We will continue our discussion on consumer theory or theory of consumer behavior in this session also. So, if you remember in the previous session, we talked about the assumption what is generally taken in the theory of consumer behavior or when we do the consumer behavior analysis. Then we introduce the concept of total utility, marginal utility, how both of them they are related to each other. And this is all the total utility and marginal utility this is only based on the perception of the consumer on the satisfaction what they get after consuming the product. Then we introduce the concept of law of diminishing marginal utility which tells us that when a consumer go on consuming a product after a certain point of time generally the marginal utility diminishes and sometimes it even reaches to 0 and sometimes you get it the negative marginal utility. Then we introduce the concept of indifference curve analysis which is a part of ordinary utility analysis and here we discuss about the different properties of indifference curve. Then what is the rate at which the goods get substituted with each other like the marginal rate of substitution. And also we discuss about the different kind of indifference curve like when the nature of goods are different like complementary goods or may be the substitute goods. So, in today's class we will carry out discussion on the budget line how the consumer incomes get limited by the consumer preferences. Then we talk about the consumer equilibrium keeping budget line the constant as the budget line or the budget constant. Then we will introduce the concept of law of equimarginal utility then we will discuss about the price income substitution effect and finally our discussion point will be on consumer surplus. So, what is a budget line? So, till the time we know that indifference curve gives us the consumer preferences and at the same point it also gives us the different combination of goods and services which gets the same level of satisfaction. Now, more is always better for the consumer, but when it comes to affordability of the consumer always the income pose as a constant. So, the consumer income is here we consumer income we represent in term of the consumer budget line and budget line describes the limits to consumption choice and depends on consumer budgets at the prices of the goods and services. So, it show all the possible commodity bundle that can be purchased at a given price with fixed money income. So, income is fixed budget line shows us the different kind of goods and services what the consumer can consume with this typical fixed income. So, in this case if you consider M is the money income and if the total consumption basket of the consumer is just consist of 2 goods X and Y then the total budget line will be represented in term of M which is equal to PXX plus PYY. Now, why this is only PXX and PXY we are assuming that the entire money income of the consumer is getting spend only on consumption of goods X and Y. So, PX is the price of X, PY is the price of Y. So, the X is the quantity of X and Y is the quantity of Y. So, entire money income is getting spend on X and Y and since it is equal to income the price of X and price of Y is also multiplied along with the quantity of X and Y. So, this is the graphical representation of the budget line and if you look at here we represent in the graph A and B as the budget line. Then at the point A if you get the value is equal to M is equal to PY and why you how you get the value of A at the point YXX is equal to M by PY because the entire money income is getting spend on only in the consumption of good one of the goods. Similarly, M by PX if you look at the other extreme here also the entire consumption is getting spend only on the consumption of the goods and services. Let us see how we can draw this budget line. So, if you remember this the budget line equation is PXX and PYY. So, if we assume that the entire money income is getting spend only on consuming Y then this term becomes 0 and if you solve for Y then you get the value which is M is equal to PY which we get here that is M is equal to PY. Then similarly if you spend the entire money income or if the consumer is spending entire money income only on consumption X then the second item becomes 0. So, this M is equal to PX by X and the value of X is M by PX. So, here we get the value which is equal to M by PX. So, if you join this two point what is the significance of this two points suppose this is A suppose this is B at this point A the entire consumption is entire money income is getting spend only on consumption of Y and at this point the entire money income of the consumer is getting spend on the consumption of X and in between all this point it gives us the different quantity of X and Y. So, any point in this range will give a mix of combination of goods X and Y whereas, this two extreme point gives us that when the entire money income is getting spend only on the consumption of the specific good in case of horizontal axis this is on the consumption of good X and in case of vertical axis in the consumption of good Y. So, indifference curve gives us the consumer preferences on goods and services and whatever the satisfaction they get out of it and budget line gives us what is the possible combination of X and Y can be consumed with a fixed money income of the consumer. We have simplified this analysis of indifference curve and the budget line to two goods just for the simplicity of it when you just take two goods otherwise also there is an option when you have more goods and services you can cluster them into specific