derivations of Cost Functions for Various Production Functions, Properties of Cost Functions, Shephard’s Lemma, Short Run & Long Run Costs, Relation Between TC, AC, MC & AVC, Effect of Change in Input Prices on Cost Curves, Back Questions of Reading
Chapter 13 : Profit [288 Minutes]
Based Upon Nicholson & Snyder Chapter 11
Number of Lectures 6 Lectures
Total Duration of Lectures 288 Minutes
Number of Questions in Notes 21 Questions
Number of MCQ Tests on this Chapter 4 Tests
Important Topics Covered
Profit Maximization, MR & Elasticity, Price-Marginal Cost Breakup, Short Run Supply by a Price Taking Firm, Shut Down Decisions, Profit Functions, Properties of Profit Functions, Producer Surplus, Short Run & Long Run Profit Functions, Profit Maximization & Input Demand, Unconditional Input Demands, Substitution Effect, Output Effect, Back Questions of Reading
Solutions of Previous Year Papers
2021 Paper
Duration of Lectures : 110 Minutes
2020 Paper
Duration of Lectures : 100 Minutes
2019 Paper
Duration of Lectures : 110 Minutes
2018 Paper
Duration of Lectures : 105 Minutes
2017 Paper
Duration of Lectures : 110 Minutes
2016 Paper
Duration of Lectures : 105 Minutes
Syllabus Prescribed by DU
DISCIPLINE SPECIFIC CORE COURSE -7 (DSC-7) : Intermediate Micro Economics – I (Behavourial Foundations of Market Interactions)
Course Description
Learning Objectives
The Learning Objectives of this course are as follows:
- The course is designed to formally analyze the behaviour of individual agents like consumers and
producers under certain conditions. - Mathematical tools are used to facilitate understanding of the basic concepts.
- This course looks at the behaviour of the consumer and the choices of a competitive firm.
Learning outcomes
The Learning outcomes of this course are as follows:
- Students will learn the basic elements of consumption and production theories using various
technical frameworks. - This course provides them the behavioural foundations of market supply and demand.
Syllabus
UNIT I: Consumer behaviour (15 hours)
Preference and utility, Budget and choice, Income and substitution effect, Demand derivation, Labour
supply, One-person welfare
UNIT II: Decision-making under uncertainty (15 hours)
Expected utility, Risk aversion, Insurance, Risk spreading
UNIT III: Producer behaviour and markets (15 hours)
Technology, Profit maximization, Cost minimization, Supply, Short and long run
Recommended readings
- Serrano, Roberto and Feldman, Alan (2012), A short course in intermediate Microeconomics with
Calculus, Cambridge University Press - Espinola-Arredondo, Ana and Mun˜oz-Garcia, Felix (2020), Intermediate Microeconomic Theory, MIT
Press - Osborne, M J and Rubinstein, A (2020), Models in Microeconomic Theory, Open Book Publishers
- Mun˜oz-Garcia,Felix (2017) Practice Exercises for Advanced Microeconomic Theory, MIT Press
- Dunaway, Eric; Strandholm, John C., Espinola-Arredondo, Ana and Munoz-Garcia, Felix (2020)
Practice Exercises for Intermediate MicroeconomicTheory, MIT press