General Economics – I [ Indian Economic Service ]

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General Economics – I for Indian Economic Service Exam

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  • Video Lectures Cover Theory Portions Exhaustively + Solutions of Previous Years Papers + Large Number of Numericals

Demo Lectures

Stable & Unstable Equilibrium Lecture #1
Stable & Unstable Equilibrium Lecture #2

Course Content of Our Video Lectures

Part A

1. Theory of Consumer’s Demand

Chapter 1.1 : Demand & Supply

Duration of Lectures : 121 Minutes

Topics Covered

►Demand, Law of Demand, Factors Affecting Demand,

►Supply, Law of Supply, Factors Affecting Supply,


Chapter 1.2 : Elasticity of Demand & Supply

Duration of Lectures : 132 Minutes

Topics Covered

►Price Elasticity of Demand,

►Income & Cross Elasticity of Demand,

►Elasticity of Supply,

Chapter 1.3 : Consumer’s Surplus

Duration of Lectures : 60 Minutes

Topics Covered

►Meaning of Consumer’s Surplus,

►Consumer Surplus under Perfect Competition, Consumer Surplus under Monopoly

Chapter 1.4 : Cardinal Utility

Duration of Lectures : 20 Minutes

Topics Covered

►Cardinal Utility Analysis, Total & Marginal Utility,

►Diminishing Marginal Utility

Chapter 1.5 : Indifference Curves Analysis

Duration of Lectures : 141 Minutes

Topics Covered

►Consumer Preferences, Assumptions about Preferences,

►Indifference Curves, Assumptions for Indifference Curves, Properties of Indifference Curves,

►Indifference Curves for Goods, Bads & Neuters, Satiation (Bliss) Point,

►Concave & Convex Preferences

Chapter 1.6 : Utility Functions

Duration of Lectures : 85 Minutes

Topics Covered

►Utility Functions, Monotonic Transformation, Derivation of MRS,

►Cobb Douglas Utility Function, CES Utility Function, Perfect Substitutes, Perfect Complements, Quasi-Linear Utility Function

Chapter 1.7 : Consumer’s Equilibrium

Duration of Lectures : 206 Minutes

Topics Covered

►Budget Constraint, Budget Line, Slope of Budget Line, Pivot & Shift in Budget Line,

►Consumer’s Equilibrium, Interior & Boundary Optimum, Necessary & Sufficient Condition for Consumer’s Equilibrium,

►Consumer’s Equilibrium for Various Utility Functions, Consumer’s Equilibrium for Goods, Bads & Neuters,

►Consumer’s Equilibrium for Quasi-Linear Preferences, Consumer’s Equilibrium for Concave Preferences

Chapter 1.8 : Income & Price Effect

Duration of Lectures : 269 Minutes

Topics Covered

►Demand Functions, Income Effect, Normal & Inferior Goods, Income Offer Curve, Homothetic Preferences,

►Engel Curve, Engel Curve for Various Utility Functions,

►Price Effect, Ordinary & Giffen Goods, Price Offer Curve, Demand Curve

Chapter 1.9 : Revealed Preferences

Duration of Lectures : 111 Minutes

Topics Covered

►Revealed Preferences Meaning, Direct Revealed Preferences, Indirect Revealed Preferences,

►Weak Axiom of Revealed Preferences (WARP), Strong Axiom of Revealed Preferences (SARP)

Chapter 1.10 : Indifference Curve Applications

Duration of Lectures : 50 Minutes

Topics Covered

►Compensating and Equivalent Variations

Chapter 1.11 : Decomposition of Price Effect

Duration of Lectures : 345 Minutes

Topics Covered

►Price Effect, Income Effect and Substitution Effect,

►Slutsky Equation, Demand Curve

►Numericals on Slutsky Decomposition,

►Ordinary & Compensated Demand Curve,

Chapter 1.12 : Duality

Duration of Lectures : 120 Minutes

Topics Covered

►Meaning of Duality, Indirect Utility Function, Properties of Indirect Utility Function,

►Roy’s Identity (Statement and Derivation), Marshallian Demand Functions from Indirect Utility Function,

