General Economics – I [ Indian Economic Service ]

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ā–ŗGeneral Economics – I

ā–ŗGeneral Economics – II

ā–ŗGeneral Economics – II

ā–ŗIndian Economics

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ā–ŗFull Course Video Lectures

ā–ŗVideo Lectures Cover Theory Portions Exhaustively +  Solutions of Previous Years Papers + Large Number of Numericals

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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

ā–ŗDemand, Law of Demand, Factors Affecting Demand,

ā–ŗSupply, Law of Supply, Factors Affecting Supply,

ā–ŗEquilibrium,

Chapter 1.2 : Elasticity of Demand & Supply

Duration of Lectures : 132 Minutes

Topics Covered

ā–ŗPrice Elasticity of Demand,

ā–ŗIncome & Cross Elasticity of Demand,

ā–ŗElasticity of Supply,

Chapter 1.3 : Consumer’s Surplus

Duration of Lectures : 60 Minutes

Topics Covered

ā–ŗMeaning of Consumer’s Surplus,

ā–ŗConsumer Surplus under Perfect Competition, Consumer Surplus under Monopoly

Chapter 1.4 : Cardinal Utility

Duration of Lectures : 20 Minutes

Topics Covered

ā–ŗCardinal Utility Analysis, Total & Marginal Utility,

ā–ŗDiminishing Marginal Utility

Chapter 1.5 : Indifference Curves Analysis

Duration of Lectures : 141 Minutes

Topics Covered

ā–ŗConsumer Preferences, Assumptions about Preferences,

ā–ŗIndifference Curves, Assumptions for Indifference Curves, Properties of Indifference Curves,

ā–ŗIndifference Curves for Goods, Bads & Neuters, Satiation (Bliss) Point,

ā–ŗConcave & Convex Preferences

Chapter 1.6 : Utility Functions

Duration of Lectures : 85 Minutes

Topics Covered

ā–ŗUtility Functions, Monotonic Transformation, Derivation of MRS,

ā–ŗCobb 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

ā–ŗBudget Constraint, Budget Line, Slope of Budget Line, Pivot & Shift in Budget Line,

ā–ŗConsumer’s Equilibrium, Interior & Boundary Optimum, Necessary & Sufficient Condition for Consumer’s Equilibrium,

ā–ŗConsumer’s Equilibrium for Various Utility Functions, Consumer’s Equilibrium for Goods, Bads & Neuters,

ā–ŗConsumer’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

ā–ŗDemand Functions, Income Effect, Normal & Inferior Goods, Income Offer Curve, Homothetic Preferences,

ā–ŗEngel Curve, Engel Curve for Various Utility Functions,

ā–ŗPrice Effect, Ordinary & Giffen Goods, Price Offer Curve, Demand Curve

Chapter 1.9 : Revealed Preferences

Duration of Lectures : 111 Minutes

Topics Covered

ā–ŗRevealed Preferences Meaning, Direct Revealed Preferences, Indirect Revealed Preferences,

ā–ŗWeak Axiom of Revealed Preferences (WARP), Strong Axiom of Revealed Preferences (SARP)

Chapter 1.10 : Indifference Curve Applications

Duration of Lectures : 50 Minutes

Topics Covered

ā–ŗCompensating and Equivalent Variations

Chapter 1.11 : Decomposition of Price Effect

Duration of Lectures : 345 Minutes

Topics Covered

ā–ŗPrice Effect, Income Effect and Substitution Effect,

ā–ŗSlutsky Equation, Demand Curve

ā–ŗNumericals on Slutsky Decomposition,

ā–ŗOrdinary & Compensated Demand Curve,

Chapter 1.12 : Duality

Duration of Lectures : 120 Minutes

Topics Covered

ā–ŗMeaning of Duality, Indirect Utility Function, Properties of Indirect Utility Function,

ā–ŗRoy’s Identity (Statement and Derivation), Marshallian Demand Functions from Indirect Utility Function,

ā–ŗExpenditure 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

ā–ŗMeaning of Endowment, Gross Demand & Net Demand, Effect of Change in Demand on Gross & Net Demand

ā–ŗLabour & Leisure, Backward Bending Labour Supply Curve

Chapter 1.14 : Intertemporal Choice

Duration of Lectures : 197 Minutes

Topics Covered

ā–ŗPresent Value & Future Value,

ā–ŗIntertemporal Budget Line, Intertemporal Choice,

ā–ŗEffect of Change in Price on Borrower and Lender,

Chapter 1.15 : Risk and Uncertainty

Duration of Lectures : 244 Minutes

Topics Covered

ā–ŗMeaning of Risk & Uncertainty, Indifference Curves for Risk Averse, Risk Lover & Risk Neutral Individuals,

