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Microeconomics

Microeconomics

Micro Economics - IITK via YouTube Direct link

Lecture-66 Substitution Effect and Income Effect

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Lecture-66 Substitution Effect and Income Effect

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Microeconomics

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  1. 1 Intro - An Introduction to Microeconomics - Prof Vimal Kumar
  2. 2 Lecture-01 What is Economics ?
  3. 3 Lecture-02 Resources, Wants & Scarcity
  4. 4 Lecture-03 Allocation, Command, Market and Mixed Economy
  5. 5 Lecture-04 Individual
  6. 6 Lecture-05 Rationality, Self Interest and Optimization
  7. 7 Lecture-06 Branches of Economics
  8. 8 Lecture-07 Introduction to Demand & Supply
  9. 9 Lecture-08 Demand
  10. 10 Lecture-09 Demand:Effect of Substitutes and Complements
  11. 11 Lecture-10 Market Demand Function
  12. 12 Lecture-11 Factors Affecting Demand
  13. 13 Lecture-12 Supply and Market Supply
  14. 14 Lecture-13 Supply: Effect of Substitutes and Complements
  15. 15 Lecture-14 Factors Affecting Supply
  16. 16 Lecture-15 Market Equilibrium
  17. 17 Lecture-16 Few Examples
  18. 18 Lecture-17 Application: Price Control
  19. 19 Lecture-18 Consumer Surplus
  20. 20 Lecture-19 Producer Surplus
  21. 21 Lecture-20 Total Surplus
  22. 22 Lecture-21 Effect of Price Control on Surplus
  23. 23 Lecture-22 Implications of Market Equilibrium
  24. 24 Lecture-23 Price Elasticity of Demand
  25. 25 Lecture-24 Elastic, Inelastic and Unit- elastic Demand
  26. 26 Lecture-25 Perfectly Elastic and Perfectly Inelastic Demand
  27. 27 Lecture-26 More on Elasticity
  28. 28 Lecture-27 Factors Affecting Price Elasticity of Demand
  29. 29 Lecture-28 Effect of Taxation
  30. 30 Lecture-29 Tax Imposed on Seller
  31. 31 Lecture-30 Incidence of Tax
  32. 32 Lecture-31 Incidence of Tax: Four Extremes
  33. 33 Lecture-32 Incidence of Tax: Effect on Surplus
  34. 34 Lecture-33 Towards Consumer Theory
  35. 35 Lecture-34 Budget Line and Budget Set
  36. 36 Lecture-35 Factors Affecting the Budget Line
  37. 37 Lecture-36 Few Examples of Changes in Budget Line
  38. 38 Lecture-37 Consumption Set
  39. 39 Lecture-38 Convexity of Consumption Set
  40. 40 Lecture-39 Describing Utility
  41. 41 Lecture-40 Some Axioms
  42. 42 Lecture-41 Preferences as a Mathematical Construct
  43. 43 Lecture-42 Rationality in Real Life Vs. Rationality in Economics
  44. 44 Lecture-43 More on Three Axioms of Rationality
  45. 45 Lecture-44 Defining Utility Function
  46. 46 Lecture-45 Ordinal Vs. Cardinal Utility
  47. 47 Lecture-46 Properties of Preferences: Continuity
  48. 48 Lecture-47 Indifference Set
  49. 49 Lecture-48 Indifference Curve
  50. 50 Lecture-49 Behavioural Assumption: More is Better
  51. 51 Lecture-50 Properties of Preferences: Convexity
  52. 52 Lecture-51 Marginal Rate of Substitution (MRS)
  53. 53 Lecture-52 DMRS and Convexity: Example
  54. 54 Lecture-53 Summary
  55. 55 Lecture-54 Utility Maximization
  56. 56 Lecture-55 Utility Maximization: tangency criterion
  57. 57 Lecture-56 More on Utility Maximization
  58. 58 Lecture-57 Utility Maximization: Example
  59. 59 Lecture-58 Example Revisited
  60. 60 Lecture-59 Marginal Utility Vs. Marginal Rate of Substitution (MRS)
  61. 61 Lecture-60 Perfect Substitutes
  62. 62 Lecture-61 Perfect Complements
  63. 63 Lecture-62 An Example with Quasi Linear Preferences
  64. 64 Lecture-63 Demand Revisited
  65. 65 Lecture-64 Effect of Income on Quantity Demanded
  66. 66 Lecture-65 Effect of Change in Price
  67. 67 Lecture-66 Substitution Effect and Income Effect
  68. 68 Lecture-67 Giffen Good
  69. 69 Lecture-68 Expenditure Minimization as a Dual Problem of Utility Maximization
  70. 70 Lecture-69 Marshallian and Hicksian Demand Function