►Expenditure Function, Properties of Expenditure Function, Hicksian Demand Function from Expenditure Function

Chapter 1.13 : Gross and Net Demand

Duration of Lectures : 200 Minutes

Topics Covered

►Meaning of Endowment, Gross Demand & Net Demand, Effect of Change in Demand on Gross & Net Demand

►Labour & Leisure, Backward Bending Labour Supply Curve

Chapter 1.14 : Intertemporal Choice

Duration of Lectures : 197 Minutes

Topics Covered

►Present Value & Future Value,

►Intertemporal Budget Line, Intertemporal Choice,

►Effect of Change in Price on Borrower and Lender,

Chapter 1.15 : Risk and Uncertainty

Duration of Lectures : 244 Minutes

Topics Covered

►Meaning of Risk & Uncertainty, Indifference Curves for Risk Averse, Risk Lover & Risk Neutral Individuals,

►Risk Premium, Certainty Equivalent, Benefit Function,

►Insurance, Fair Insurance, Less Than Fair Insurance

Chapter 1.16 : Game Theory

Duration of Lectures : 171 Minutes

Topics Covered

►Game Theory, Representation of Games, Meaning of Nash Equilibrium, Pure Strategy Nash Equilibrium, Dominant Strategy Nash Equilibrium,

►Prisoner’s Dilemma, Mixed Strategy Nash Equilibrium,

►Numericals on Game Theory

2. Theory of Production

Chapter 2.1 : Production Functions

Duration of Lectures : 383 Minutes

Topics Covered

►Production Function, Average Physical Product, Marginal Physical Product, Diminishing Marginal Productivity,

►Production Function in Short Run, Law of Variable proportions,

►Relation Between Average Product, Marginal Product and Total Product,

►Production Function in Long Run, Isoquant, Marginal Rate of Technical Substitution,

►Returns to scale, Homothetic Production Function,

►Forms of Production Functions, Cobb-Douglas Production Function, CES and Fixed Coefficient Production Function, Translog Production Function,

►Elasticity of Substitution, Growth Equations,

►Numericals on Production Functions

Chapter 2.2 : Cost Functions

Duration of Lectures : 320 Minutes

Topics Covered

►Meaning of Cost, Opportunity Cost, Implicit & Explicit Cost, Accounting & Economic Cost, Fixed & variable Cost, Sunk Cost, Out of Pocket Cost, Components of Cost,

►Cost Minimization, Meaning of Duality, Contingent Demand for Inputs, Firm’s Expansion Path,

►Short Run Costs, Total Fixed Cost, Total variable Cost, Relation Between Marginal Cost, Average Cost and Total Cost,

►Cost Functions, Properties of Cost Functions,

►Shephard’s Lemma,

►Non Optimality of Short Run Costs, Long Run Costs, Long Run Average Cost, Long Run Marginal Cost, Long Run Total Cost

Chapter 2.3 : Perfect Competition

Duration of Lectures : 131 Minutes

Topics Covered

►Features of Perfect Competition, Equilibrium of a Competitive Firm,

►Short Run Supply Curve of a Competitive Firm, Industry Supply Curve in, Short Run,

►Long Run Equilibrium of a Competitive Firm,

►Long Run Supply Curve for a Decreasing Cost Industry, Constant Cost Industry & Increasing Cost Industry

Chapter 2.4 : Pareto Efficiency in Edgeworth Box

Duration of Lectures : 447 Minutes

Topics Covered

►Meaning of Partial & General Equilibrium, Edgeworth Box, Feasible Allocation, Pareto Improvement,

►Pareto Efficiency, Contract Curve, Mathematical Derivation of Pareto Efficiency,

►Determination of Market Equilibrium,

►Walras Law,

►First & Second Welfare Theorem,

►Numericals on Pareto Efficiency and Competitive Equilibrium

Chapter 2.5 : General Equilibrium

Duration of Lectures : 141 Minutes

Topics Covered

►Production Possibility Frontier, Rate of Product Transformation, Reasons of Concave PPF,