ā–ŗRisk Premium, Certainty Equivalent, Benefit Function,

ā–ŗInsurance, Fair Insurance, Less Than Fair Insurance

Chapter 1.16 : Game Theory

Duration of Lectures : 171 Minutes

Topics Covered

ā–ŗGame Theory, Representation of Games, Meaning of Nash Equilibrium, Pure Strategy Nash Equilibrium, Dominant Strategy Nash Equilibrium,

ā–ŗPrisoner’s Dilemma, Mixed Strategy Nash Equilibrium,

ā–ŗNumericals on Game Theory

2. Theory of Production

Chapter 2.1 : Production Functions

Duration of Lectures : 383 Minutes

Topics Covered

ā–ŗProduction Function, Average Physical Product, Marginal Physical Product, Diminishing Marginal Productivity,

ā–ŗProduction Function in Short Run, Law of Variable proportions,

ā–ŗRelation Between Average Product, Marginal Product and Total Product,

ā–ŗProduction Function in Long Run, Isoquant, Marginal Rate of Technical Substitution,

ā–ŗReturns to scale, Homothetic Production Function,

ā–ŗForms of Production Functions, Cobb-Douglas Production Function, CES and Fixed Coefficient Production Function, Translog Production Function,

ā–ŗElasticity of Substitution, Growth Equations,

ā–ŗNumericals on Production Functions

Chapter 2.2 : Cost Functions

Duration of Lectures : 320 Minutes

Topics Covered

ā–ŗMeaning of Cost, Opportunity Cost, Implicit & Explicit Cost, Accounting & Economic Cost, Fixed & variable Cost, Sunk Cost, Out of Pocket Cost, Components of Cost,

ā–ŗCost Minimization, Meaning of Duality, Contingent Demand for Inputs, Firm’s Expansion Path,

ā–ŗShort Run Costs, Total Fixed Cost, Total variable Cost, Relation Between Marginal Cost, Average Cost and Total Cost,

ā–ŗCost Functions, Properties of Cost Functions,

ā–ŗShephard’s Lemma,

ā–ŗNon 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

ā–ŗFeatures of Perfect Competition, Equilibrium of a Competitive Firm,

ā–ŗShort Run Supply Curve of a Competitive Firm, Industry Supply Curve in, Short Run,

ā–ŗLong Run Equilibrium of a Competitive Firm,

ā–ŗLong 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

ā–ŗMeaning of Partial & General Equilibrium, Edgeworth Box, Feasible Allocation, Pareto Improvement,

ā–ŗPareto Efficiency, Contract Curve, Mathematical Derivation of Pareto Efficiency,

ā–ŗDetermination of Market Equilibrium,

ā–ŗWalras Law,

ā–ŗFirst & Second Welfare Theorem,

ā–ŗNumericals on Pareto Efficiency and Competitive Equilibrium

Chapter 2.5 : General Equilibrium

Duration of Lectures : 141 Minutes

Topics Covered

ā–ŗProduction Possibility Frontier, Rate of Product Transformation, Reasons of Concave PPF,

ā–ŗSimultaneous Equilibrium, Numericals on General Equilibrium

3. Theory of Value

Chapter 3.1 : Monopoly

Duration of Lectures : 451 Minutes

Topics Covered

ā–ŗFeatures of Monopoly, Barriers to entry, Equilibrium of a Monopoly Firm,

ā–ŗInverse Elasticity Rule, Absence of Supply Curve,

ā–ŗComparison Between Perfect Competition and Monopoly,

ā–ŗDeadweight Loss of Monopoly,

ā–ŗMeaning of Price Discrimination, First Degree Price Discrimination, Third Degree Price Discrimination,

ā–ŗSecond Degree Price Discrimination, Two Part Tariff,

ā–ŗRegulation of Monopoly, Marginal Cost Pricing, Two Tier Pricing, Average Cost Pricing,

Chapter 3.2 : Imperfect Competition

Duration of Lectures : 59 Minutes

Topics Covered

ā–ŗMeaning of Imperfect Competition, Features of Imperfect Competition, Equilibrium of a firm under Imperfect Competition