groups and you can represent them in the indifference curve. So, we have introduced the concept of the indifference curve in the previous session and this session we have introduced the case of the budget line. With the help of this we will see how the consumer is reaching the equilibrium, but before analyzing the condition of consumer equilibrium we will see that in which case the budget line get changes. First when there is a change in the income so whenever there is a change in the income it increases of the in the income leads to a parallel outward shift in the budget line. Like if you look at the third line that is the increase in the income from the original budget line and decrease always in the downward direction. So, increase in the income lead to a right shift in the budget line and decrease in the income leads to a left shift in the budget line. So, one is upward in case of increase and downward in case of decrease. Now, what is the change in the budget line when there is a change in the price? A decrease in the price of good x rotates the budget line counter clockwise if you when you can see in the graph. So, the initial budget line is the black line and when there is a change in the price of the goods now with the same amount of money income the consumer can consume more of good x and because of this the budget line shift to the right. So, if you look at this case if you are considering here as the x here you are considering as the y this is the original budget line. Now, price of x decreases. So, with the same money income now the consumer can still have more quantity of x as the price of price of x has decreased. So, in this case the budget line will shift to the right this is the new budget line. So, this is a b this is a b 1. Now, suppose the price of y decreases now with the same money income now the consumer can have more quantity of y. So, at this point b remain constant now the curvature will change in case of y and suppose this is a 1 b. So, the new budget line is a 1 b if the price of y is decreasing. Now, it will move in the opposite direction if the price of x is price of x is increasing or price of x is price of y is increasing. This is the case in the previous case we analyze the decrease in the case decrease in the price of x and price of y and the scenario will change when the price of x will increase and or price of y will increase. Now, we will see how to reach the consumer equilibrium consumer equilibrium is the point this is the optimal consumption for the consumer and what is the optimization problem for the consumer the optimization problem for the consumer is to maximize the satisfaction. So, consumer behave rationally and would always aim to maximize the utility given the money income prices of the goods in the consumption basket. So, irrespective of the price of goods and services the income keeping this as a constant the consumer always behave rationally and they always see that how they can maximize the utility. It is a it is at a point where the budget line is tangent to the highest attainable indifference curve by the consumer subject to the budget constant. So, graphically how you get the point of consumer equilibrium it is at a point, but the budget line is tangent to the highest attainable indifference curve by the consumer subject to the budget constant. So, what is the consumer objective or what is the consumer optimization problem to maximize his or utility subject to the income constant. We have kept two goods in this case one is x another is y. So, the consumer consumption basket is consist of two goods x and y price of both the x and y are fixed like p x and p y are fixed consumer income is given. So, price x and y is fixed income is fixed two goods are there x and y and the consumer objective is to maximize his or her utility subject to the income constant. Now, what is optimal consumption? Optimal consumption is the point at which the consumer maximize the utility or where the utility maximizing takes place or that is the point of the consumer equilibrium. Now, what is the precondition for this optimality or what is the precondition for this utility maximization? It requires the slope of the budget line should be equal to the slope of the indifference curve. So, in the previous case if you remember the budget line is a b like right. So, at the point a this is we get a value that is m is equal to p y and at the point b we get a value which is equal to m by p x. So, corresponding to this what will be the slope of the budget line the slope of the budget line will be p x by p y and as we know previously that the slope of the indifference curve is marginal rate of technical substitution that is sorry marginal rate of substitution that is m r s x y which is also equal to the ratio of marginal utility of x and marginal utility of y. So, optimality requires the equality between the ratio of marginal utility and price of x which is equal to the marginal utility and price of y. So, we have two goods in this case price of x, price of y is fixed, income is fixed, the optimal consumption or the point at which the consumer will reaches the equilibrium at this point the ratio of marginal utility and price of x should be equal to the ratio of marginal utility and price of y. So, now if you look at in the graph at this point you look at the arrow mark this is the point of the consumer equilibrium. Why this is the point of the consumer equilibrium? Because this is the equilibrium consumption bundle is the affordable bundle that will the highest level of satisfaction. The consumer can pick up the combination in the indifference curve 