Diminishing Marginal Productivity

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Diminishing Marginal Productivity Continue reading →

Short run and Long Run production, Isoquants and MRTS

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

Economic Profits equation

Economic Profits equation Continue reading →

Mathematical derivation of cost minimization

Mathematical derivation of cost minimization Continue reading →

Discuss the shape of quasilinear utility function

Discuss the shape of quasilinear utility function Continue reading →

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

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

Marshallian demand vector or demand function for u=xy

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

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

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

MRS for perfect substitutes is a constant

show by an example that mrs for perfect substitutes is a constant Continue reading →

Perfect complements’ utility function u=min{ax,by}

why perfect complements have the utility function of the form u=min{ax,by} ? Continue reading →

Monotonicity of preferences and indifference curves

What is meant by monotonicity of preferences ? What does this imply about indifference curves? Continue reading →

Can two indifference curves cross

Can two indifference curves cross? Continue reading →

What are Indifference curves

What are Indifference curves? Continue reading →

Budget set in case of rationing

This video explains the shape of the budget set in case of rationing of any one of the product Continue reading →

Shift in budget line when taxes and subsidies are imposed

This video explains the affect of taxes and subsidies on budget line of the consumer. Continue reading →

Shift in budget line when income changes

Suppose if income of the consumer increases, she can experience an expansion of her budget and hence budget line would move outwards in a parallel manner, assuming prices remain constant. Continue reading →

Shift in budget line when price changes

This video explains, if price of one of the commodity changes, how does this affect the budget line. Continue reading →

Budget line and budget set

Suppose individual lives in a two commodity world {x,y} and prices she faces for these products are given by {p1,p2} , her income is m. Budget line all the bundles, she can afford, when she spends her entire income, i.e. p1x + p2y = m. Budget constraint shows all bundles which are affordable p1x + p2y ≤ m. Continue reading →

Perfect Complements

Perfect complements are those goods, which have to be used together to satisfy a want. For example: car and fuel. This video explains what are perfect complements, what is the form of their utility function and how to draw an indifference curve of perfect complements. Continue reading →

Perfect Substitutes

Perfect substitutes are those commodities which give equal satisfaction to an individual. For example: coke and pepsi. This video explains what are perfect substitutes, how does their utility function look like and how to draw their indifference curve Continue reading →