  71. 71 Lecture-70 Slutsky Equation
  72. 72 Lecture-71 An Application: Subsidy Vs. Direct Benefit Transfer
  73. 73 Lecture-72 Towards Producer Theory
  74. 74 Lecture-73 Technology or Production Function
  75. 75 Lecture-74 Isoquants
  76. 76 Lecture-75 Few Axioms Related to Technology
  77. 77 Lecture-76 Axioms/ Assumptions Continued
  78. 78 Lecture-77 Production in Short Run
  79. 79 Lecture-78 Average and Marginal Product of Labour (APL & MPL)
  80. 80 Lecture-79 More on APL and MPL
  81. 81 Lecture-80 Law of Diminishing Marginal Returns
  82. 82 Lecture-81 Production in Long Run
  83. 83 Lecture-82 MRTS: Few Examples
  84. 84 Lecture-83 Decreasing MRTS
  85. 85 Lecture-84 Elasticity of Substitution
  86. 86 Lecture-85 Returns to Scale
  87. 87 Lecture-86 Elasticity of Scale
  88. 88 Lecture-87 Economic Terminology: Opportunity Cost
  89. 89 Lecture-88 Economic Terminology: Sunk Cost
  90. 90 Lecture-89 Economic Terminology: Economic Profit and Accounting Profit
  91. 91 Lecture-90 Diminishing Marginal Product Vs. DMRTS
  92. 92 Lecture-91 Returns to Scale through Graphs
  93. 93 Lecture-92 Cost in Long Run
  94. 94 Lecture-93 Cost Minimization
  95. 95 Lecture-94 Cost Minimization: Few Examples
  96. 96 Lecture-95 Cost Minimization: Cobb-Douglas Production Function
  97. 97 Lecture-96 More on Cost Minimization
  98. 98 Lecture-97 Cost Function in the Long Run
  99. 99 Lecture-98 Cost in Short Run: TC, FC and VC
  100. 100 Lecture-99 Cost in Short Run: MC
  101. 101 Lecture-100 Shape of Cost Curves
  102. 102 Lecture-101 Factor Demand Function
  103. 103 Lecture-102 Output Expansion Path
  104. 104 Lecture-103 Cost Revisited: Quasi Fixed Cost
  105. 105 Lecture-104 Cobb-Douglas Function: Cost and Returns to Scale
  106. 106 Lecture-105 Short Run Vs. Long Run Cost Minimization
  107. 107 Lecture-106 Short Run Vs. Long Run Cost Minimization Through Graphs
  108. 108 Lecture-107 LRAC Vs. SRAC
  109. 109 Lecture-108 Short Run Marginal Cost Vs. Long Run Marginal Cost
  110. 110 Lecture-109 Profit Maximization
  111. 111 Lecture-110 Marginal Revenue
  112. 112 Lecture-111 Profit Maximization in Short Run Through Graphs
  113. 113 Lecture-112 Profit Maximization in Short Run Through Algebra and Calculus
  114. 114 Lecture-113 Market Environment
  115. 115 Lecture-114 Perfectly Competitive Market
  116. 116 Lecture-115 Supply Curve
  117. 117 Lecture-116 An example obtaining the short run supply function
  118. 118 Lecture-118 Profit maximization implies cost minimization
  119. 119 Lecture-119 Producer’s Surplus Revisited
  120. 120 Lecture-120 Profit Maximization and Returns to Scale
  121. 121 Lecture-121 Short Run Supply Vs. Long Run Supply
  122. 122 Lecture-122 Long Run Equilibrium and Supply Function
  123. 123 Lecture-123 Introduction to Monopoly
  124. 124 Lecture-124 Marginal Revenue of the Monopolist
  125. 125 Lecture-125 Monopoly: Price Elasticity of the Demand and MR
  126. 126 Lecture-126 Profit Maximization for the Monopolist
  127. 127 Lecture-127 Inverse Elasticity Pricing Rule
  128. 128 Lecture-128 Profit Maximization for the Monopolist through Graph
  129. 129 Lecture-129 No Supply Function for Monopoly
  130. 130 Lecture-130 Monopoly: Comparative Statics
  131. 131 Lecture-131 Imposition of the Tax on the Monopolist
  132. 132 Lecture-132 Welfare Effects of Monopoly Pricing
  133. 133 Lecture-133 Price Discrimination
  134. 134 Lecture-136 Introduction to Oligopoly
  135. 135 Lecture-134 Monopoly: Example
  136. 136 Lecture-135 Responses from Policy Makers
  137. 137 Lecture-137 Nash Equilibrium
  138. 138 Lecture-138 Cournot Model of Duopoly
  139. 139 Lecture-139 Stackelberg Model of Duopoly
  140. 140 Lecture-140 Bertrand Model of Duopoly
  141. 141 Lecture-141 Market Environment: Comparison Table

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