1, the consumer can pick up a combination in indifference curve 2, the consumer can also pick up a combination of good x and y in the indifference curve 3. But the consumer since the optimality or since the optimization problem for the consumer is to maximize the satisfaction, maximize the utility that is the reason the consumer will reach the equilibrium at this at the point in the indifference curve 3. Because that gives a highest level of satisfaction and also the combination in indifference curve 3 can be achieved with the constant as the form of the budget line or constant in the form of the income. So, the straight line is the budget line there are three indifference curve and the consumer will always pick up a point in the highest indifference curve because that will give a higher level of satisfaction or the higher level of utility and that goes with the basic optimization problem with the consumer. Now, we will check what is the condition this consumer equilibrium in detail. So, del y by del x or ratio of marginal utility of x or y is the slope of the indifference curve. P x by P y is the slope of the budget line and what is the what is the preconditions or what are the condition for the optimal consumption that is ratio of marginal utility of x and y is equal to the ratio of price of x and y. So, if you look at there are three points point A, point B and point C all these three points the consumer is reaching the equilibrium because u 1 is one indifference curve, u 2 is the second indifference curve and u 3 is the third indifference curve. Similarly, we have three budget line b 1, b 2 and b 3. Now, suppose the consumer A has the income which is equal to b 1. Now, having the equilibrium b 1, the consumer can only pick a point in case of or only pick a combination in the indifference curve one that is u 1 and suppose the income increases for the consumer from b 1 to b 2. Now, the consumer can prefer a quantity or prefer a combination of x and y in the higher indifference curve that is u 2. So, that is another consumer equilibrium point at the point b. Similarly, when the price of b 3 increases or the sorry income of the consumer increases from b 2 to b 3 the consumer again can achieve a higher level of satisfaction by choosing a combination as indifference curve 3 that is u 3. So, if you join this 3 point a, b and c we reach to a path which is consumption path and why this is known as the consumption path because when the income increases this is the consumption pattern of the consumer and if you look at each equilibrium point the consumer maximized the satisfaction. So, after joining point a, b and c all these are consumer equilibrium points we get as the consumption path. So, consumer equilibrium is the point this is also known as the optimal consumption or this is also known as the may be the the best consumption for the consumer because they get a higher level of satisfaction or the highest level of satisfaction with the limited income with the fixed income and when the prices are also fixed and how this can be achieved there are two points to achieve this one at this point where the ratio of the marginal utility and price of x is equal to the ratio of marginal utility and price of y and geometrically this is at the point where the budget line is tangent to the indifference curve. So, consumer there is a equality between the ratio of the marginal utility and price of x and marginal utility and price of y. So, consumer allocates income so that the marginal utility per rupee spend on each good is same for all commodity purchase. So, like since there is a ratio is equal to ratio of one goods is equal to the another goods it can be said that the marginal utility per rupee spend on each good is same for all the commodities purchase. Till the time the equality is maintained then this is fine, but when the there is a disturbance in the equality or at any point of time the ratio of marginal utility and price of one good is greater than or smaller than the ratio of marginal utility and the price of the other goods in this case we can say that like in this case the ratio of the marginal utility of x is greater than price of x, price of x is greater than the marginal utility of y and price of y the consumer will spend more on good x and less on y because he is getting more marginal utility by spending on x as compared to y. The situation will again change if the marginal utility and price of y is greater than the ratio of marginal utility and price of x. In this case the consumer will prefer to spend more on good y as compared to x because the consumer is getting a higher level of satisfaction or higher level of utility by spending on good y because the marginal utility what he is getting by spending one additional rupees on it is giving a higher utility as compared to the additional utility that is getting from good x. So, if it is equality then the consumer is spending money in such a way because the marginal utility is getting that is equal, but sometime there is a mismatch the consumer always spend more money income on that good where they get a higher level of marginal utility. Now, we will take an example that how generally this choices are made when it comes to the decision making in term of the marginal utility. We will take a case of Jill that how much ice cream does Jill buy in a month. There are some facts this is limited income and there is also a opportunity cost involved of making a choice. Buying ice cream leaves Jill less money to buy other things each dollar spend on ice cream could be spend on the hamburger. So, how much ice cream Jill should buy it? There