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Week4_Day2_Consumer_Theory_Part_2

🎓 Week 4 Day 2: Consumer Theory Part 2 - Indifference Curves & Utility Functions | UGC NET Economics Paper-II Welcome to Day 2 of our Consumer Theory series! This comprehensive lecture covers Indifference Curves and Utility Functions, essential tools for understanding consumer behavior and choice. 📚 TOPICS COVERED: ✅ Indifference Curves: Properties and Assumptions ✅ Marginal Rate of Substitution (MRS) ✅ Utility Functions and Representations ✅ Cardinal vs Ordinal Utility ✅ Types of Utility Functions (Cobb-Douglas, CES, Perfect Substitutes, Perfect Complements) ✅ Graphical Analysis of Consumer Preferences ✅ Mathematical Formulation of Utility ✅ MRS and Slope of Indifference Curves 🎯 WHAT YOU'LL LEARN: Construct and interpret indifference curves Calculate Marginal Rate of Substitution (MRS) Distinguish between cardinal and ordinal utility approaches Understand properties of well-behaved preferences Work with different types of utility functions Apply mathematical tools to consumer theory Connect graphical and algebraic representations Master key concepts for UGC NET exam 👩‍🏫 INSTRUCTOR: Mrs. Bhaktilata Tripathy Assistant Professor, Department of Economics Government Women's College, Jeypore Vikram Deb University, Odisha 📖 COURSE DETAILS: Paper: Paper-II (Economics) Unit: Unit-I Microeconomics Topic: Consumer Theory - Part 2 Week: 4, Day: 2 Level: NTA UGC NET June 2026 Preparation Duration: Complete coverage of indifference curves & utility Language: English with clear mathematical explanations 🔗 CONSUMER THEORY SERIES: ✓ Part 1: Introduction to Consumer Theory ✓ Part 2: Indifference Curves & Utility Functions (This Video) ✓ Part 3: Budget Constraint & Consumer Optimization (Coming Next) ✓ Part 4: Marshallian Demand & Comparative Statics ✓ Part 5: Income & Substitution Effects 💯 FREE DAILY ZOOM CLASSES: Subscribe to this channel and join our free daily live Zoom classes for: ✓ Interactive learning & doubt clearing ✓ Graphical demonstrations and problem solving ✓ Exam strategy and preparation tips ✓ Previous year question analysis ✓ Direct interaction with experienced faculty 📌 KEY CONCEPTS: Indifference Curve: U(x₁, x₂) = constant MRS = -dx₂/dx₁ = MU₁/MU₂ Cobb-Douglas: U(x₁, x₂) = x₁ᵃ · x₂ᵇ CES Utility Function Perfect Substitutes: U = ax₁ + bx₂ Perfect Complements: U = min{ax₁, bx₂} Properties: Completeness, Transitivity, Monotonicity, Convexity 🎯 WHO SHOULD WATCH: UGC NET Economics aspirants Students preparing for competitive exams Economics postgraduate students Anyone learning microeconomic theory Students continuing from Part 1 Learners wanting to master utility theory 📢 SUBSCRIBE for: ✓ Complete UGC NET Economics preparation (Paper-I & Paper-II) ✓ Unit-I Microeconomics full coverage ✓ Free daily Zoom classes with expert faculty ✓ Consumer theory complete series ✓ Mathematical economics explained clearly ✓ Previous year question detailed solutions 🏛️ INITIATIVE BY: Career Counselling Cell Government Women's College, Jeypore 👍 Like | 💬 Comment | 📤 Share | 🔔 Subscribe #IndifferenceCurves #UtilityFunctions #ConsumerTheory #Microeconomics #UGCNETEconomics #PaperII #Unit1 #MRS #CardinalUtility #OrdinalUtility #CobbDouglas #UGCNETJune2026 #EconomicsLectures #FreeCoaching #NTAUGCNet #CompetitiveExams #MicroeconomicsTheory #UtilityMaximization --- 📧 Contact: upananda.pani@gmail.com 🌐 Channel:    / @ugcneteconomicswithupananda   © Career Counselling Cell, GWC, Jeypore #UGCNET2026 #Economics #FreeEducation #ConsumerTheory