►Simultaneous Equilibrium, Numericals on General Equilibrium

3. Theory of Value

Chapter 3.1 : Monopoly

Duration of Lectures : 451 Minutes

Topics Covered

►Features of Monopoly, Barriers to entry, Equilibrium of a Monopoly Firm,

►Inverse Elasticity Rule, Absence of Supply Curve,

►Comparison Between Perfect Competition and Monopoly,

►Deadweight Loss of Monopoly,

►Meaning of Price Discrimination, First Degree Price Discrimination, Third Degree Price Discrimination,

►Second Degree Price Discrimination, Two Part Tariff,

►Regulation of Monopoly, Marginal Cost Pricing, Two Tier Pricing, Average Cost Pricing,

Chapter 3.2 : Imperfect Competition

Duration of Lectures : 59 Minutes

Topics Covered

►Meaning of Imperfect Competition, Features of Imperfect Competition, Equilibrium of a firm under Imperfect Competition

►Comparison Between Imperfect Competition & Monopoly, Competition Between Imperfect Competition & Perfect Competition

Chapter 3.3 : Oligopoly

Duration of Lectures : 360 Minutes

Topics Covered

►Meaning of Oligopoly, Features of Oligopoly, Collusive & Non-Collusive Oligopoly,

►Chamberlin’s Oligopoly,

►Bertrand Model,

►Cournot Model,

►Stackelberg Model,

►Price Leadership,

Chapter 3.4 : Asymmetric Information

Duration of Lectures : 183 Minutes

Topics Covered

►Meaning of Asymmetric Information,

►Numericals on Asymmetric Information,

►Adverse Selection, Moral Hazard,

►Pooling & Separating Equilibrium,

Chapter 3.5 : Stability Analysis

Duration of Lectures : 90 Minutes

Topics Covered

►Meaning of Stable and Unstable Equilibrium,

►Walrasian Stability of Equilibrium and Excess Demand,

►Marshallian Quantity Adjustment Approach,

►Various Cases of Stable and Unstable Equilibrium,

4. Theory of Distribution

Chapter 4.1 : The Factor Market

Duration of Lectures : 103 Minutes

Topics Covered

►Marginal Productivity and Factor Demand for Labour,

►Supply Curve of Labour

►Determination of Market Wage Rate,

►Labour Market with Monopsony Power,

►Labour Market with Monopoly Power,

Chapter 4.3 : Alternative Distribution Models

Duration of Lectures : 60 Minutes

Topics Covered

►Distribution Model of Marx,

►Kaldor’s Theory of Distribution,

►Kalecki’s Theory of Distribution,

Chapter 4.2 : Theory of Rent

Duration of Lectures : 40 Minutes

Topics Covered

►Ricardian Theory of Rent,

►Modern Theory of Rent,

►Economic Rent,

►Quasi Rent,

5. Welfare Economics

Chapter 5.1 : Externalities

Duration of Lectures : 260 Minutes

Topics Covered

►Consumption Externality,

►Production Externality,

►Tragedy of Commons,

Chapter 5.2 : Public Goods

Duration of Lectures : 1 Minutes

Topics Covered

►Meaning of Public Goods,

Part B : Quantitative Methods in Economics

1. Mathematical Methods in Economics

Chapter 1 : Sets

Duration of Lectures : 92 Minutes

Topics Covered

►Sets, Representation of Sets, Types of Sets, Subset of a Set, Operations on Sets,