are few facts on this he cannot buy unlimited because there is limited income and also there is a opportunity cost associated with it whenever he is who is buying the ice cream because the same dollar or the same money income could have been spent on buying other goods like the case of the hamburgers. So, whether it is Jill or any other consumer they always make a comparison when before deciding on where they have to spend the money income. So, in this case if it is ice cream or it is the case of hamburger Jill has to decide on the basis of the marginal utility how much marginal utility he is generating when he is spending money on the ice cream or spending money on the hamburger for example. So, some more facts the price of hamburger and ice creams are market given the consumer cannot change the price of the goods Jill like any other rational consumer which has to maximize her utility. So, prices are given market give given consumer cannot change it and Jill maximize her utility because this is the general optimization problem for any rational consumer. The opportunity cost of one dollar spent on ice cream is the foregone utility for one dollar that could be spend on the hamburger because what is the opportunity cost here if he is spending one dollar on ice cream then the opportunity cost of this one dollar is to foregone the utility of one dollar that could be on hamburger. So, if he is not spending on the ice cream he could have got it on the he could have bought a hamburger. If the utility of one additional dollar of ice cream is greater than the utility of the last dollar spent on hamburger Jill can increase her total utility by spending one dollar less on hamburger and one dollar more on ice cream. So, it is like when he is getting more utility by spending additional dollar on ice cream rather than on hamburger in his next consumption what he will do he will reduce his consumption from hamburger and he will spend more on ice cream because he is getting a higher level of utility if he is spending on ice cream. So, here the decision rule is when he is spending or when any consumer is spending one more unit of money whether it is in the form of dollar in the form of the rupees whatever the additional utility they are getting and their decision always go for the product where they are getting a higher level of utility and the same is happening in the case of Jill even if she is spending both on ice cream and hamburger but if she is getting more utility in ice cream she will prefer to spend more on ice cream rather than the hamburger. So, utility maximizing rule as it is say that there is a ratio of marginal utility of x and y. Similarly, if you take two goods here i and h the two good rule is the ratio of marginal utility and price of i it should be equal to the ratio of marginal utility of h and price of h the rational consumer would buy an additional unit of good h the perceived dollar value of utility of one additional unit of that good say marginal dollar it is greater than its market price like till the time the ratio is equal the consumer is spending on both the goods. But when it comes to there is a inequality as we discussed in a brief before few minutes if there is a inequality the consumer always spend more on the goods where they are getting a higher level of utility. Now, we will see how the utility maximizations takes place under an income constant consumer spending on consumer goods is constant by their income like here the if you can look at the budget line equation is p x q x plus p y q y or p w q w or p z q z and the income the income constant or the budget constant consist of the price of the goods and the quantity of the goods. So, that what can be purchased with a fixed money income. So, in this case even if the consumer tries to always the equal the ratio of the marginal utility and the price of all the goods so that they can spend equal amount of money on all the goods, but to maximize her total utility if it is a case of jail her total spending cannot exceed her income for example, with an income of 86 dollar jail is trying to decide how much ice cream and how much hamburger she should buy. So, if jail income is 86 then he can she can consume both the goods may be ice cream and the hamburger. So, if it is 5 multiplied by 10 plus 6 multiplied by 6 then it comes to 86 rupees. Now, we will see how we get this number 5 10 6 and 6 which one is the unit and which one is the price and what is the requirement for here we should know what is the price of ice cream we should know what is the price of hamburger we should know what is the money income what jail is having. So, we know that the jail is having the income which is equal to 86 dollar. Now, we will see with the help of 86 dollar how much unit of ice cream or how much unit of hamburger jail can buy with the income and whether after this she is reaching the optimization or she is reaching the optimal consumption or not. So, this is the example of the quantity the price of both the ice cream and hamburger. So, the first column gives us the quantity the second columns gives us the marginal utility of ice cream the third column gives us the price of ice cream the fourth column gives us the ratio of marginal utility and price of ice cream the fifth column gives us the marginal utility of hamburger the sixth column gives us the price of hamburger and the last column gives us the ratio of the marginal utility of hamburger and price of hamburger. Now, if the price is 10 for is 10 for ice cream and 6 for hamburger then how many units of ice cream, jill should buy and how much unit of hamburger jill