Risk aversion, risk loving and risk neutrality with different utility functions

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Introduction to producer theory

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Introduction to producer theory Continue reading →

Returns to scale : Production Theory

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Returns to scale : Production Theory Continue reading →

Production function, average product, marginal product

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production function, average product, marginal product Continue reading →

Diminishing Marginal Productivity

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Diminishing Marginal Productivity Continue reading →

Short run and Long Run production, Isoquants and MRTS

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Short run and Long Run production, Isoquants and MRTS Continue reading →

Economic Profits equation

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Economic Profits equation Continue reading →

Mathematical derivation of cost minimization

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Mathematical derivation of cost minimization Continue reading →

3 basic videos on Buying and Selling Model

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In these videos, we look at the model, where there is no outside income but the value of endowment defines consumer’s income.

First video, sets the base of the model by distinguishing between gross demand and net demand. Second video, discusses how to draw budget line in this model. Continue reading →

3 SE and ME decomposition videos for Normal Goods, Perfect Substitutes and Perfect Complements

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For next two days we will discuss substitution and income effects. What are these? When the price of a good changes, it changes demand for that commodity. Well, this entire change can be broken down into two effects, one substitution effect and other income effect.

In these videos, we have presented the decomposition of price effect into substitution effect and income effect for normal goods, perfect complements and perfect substitutes. Continue reading →

2 Price consumption curves videos

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In these videos we discuss what is price consumption curve and how to derive demand curve from these. Price consumption curve is the locus of equilibrium points when price of one of the good changes.

One application of derivation of PCC and hence demand curve for perfect complements is also done for better understanding Continue reading →

5 Revealed preference concepts you must know

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Here in these videos, we discuss the concept of revealed preference. We start by explaining what is the meaning of revealed preference and then define and explain what are WARP and SARP. We conclude this presentation by two simple numerical examples about how to check whether WARP and SARP are satisfied.

Hopefully, this presentation on revealed preference will be useful to you. Continue reading →

Discuss the shape of quasilinear utility function

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Discuss the shape of quasilinear utility function Continue reading →

MRS for the cobb douglas utility function, u=xy, at the point 5,10

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Calculate mrs for the cobb douglas utility function, u=xy, at the point 5,10 Continue reading →

Indifference curve for cobb douglas utility function, u=xy

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Draw an indiffernce curve for cobb douglas utility function, u=xy Continue reading →

Marshallian demand vector or demand function for u=xy

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Marshallian demand vector or demand function for u=xy Continue reading →

Demand curve or Marshallian demand function for u = max{x,y}

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Derive the demand curve or marshallian demand function for u = max{x,y} Continue reading →

Indifference curve for max function, u=max{x,y}

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Draw an indifference curve for max function, u=max{x,y} Continue reading →

3 MRS conditions for Cobb Douglas, Perfect Complements and Perfect Substitutes

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In the following videos, we try to find MRS for several utility functions, say, cobb douglas, perfect complements, perfect substitutes. MRS calculates the rate at which one good is substituted for another, keeping utility constant. MRS for Cobb Douglas changes at every point along an indifference curve. MRS for perfect complements is same along a vertical or horizontal strip, while it is not defined at the kink. In case of perfect substitutes, MRS is same along the entire indifference curve.

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4 questions about Normal goods,Inferior goods and Giffen goods

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In following videos we define what are normal and inferior goods. As income increases, people shift away from inferior goods, while normal goods are those that have direct relation between income and quantity demanded. We also show how to derive Income offer curve and Engel curve for Normal and Inferior goods.

In the other video, we discuss giffen goods, which are exception to the law of demand.

Let us explore these concepts in detail in the following videos.

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