ā–ŗComparison Between Imperfect Competition & Monopoly, Competition Between Imperfect Competition & Perfect Competition

Chapter 3.3 : Oligopoly

Duration of Lectures : 360 Minutes

Topics Covered

ā–ŗMeaning of Oligopoly, Features of Oligopoly, Collusive & Non-Collusive Oligopoly,

ā–ŗChamberlin’s Oligopoly,

ā–ŗBertrand Model,

ā–ŗCournot Model,

ā–ŗStackelberg Model,

ā–ŗPrice Leadership,

Chapter 3.4 : Asymmetric Information

Duration of Lectures : 183 Minutes

Topics Covered

ā–ŗMeaning of Asymmetric Information,

ā–ŗNumericals on Asymmetric Information,

ā–ŗAdverse Selection, Moral Hazard,

ā–ŗPooling & Separating Equilibrium,

Chapter 3.5 : Stability Analysis

Duration of Lectures : 90 Minutes

Topics Covered

ā–ŗMeaning of Stable and Unstable Equilibrium,

ā–ŗWalrasian Stability of Equilibrium and Excess Demand,

ā–ŗMarshallian Quantity Adjustment Approach,

ā–ŗVarious Cases of Stable and Unstable Equilibrium,

4. Theory of Distribution

Chapter 4.1 : The Factor Market

Duration of Lectures : 103 Minutes

Topics Covered

ā–ŗMarginal Productivity and Factor Demand for Labour,

ā–ŗSupply Curve of Labour

ā–ŗDetermination of Market Wage Rate,

ā–ŗLabour Market with Monopsony Power,

ā–ŗLabour Market with Monopoly Power,

Chapter 4.3 : Alternative Distribution Models

Duration of Lectures : 60 Minutes

Topics Covered

ā–ŗDistribution Model of Marx,

ā–ŗKaldor’s Theory of Distribution,

ā–ŗKalecki’s Theory of Distribution,

Chapter 4.2 : Theory of Rent

Duration of Lectures : 40 Minutes

Topics Covered

ā–ŗRicardian Theory of Rent,

ā–ŗModern Theory of Rent,

ā–ŗEconomic Rent,

ā–ŗQuasi Rent,

5. Welfare Economics

Chapter 5.1 : Externalities

Duration of Lectures : 260 Minutes

Topics Covered

ā–ŗConsumption Externality,

ā–ŗProduction Externality,

ā–ŗTragedy of Commons,

Chapter 5.2 : Public Goods

Duration of Lectures : 1 Minutes

Topics Covered

ā–ŗMeaning of Public Goods,

Part B : Quantitative Methods in Economics

1. Mathematical Methods in Economics

Chapter 1 : Sets

Duration of Lectures : 92 Minutes

Topics Covered

ā–ŗSets, Representation of Sets, Types of Sets, Subset of a Set, Operations on Sets,

ā–ŗConvex Sets, Properties of Convex Sets

Chapter 2 : Functions

Duration of Lectures : 305 Minutes

Topics Covered

ā–ŗFunctions Introduction,

ā–ŗDomain & Range of Functions,

ā–ŗLinear & Quadratic Functions,

ā–ŗTypes of Functions,

ā–ŗPower Functions,

ā–ŗExponential & Logarithmic Functions,

ā–ŗEconomic Applications of Functions Functions,

Chapter 3 : Simple Differentiation

Duration of Lectures : 180 Minutes

Topics Covered

ā–ŗSimple Differentiation, Product Rule, Quotient Rule,

ā–ŗChain Rule,

ā–ŗImplicit Differentiation,

ā–ŗLogarithmic Differentiation, Parametric Differentiation,

ā–ŗHigher 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

ā–ŗCost & Revenue Functions,

ā–ŗElasticity of Demand,

ā–ŗCost Minimization,

ā–ŗProfit Maximization,

ā–ŗTax and Subsidy

Chapter 5 : Partial Differentiation

Duration of Lectures : 234 Minutes

Topics Covered

ā–ŗPartial Derivatives of Functions of Two Variables,

ā–ŗPartial Derivatives of Functions of Several Variables,

ā–ŗHomogeneous Functions,

ā–ŗEuler’s Theorem,

ā–ŗChain Rule

Chapter 6 : Applications of Partial Derivatives

Duration of Lectures : 204 Minutes

Topics Covered

ā–ŗPartial Elasticities of Functions of Several Variables,

ā–ŗPartial Elasticity of Demand, Substitute & Complementary Goods,

ā–ŗProduction Function, Returns to Scale,

ā–ŗElasticity of Substitution, Numericals on Elasticity of Substitution,

ā–ŗMaxima & Minima of Functions of Two Variables,

ā–ŗEconomic Applications of Maxima & Minima of Functions of Several Variables

Chapter 7 : Integration

Duration of Lectures : 127 Minutes

Topics Covered

ā–ŗIntegration, Integration by Inspection, Integration by Substitution, Integration by Parts,