should buy. What is the ratio? The ratio is again if you remember the equality condition. Optimal consumption is 1 where the marginal utility and price of both the goods has to be equal. So, in this case in which case we are getting the marginal utility and price of goods is equal either at the unit 5 when the 5 unit of where the price is 10 rupees and price of ice cream is may be 10 dollar and price of hamburger is 6 dollar. Now, looking at this if you plot it in a budget line when the entire 86 rupees is getting spent on ice cream then the value of y is 8.6 because price of ice cream is 10 dollar and with the help of 86 dollar the consumer can only buy 8.6 unit of ice cream and if the consumer is buying hamburger only hamburger then in this case the consumer can buy 14.33 unit of hamburger because price of hamburger is being fixed at 6 rupees. So, 2 extreme, 1 extreme 8.6, the other extreme 14.33 and what is the optimal consumption? The optimal consumption when the consumer is buying 5 unit of ice cream and 6 unit of hamburger. So, price of ice cream is 10 rupees 10 dollar. So, it comes to 5 units. So, it comes to 50 dollar and price of hamburger is 6 dollar when the consumer is spending 6 unit on hamburger that gives us the 36 dollar. So, 50 plus 36 that gives us the 86 dollar and what is the slope here? Slope here is 6 by 10 because 6 is the price of hamburger and 10 is the price of the ice cream and that comes to 0.6 as the slope. So, if you look at now what is the optimal consumption? The optimal consumption is 5 unit of ice cream and 6 unit of hamburger which gives the level of satisfaction to zeal and also this fits within the income that is 86 dollar. So, if you recall the utility maximizer rule this is always the ratio of the 1 goods as compared to the ratio of the other goods and if price of x increases this equality would be disturbed. It is not only the utility will disturb this equality also when there is a change in the price that will also disturb the equality. So, mu x p x will be less than mu y p y if there is an increase in the price of x and the similar thing will happen also if there is a change in the price of y. So, to return to equality the consumer must adjust his or her consumption. Have in mind that the consumer cannot change the price or his he has an income constant. Then what are the consumer options? If there is a mismatch to reach to the optimal consumption the consumer has to adjust his or her consumption. Here we need to remember here is that the consumer cannot change the price the consumer cannot change the income available to him. Now, what are the consumer options? In order to make the two sides of the above inequality equal again given that p x p y could not be change we could have to increase mu x and decrease mu y. Recalling the law of diminishing marginal utility we can increase mu x by reducing x and we can decrease mu y by increasing y. Then we will come to the what happens to when there is a change in the price what it leads to because if you remember the budget line shifts whether it also shift the consumer equilibrium whether it also shift the consumer preferences with the change budget line that will analyze to the price income and the substitution effect. So, if decrease or increase in the price of a good has two effects one consumer will tend to buy more of the good that has become cheaper and less of those good that are now relatively more expensive. So, in case of decrease in the price consumer will tend to buy more of the good that has become cheaper and less of those good that are now relatively more expensive because one of the goods is now cheaper consumer enjoy in the increase in the real purchasing power like if you remember your shift in the budget line. If price of x is decreasing that leads to the shift in the budget line in the horizontal axis because with the same money income now purchasing power of the consumer has increased and the consumer is buying more amount of x. So, any change in the price it has two effect one the consumer buy more of these goods where the price has gone down and less of those goods which become expensive now. Now, we will see we will analyze the change in the price and we will see that how the effect of change in the price is equal to the substitution effect income effect and the equal the price effect is equal to the substitution effect and income effect. So, if you look at look at the graph the consumer is initially at A on the budget line RS. Now, we are considering food on the x axis clothing on the y axis and the consumption basket consists of only food and clothing two items. The consumer is initially at the point A at the budget line RS. When the price of food decreases then the budget line shift to the right. Now, how this budget line shift to the right? Because there is a decrease in the price of food that leads to the purchasing power of the consumer and by which they can buy more of the food now that is the reason the budget line will have shift to RT. So, when the price of good falls the consumer increases by F 1 F 2 as the consumer moves to B. Now, what is the increase in the quantity that is F 1 and F 2? When the now what are the options? The consumer with the new budget line the consumer moves to a higher budget line and ideally the consumer should also consume more. Now, we will see that how this consumption of more of x will lead to some adjustment in the purchasing power of the consumer some adjustment in the consumption pattern of the consumer. So, initially the budget line is AB and the consumer was suppose this is the indifference curve the consumer was equilibrium