►Convex Sets, Properties of Convex Sets

Chapter 2 : Functions

Duration of Lectures : 305 Minutes

Topics Covered

►Functions Introduction,

►Domain & Range of Functions,

►Linear & Quadratic Functions,

►Types of Functions,

►Power Functions,

►Exponential & Logarithmic Functions,

►Economic Applications of Functions Functions,

Chapter 3 : Simple Differentiation

Duration of Lectures : 180 Minutes

Topics Covered

►Simple Differentiation, Product Rule, Quotient Rule,

►Chain Rule,

►Implicit Differentiation,

►Logarithmic Differentiation, Parametric Differentiation,

►Higher Order Derivatives,

Note : This Chapter can be skipped if you know basic differentiation

Chapter 4 : Applications of Derivatives

Duration of Lectures : 204 Minutes

Topics Covered

►Cost & Revenue Functions,

►Elasticity of Demand,

►Cost Minimization,

►Profit Maximization,

►Tax and Subsidy

Chapter 5 : Partial Differentiation

Duration of Lectures : 234 Minutes

Topics Covered

►Partial Derivatives of Functions of Two Variables,

►Partial Derivatives of Functions of Several Variables,

►Homogeneous Functions,

►Euler’s Theorem,

►Chain Rule

Chapter 6 : Applications of Partial Derivatives

Duration of Lectures : 204 Minutes

Topics Covered

►Partial Elasticities of Functions of Several Variables,

►Partial Elasticity of Demand, Substitute & Complementary Goods,

►Production Function, Returns to Scale,

►Elasticity of Substitution, Numericals on Elasticity of Substitution,

►Maxima & Minima of Functions of Two Variables,

►Economic Applications of Maxima & Minima of Functions of Several Variables

Chapter 7 : Integration

Duration of Lectures : 127 Minutes

Topics Covered

►Integration, Integration by Inspection, Integration by Substitution, Integration by Parts,

►Special Integrals, Integration by Partial Fractions,

►Special Integrals,

►Definite Integration, Properties of Definite Integrals, Leibnitz Rule

Note : This Chapter can be skipped if you know basic integration

Chapter 8 : Applications of Integrals

Duration of Lectures : 141 Minutes

Topics Covered

►Derivation Cost Function from Marginal Cost & Revenue Function from Marginal Revenue,

►Consumer Surplus,

►Producer Surplus,

►Derivation of Demand Function from Elasticity of Demand,

Chapter 9 : Vector Algebra

Duration of Lectures : 262 Minutes

Topics Covered

►Vector Algebra,

►Dot Product of Vectors,

►Applications of Dot Products,

►Linear Combination of Vectors,

►Linear Dependence & Independence of Vectors,

►Convex Combinations of Vectors,

Chapter 10 : Matrix Algebra

Duration of Lectures : 382 Minutes

Topics Covered

►Matrix Introduction, Types of Matrices, Operations on Matrices,

►Transpose of a Matrix, Symmetric & Skew Symmetric Matrix,

►Markov Brand Switching Model,


►Rank of a Matrix,

►Leontief Input Output Model,

Chapter 11 : Linear Programming

Duration of Lectures : 181 Minutes

Topics Covered

►Formulation of Linear Programming,

►Solution of LPP by Graphical Method,

►Dual of a LPP,

►Shadow Price of Resources,

Chapter 12 : Game Theory

Duration of Lectures : 86 Minutes

Topics Covered

►Zero Sum Games, Games with a Saddle Point,

►Mixed Strategy Nash Equilibrium, Values of a Game,

►Dominance Rule,

2. Statistical Methods in Economics

Chapter 1 : Central Tendency

Duration of Lectures : 300 Minutes

Topics Covered

►Arithmetic Mean, Properties of Arithmetic Mean, Combined Mean



►Harmonic Mean,

►Geometric Mean,

►Partition Values

Chapter 2 : Measures of Dispersion

Duration of Lectures : 153 Minutes

Topics Covered

►Range, Quartile Deviation, Mean Deviation,

►Standard Deviation,

►Properties of Standard Deviation, Combined Standard Deviation,

►Coefficient of Variation,

►Relation Between QD, MD & SD

Chapter 3 : Skewness, Moments & Kurtosis

Duration of Lectures : 102 Minutes

Topics Covered

►Measures of Skewness,


►Measures of Kurtosis,

Chapter 4 : Correlation Analysis

Duration of Lectures : 67 Minutes

Topics Covered

►Scatter Diagram, Karl Pearson’s Coefficient of Correlation, Coefficient of Determination,

