Unit 1: Consumer budget constraint
This topic introduces the Budget constraint a consumer faces which making purchase decision.
Unit 1:Shift and rotation of budget line (change of slope and intercept)
this topic explains the factors that may cause the budget line to shift/ rotate.
Unit 1:Impact of tax/subsidy and rationing on budget line
This topic explains the impact of a tax/ subsidy on the consumers' budget line.
Unit 1:Demand behavior for commodities
This topic explains the demand behaviour with respect of necessary & luxury, substitute & complementary and for good & bad.
Unit 1: Concept of utility: cardinal (Marshallian) versus ordinal (Hicks-Allen), marginal utility and its variation
This topics explain the concept of utility, the two approaches to measure utility i.e cardinal and ordinal utility analysis. It introduces the concept of total and marginal utility.
Unit 1:Equimarginal utility: cardinal equilibrium, derivation of demand curve from law of diminishing marginal utility.
This topic introduces the Law of Equimarginal Utility. It also explains how a demand curve can be derived from the Law of diminishing Marginal Utility.
Unit 2:Consumer preferences: ordinal ranking, indifference curve: properties
This topic introduces to the ordinal utility analysis using Indifference curve approach.
Unit 2:Marginal rate of substitution and shape of indifference curve
This Topic introduces the concept of marginal rate of substitution which is the slope of Indifference curves. It also explains the shape of Indifference curves in the case of perfect substitutes, perfect complements, good-bad, normal-neutral
Unit 2:Defining marginal rate of substitution using marginal utilities, optimal choice/equilibrium: normal goods, perfect substitutes, perfect complements, good-bad, normal-neutral
Unit 2: Income-consumption/offer curve, price-consumption curve and Engel curve
Unit 3:Price effect: income and substitution effects
Unit 3:Quadrant 2: Inferior goods and Giffen paradox
Unit 3:Samuelson revealed preference: weak and strong axioms
Unit 3: Determining consumer’s surplus
Discussion on the concept of consumer surplus
Unit 4: Production function in traditional theory and concept of technological progress
Unit 4: Law of variable proportions: short run total/average/marginal products
Unit 4: Explanation of three stages in production
Unit 4: Average-marginal relationship
Unit 5:Total costs: fixed and variable components
Unit 5: Total and average/marginal revenues in competitive and imperfectly competitive markets
Unit 5: 5.3 Relation between average and marginal revenues
Unit 6: Concept of isoquant and isocost, producer equilibrium and expansion path
Unit 6: Ridge lines, MRTS as ratio of marginal product of factors, elasticity of substitution
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Demand behavior for commodities: necessary versus luxury, substitute versus complementary, good versus bad