at this point may be suppose this is E. Now, if you are considering here x and here y price of x decreases when there is a decrease in the price of x that leads to change the budget line from AB to AB 1 because now with the help of the reduced price the consumer can buy more of x. With the new budget line the consumer can achieve or consumer can choose a combination at the higher indifference curve U 2 because U 2 will gives us a higher level of satisfaction. Let us consider this point now what the consumer will try to do? If the consumer is still want the same level of satisfaction then in that case we have to draw a parallel line by compensated demand curve and what is this compensated demand curve? This compensated demand curve is reducing the same amount of income what has been reduced as the or what has been increased by the real purchasing power. So, by this now the budget line shift to C D and which is again at the consumer can prefer a combination or the consumer can be equilibrium at this point E 1. So, this movement from E to E 2 this is because of price effect the movement from E 2 to E 1 this is because of the income effect because there is a reduction in the income effect by the compensated demand curve and this movement from E to E 1 is the substitution effect. So, now how this entire may be the entire process of income substitution and price effect work? Initially the consumer is equilibrium at this point E price of x decrease and increases the consumer moves to a new budget line that is from AB to AB 1. With the new budget constraint with the new income constraint the consumer can now consume a combination or choose a combination on a higher difference curve U 2 and with this the consumer moves to a new a consumer equilibrium point E 2. The movement from E to E 2 is the price effect because this change is due to change in the price. Now to bring back the consumer to the original satisfaction level there is a reduction in the money income by the compensated amount by which there is a increase in the real purchasing power that leads to the shift in the budget line the parallel shift in the budget line from AB 1 to C D. With the new budget line still the consumer can choose a combination which is equal to E 1 and this is the new consumer equilibrium for the consumer. So, the movement from E 2 to E 1 is due to change in the income that is the reason it is known as the income effect and the movement from E to E 1 is because of the substitution because effect because there are few substitution has been done and that is the reason the movement is from E to E 1 that is the reason it is known as the substitution effect and the price effect that is E to E 2 is always the combination of the substitution effect and income effect. Now what is substitution effect? Substitution effect is E E 1 and income effect is E 1 E 2. So, price effect is always a combination of income effect plus substitution effect let us go back to the graph what we are showing in the slide again. So, initially the consumer is at the point A and when the price of food decreases consumption increases by F 1 F 2 as the consumer moves to point B and it is on a higher difference curve U 2. The substitution effect F 1 E associated with a move from A to D that is change in the relative prices of food and clothing, but keep the real income the satisfaction constant like what we did in case of the graph that is E movement from E to E 1 because the satisfaction has to keep constant and that is the reason the real income has to constant and that that is the reason there is a decrease in the budget line by the amount by which there is a increase in the real purchasing power. The income effect is E F 2 associated with a move from D to B keeps the relative prices constant, but increase in the purchasing power. Food is the normal good because the income effect E F 2 is positive and if it is negative then this is a inferior good because the logic here is that for the normal goods always the income increases when there always the consumption increases whenever there is a increase in the income. So, substitution effect is the change in the consumption of goods associated with the change in its price with the level of utility held constant and income effect is the change in the consumption of the good resulting from an increase in the purchasing power with relative prices held constant. So, in the previous graph the price effect is F 1 F 2 which is equal to the substitution effect that is F 1 E and income effect that is E F 2. So, let us take a numerical to understand the concept of price effect, income effect and the substitution effect. So, we have information about the price of X and Y, we have information about the quantity of X and Y, we have information about the income and also we have information about the utility what the consumer receives when they consume a specific combination of good X and Y. So, suppose we have taken the case of two goods that is X and Y which is the part of the consumption basket. So, the first one is price, second one is quantity, then income, then utility. So, price again we have price of X, price of Y, quantity of X, quantity of Y, then income is same for both the goods and utilities again same. So, in the first case price of X is 10, price of X is 10, price of X is 10, price of Y is 10, price of Y is 5, price of Y is 5, then quantity of X is 50, quantity of Y is 40, quantity of X is 48, quantity of Y is 84, quantity of X is 40, quantity of Y is 70, income is equal to 900, income is equal to 900, income is equal to 750, utility is 100, utility is 150, utility is 100. Now, we