ā–ŗSpecial Integrals, Integration by Partial Fractions,

ā–ŗSpecial Integrals,

ā–ŗDefinite 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

ā–ŗDerivation Cost Function from Marginal Cost & Revenue Function from Marginal Revenue,

ā–ŗConsumer Surplus,

ā–ŗProducer Surplus,

ā–ŗDerivation of Demand Function from Elasticity of Demand,

Chapter 9 : Vector Algebra

Duration of Lectures : 262 Minutes

Topics Covered

ā–ŗVector Algebra,

ā–ŗDot Product of Vectors,

ā–ŗApplications of Dot Products,

ā–ŗLinear Combination of Vectors,

ā–ŗLinear Dependence & Independence of Vectors,

ā–ŗConvex Combinations of Vectors,

Chapter 10 : Matrix Algebra

Duration of Lectures : 382 Minutes

Topics Covered

ā–ŗMatrix Introduction, Types of Matrices, Operations on Matrices,

ā–ŗTranspose of a Matrix, Symmetric & Skew Symmetric Matrix,

ā–ŗMarkov Brand Switching Model,

ā–ŗDeterminants,

ā–ŗRank of a Matrix,

ā–ŗLeontief Input Output Model,

Chapter 11 : Linear Programming

Duration of Lectures : 181 Minutes

Topics Covered

ā–ŗFormulation of Linear Programming,

ā–ŗSolution of LPP by Graphical Method,

ā–ŗDual of a LPP,

ā–ŗShadow Price of Resources,

Chapter 12 : Game Theory

Duration of Lectures : 86 Minutes

Topics Covered

ā–ŗZero Sum Games, Games with a Saddle Point,

ā–ŗMixed Strategy Nash Equilibrium, Values of a Game,

ā–ŗDominance Rule,

2. Statistical Methods in Economics

Chapter 1 : Central Tendency

Duration of Lectures : 300 Minutes

Topics Covered

ā–ŗArithmetic Mean, Properties of Arithmetic Mean, Combined Mean

ā–ŗMedian,

ā–ŗMode,

ā–ŗHarmonic Mean,

ā–ŗGeometric Mean,

ā–ŗPartition Values

Chapter 2 : Measures of Dispersion

Duration of Lectures : 153 Minutes

Topics Covered

ā–ŗRange, Quartile Deviation, Mean Deviation,

ā–ŗStandard Deviation,

ā–ŗProperties of Standard Deviation, Combined Standard Deviation,

ā–ŗCoefficient of Variation,

ā–ŗRelation Between QD, MD & SD

Chapter 3 : Skewness, Moments & Kurtosis

Duration of Lectures : 102 Minutes

Topics Covered

ā–ŗMeasures of Skewness,

ā–ŗMoments,

ā–ŗMeasures of Kurtosis,

Chapter 4 : Correlation Analysis

Duration of Lectures : 67 Minutes

Topics Covered

ā–ŗScatter Diagram, Karl Pearson’s Coefficient of Correlation, Coefficient of Determination,

