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In this course, you will learn about modelling consumer behavior. You will learn how to create a simple model of consumer who wishes to choose the best affordable consumption plan. This course introduces a unique graphical approach for solving the optimization problems. The methods that you will learn in this course are useful for developing an understanding of how to create simple models in Economics.
Course is drawn from the lectures on problem solving approach that I have been teaching to undergraduate Economics students in Delhi for the past 10 years. This course is meant for students who are interested in learning key ideas in Microeconomics through a problem solving approach. No prior knowledge of Microeconomics is needed, but the student must possess liking for Mathematics and have an interest in problem solving. It is recommended that the student should have good exposure to calculus (as is typically covered in high school). Student must be comfortable with algebraic and functional notation for variables, sets, and functions.
Course consists of mostly videos and small quizzes to test your understanding of the content taught in videos.
Topics: Demand Function, Hicksian Demand, Substitution Effect, Income Effect.
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|Section 1: Introduction|
Budget Line - Exercise
Marginal Rate of Substitution
Indifference curve - Exercise
|Section 2: Utility Maximization|
Perfect Substitutes (Demand)
Perfect Substitutes (Demand) - Exercise
Perfect Complements (Demand)
Perfect Complements (Demand) - Exercise
Cobb Douglas (Demand)
Cobb Douglas (Demand) - Exercise
Hybrid of Substitutes and Complements
Hybrid of Substitutes and Complements (Demand) - Exercise
More is Better
More is Better - Exercise
Cobb Douglas (Demand Function)
Hybrid (Demand Function)
|Section 3: Expenditure Minimization|
Introduction to Hicksian Demand
Examples - Hicksian Demand
Hicksian Demand - Exercise
Cobb Douglas (Hicksian Demand function)
Perfect Substitutes (Hicksian Demand function)
|Section 4: Substitution Effect & Income Effect|
Introduction to Substitution and Income effect
Amit is a doctoral student in Quantitative Economics at the Indian Statistical Institute. His research interests include Economic Theory, Decision Theory, and Industrial Organization. In addition to this, Amit also runs an institution called "Econ School" where he teach students who are interested in pursuing higher studies in economics. His teaching methods particularly focuses on designing interesting and challenging problems in probability, statistics, and economics.