►Properties of Correlation Coefficient, Spearman’s Rank Correlation

Chapter 5 : Regression Analysis

Duration of Lectures : 90 Minutes

Topics Covered

►Meaning of Regression, Method of Least Squares, Normal Equations,

►Regression Coefficients,

►Properties of Regression Coefficients,

Chapter 6 : Index Numbers

Duration of Lectures : 130 Minutes

Topics Covered

►Range, Quartile Deviation, Mean Deviation,

►Standard Deviation,

►Properties of Standard Deviation, Combined Standard Deviation,

►Coefficient of Variation,

►Relation Between QD, MD & SD

Chapter 7 : Time Series

Duration of Lectures : 150 Minutes

Topics Covered

►Secular Trend, Seasonal Variation, Cyclic Fluctuations, Irregular Variations,

►Moving Average Method,

►Simple Linear Trend Line,

►Parabolic Trend Line,

►Exponential Trend Line,

►Seasonal variation,

Chapter 8 : Probability

Duration of Lectures : 466 Minutes

Topics Covered

►Sample Space, Probability of an Event,

►Addition Theorem,

►Conditional Probability,

►Multiplication Theorem, Independent Events,

►Law of Total Probability, Baye’s Theorem,


Chapter 9 : Probability Distribution of a Discrete Random Variable

Duration of Lectures : 240 Minutes

Topics Covered

►Probability Distribution of a Discrete Random Variable, Mean & Variance of a Discrete R.V.,

►Binomial Distribution,

►Poisson Distribution,

Chapter 10 : Probability Distribution of a Continuous Random Variable

Duration of Lectures : 176 Minutes

Topics Covered

►Probability Distribution of a Continuous Random Variable, Mean & Variance of a Continuous R.V.,

►Uniform Distribution,

►Normal Distribution

Chapter 11 : Measurement of Inequality

Duration of Lectures : 90 Minutes

Topics Covered

►Range & Coefficient of Variation,

►Lorenz Curve,

►Gini Coefficient,

3. Econometrics

Chapter 1 : Simple Linear Regression

Duration of Lectures : 708 Minutes

Topics Covered

►Simple Linear Regression, Assumptions of CLRM, Method of Ordinary Least Squares,

►Gauss Markov Theorem,

►Calculation and Interpretation of Regression Coefficients, Confidence Intervals and Hypothesis Testing,

►Anova Table,

►Change of Origin & Change of Scale,


►Reverse Regression

Chapter 2 : Multiple Regression

Duration of Lectures : 242 Minutes

Topics Covered

►Multiple regression,

►OLS Estimation and Interpretation of Regression Coefficients,

►Confidence Interval & Hypothesis Testing of Regression Coefficients,

►Overall Level of Significance,

►R Square and Adjusted R Square,

►Method of Restricted Least Square,

Chapter 3 : Functional Forms

Duration of Lectures : 336 Minutes

Topics Covered

►Double Log Regression Model, Multiple Log Regression Model,

►Log-lin Regression Model, Lin-log Regression model

►Reciprocal Model,

►Polynomial regression,

►Regression Through Origin,

►Regression on Standardized Variables,

Chapter 4 : Dummy Variables

Duration of Lectures : 194 Minutes

Topics Covered

►Meaning of Qualitative Variables, ANOVA Models, Dummy Variable Trap,

►ANCOVA Models, Meaning of Control Variables

►Interaction effects,

►Chow Test for Structural Stability,

►Dummy Variables as alternative to Chow Test,

►Dummy Variables for Seasonal Variation,

Chapter 5 : Model Selection Criteria

Duration of Lectures : 165 Minutes

Topics Covered

►Underfitting Meaning and Consequences,

►Overfitting Meaning and Consequences,

►Incorrect Functional Form,

►Errors of Measurement,

Chapter 6 : Multicollinearity

Duration of Lectures : 110 Minutes

Topics Covered

►Meaning of Multicollinearity, Consequences of Multicollinearity,

►Detection of Multicollinearity,

►Remedial Measures for Multicollinearity,

Chapter 7 : Heteroscedasticity

Duration of Lectures : 150 Minutes

Topics Covered

►Meaning of Heteroscedasticity, Consequences of Heteroscedasticity,

►Detection of Heteroscedasticity,

►Remedial Measures for Heteroscedasticity,

Chapter 8 : Autocorrelation

Duration of Lectures : 150 Minutes

Topics Covered

►Meaning of Autocorrelation, Consequences of Autocorrelation,

►Detection of Autocorrelation,

►Remedial Measures for Autocorrelation,