ā–ŗProperties of Correlation Coefficient, Spearman’s Rank Correlation

Chapter 5 : Regression Analysis

Duration of Lectures : 90 Minutes

Topics Covered

ā–ŗMeaning of Regression, Method of Least Squares, Normal Equations,

ā–ŗRegression Coefficients,

ā–ŗProperties of Regression Coefficients,

Chapter 6 : Index Numbers

Duration of Lectures : 130 Minutes

Topics Covered

ā–ŗRange, Quartile Deviation, Mean Deviation,

ā–ŗStandard Deviation,

ā–ŗProperties of Standard Deviation, Combined Standard Deviation,

ā–ŗCoefficient of Variation,

ā–ŗRelation Between QD, MD & SD

Chapter 7 : Time Series

Duration of Lectures : 150 Minutes

Topics Covered

ā–ŗSecular Trend, Seasonal Variation, Cyclic Fluctuations, Irregular Variations,

ā–ŗMoving Average Method,

ā–ŗSimple Linear Trend Line,

ā–ŗParabolic Trend Line,

ā–ŗExponential Trend Line,

ā–ŗSeasonal variation,

Chapter 8 : Probability

Duration of Lectures : 466 Minutes

Topics Covered

ā–ŗSample Space, Probability of an Event,

ā–ŗAddition Theorem,

ā–ŗConditional Probability,

ā–ŗMultiplication Theorem, Independent Events,

ā–ŗLaw of Total Probability, Baye’s Theorem,

ā–ŗExpectations

Chapter 9 : Probability Distribution of a Discrete Random Variable

Duration of Lectures : 240 Minutes

Topics Covered

ā–ŗProbability Distribution of a Discrete Random Variable, Mean & Variance of a Discrete R.V.,

ā–ŗBinomial Distribution,

ā–ŗPoisson Distribution,

Chapter 10 : Probability Distribution of a Continuous Random Variable

Duration of Lectures : 176 Minutes

Topics Covered

ā–ŗProbability Distribution of a Continuous Random Variable, Mean & Variance of a Continuous R.V.,

ā–ŗUniform Distribution,

ā–ŗNormal Distribution

Chapter 11 : Measurement of Inequality

Duration of Lectures : 90 Minutes

Topics Covered

ā–ŗRange & Coefficient of Variation,

ā–ŗLorenz Curve,

ā–ŗGini Coefficient,

3. Econometrics

Chapter 1 : Simple Linear Regression

Duration of Lectures : 708 Minutes

Topics Covered

ā–ŗSimple Linear Regression, Assumptions of CLRM, Method of Ordinary Least Squares,

ā–ŗGauss Markov Theorem,

ā–ŗCalculation and Interpretation of Regression Coefficients, Confidence Intervals and Hypothesis Testing,

ā–ŗAnova Table,

ā–ŗChange of Origin & Change of Scale,

ā–ŗForecasting,

ā–ŗReverse Regression

Chapter 2 : Multiple Regression

Duration of Lectures : 242 Minutes

Topics Covered

ā–ŗMultiple regression,

ā–ŗOLS Estimation and Interpretation of Regression Coefficients,

ā–ŗConfidence Interval & Hypothesis Testing of Regression Coefficients,

ā–ŗOverall Level of Significance,

ā–ŗR Square and Adjusted R Square,

ā–ŗMethod of Restricted Least Square,

Chapter 3 : Functional Forms

Duration of Lectures : 336 Minutes

Topics Covered

ā–ŗDouble Log Regression Model, Multiple Log Regression Model,

ā–ŗLog-lin Regression Model, Lin-log Regression model

ā–ŗReciprocal Model,

ā–ŗPolynomial regression,

ā–ŗRegression Through Origin,

ā–ŗRegression on Standardized Variables,

Chapter 4 : Dummy Variables

Duration of Lectures : 194 Minutes

Topics Covered

ā–ŗMeaning of Qualitative Variables, ANOVA Models, Dummy Variable Trap,

ā–ŗANCOVA Models, Meaning of Control Variables

ā–ŗInteraction effects,

ā–ŗChow Test for Structural Stability,

ā–ŗDummy Variables as alternative to Chow Test,

ā–ŗDummy Variables for Seasonal Variation,

Chapter 5 : Model Selection Criteria

Duration of Lectures : 165 Minutes

Topics Covered

ā–ŗUnderfitting Meaning and Consequences,

ā–ŗOverfitting Meaning and Consequences,

ā–ŗIncorrect Functional Form,

ā–ŗErrors of Measurement,

Chapter 6 : Multicollinearity

Duration of Lectures : 110 Minutes

Topics Covered

ā–ŗMeaning of Multicollinearity, Consequences of Multicollinearity,

ā–ŗDetection of Multicollinearity,

ā–ŗRemedial Measures for Multicollinearity,

Chapter 7 : Heteroscedasticity

Duration of Lectures : 150 Minutes

Topics Covered

ā–ŗMeaning of Heteroscedasticity, Consequences of Heteroscedasticity,

ā–ŗDetection of Heteroscedasticity,

ā–ŗRemedial Measures for Heteroscedasticity,

Chapter 8 : Autocorrelation

Duration of Lectures : 150 Minutes

Topics Covered

ā–ŗMeaning of Autocorrelation, Consequences of Autocorrelation,

ā–ŗDetection of Autocorrelation,

ā–ŗRemedial Measures for Autocorrelation,