Mankiw Ch 21 Part 2| Effects of Income and Price Change |ICs for Perfect Substitutes & Complements

Welcome to Lecture 6 of the online lecture series on Microeconomics I typically offered as a core paper to B.A.(P)/ SOL/ NCWEB students in their first semester and is also offered as a Generic Elective Economics
The textbook used in this video can be found here: drive.google.c...
We are referring to chapter 21 on The Theory of Consumer Choice from the book by N. Gregory Mankiw Principles of Microeconomics I 6th edition
In this lecture, we discuss the following topics:
1. Four Properties of Indifference Curves
2. Two extreme cases of Indifference Curve
(i) Perfect Complements
(ii) Perfect Substitutes
3. Identifying Consumer Equilibrium
4. Effect on consumer choice when income changes
(i) Normal Goods
(ii) Inferior Goods
5. Effect on consumer choice when Price changes
For more videos on this lecture series:
1.Controls on Prices: • Microeconomics| Price ...
2.Taxes: • Microeconomics|Tax on ...
3. Consumer and Producer Surplus: • Consumer & Producer su...
4. Market Efficiency & Market Failure: • Market Efficiency| Mar...
5. Budget Line, Indifference Curve: • Budget Line| Indiffere...
6. Consumer Equilibrium, Income Effects and Price Effects: • Mankiw Ch 21 Part 2| E...
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21:00

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[@BeyondtheClassroom]

Thank you, Mayank!