will find out the price effect, we will find out the income effect and we will find out the substitution effect. Now, how we will find out the price effect? Then the price of Y decreases from 10 to 5, holding the income constant, the quantity demanded of Y increases from 40 to 84. So, price of Y decreases from 10 to 5, we have to keep the income constant, the quantity of Y increases from 40 to 84. So, what is the price effect? The price effect is the change in the quantity demanded when there is a change in the price of the goods. So, in this case the price of good is changing from 10 to 5, which leads to increase in the consumption of Y from 40 to 84, even if the income constant, there is a increase in the purchasing power of the consumer because of decrease in the price of Y and that is the reason the price of price effect is equal to 44. Now, we will see how we can find out the income effect and the substitution effect. Now, substitution effect if you remember, both the utility has to be same, even if there is a decrease in the income. Like in the graph, even if you draw a compensated budget line from the previous budget line to the like to the original budget line. So, the utility level has to remain constant because the next point also was on the same indifference curve. So, in this case 100 is the utility, 100 is the utility. Keeping the utility level constant, the difference between the quantity of good Y in both these cases will give us the substitution effect. So, substitution effect is equal to 70 minus 40, which is equal to 30. So, what is the logic for calculating the substitution effect? The utility has to be remain constant and what is the change in the quantity of Y? So, in the initial case if you remember the graph, the point where you move from E to E 1, even if both of the satisfaction level is same, but there is a change in the quantity of Y and that same change is represented here between 40 and 70 and that is the reason the substitution effect is 30. Now, we will find out the income effect. How to find out the income effect? Here the income effect is, when there is a change in the income, what is the change in the quantity demanded? So, here the income is decreases from 900 to 750 and the consumption of Y decreases from 84 to 70, which is equal to 14. Now, we will check whether the price effect is equal to the income effect or substitution effect or not. So, price effect is equal to substitution effect plus income effect. So, in this case price effect is 44, which is equal to 30, which is the substitution effect and 14, which is equal to the income effect that comes to the equality between the summation of price effect, substitution effect and income effect, which is equal to the price effect. And here the nature of the good is normal because the income effect is positive. Next, we will introduce the concept of consumer surplus. This actually measures that what the consumer is willing to pay for the good and what the amount actually paid. So, how this consumer surplus and demand they are related? Consumer surplus is, if you look at its derived from the, what is the market demand? So, consumer surplus is the total benefit from the consumption of a product less the total cost of purchasing it. So, here is the consumer associated with the six concert tickets purchased at 14 per ticket is given by the yellow shaded area. So, like if you look at this is the price, this is the quantity, this is the demand curve, this is the market price, which is equal to P m, this is Q m. So, this is Q 1, this is Q 2, this is Q 3. Now, to purchase this Q 1 amount of the quantity, the consumer is ready to pay P 1. To purchase this Q 2, the purchase the consumer is ready to pay P 2 and the to purchase Q 3, the consumer is ready to pay P 3.  And because of this, the consumer is getting some surplus, because what actually he is paying and what he is ready to pay, there is a difference between this.  He is ready to pay P 2 in this case, but he is paying R 2.  So, this is the amount of the benefit, this is the amount of the surplus, what the consumer is getting and this is known as the consumer surplus. So, consumer surplus is nothing but what the consumer is actually ready to pay and what actually he is paying in the form of the market price that gives us the consumer surplus. Now, what happens when there is a increase or decrease in the market price? So, if you take in the previous example, this is our market price which is equal to P m and this is the total consumer surplus area. Now, suppose the market price is increased from P m to P m 1. Now, what would be this? With this, the quantity that is demanded in the market will be Q m 1. So, earlier the consumer surplus was this much. With the increase in the market price, the consumer surplus is the small triangle because there is a market price has increased from P m to P m 1. So, this is this area is the loss in the consumer surplus due to change in the price or due to increase in the price. So, this loss in the consumer surplus is two part. One part which goes directly to the producer and how it goes directly to the producer because with the increase in the price, they get in the form of the revenue and this is part of the producer surplus. However, this small triangle, this neither goes to the consumer account nor goes to the producer account and that is the reason this is known as the dead weight loss. So, when there is an increase in the market price, there is an increase in the market price from P m to P m 1, there is a decrease in the quantity demanded, the market demand that is Q m 1 and with the increase in the market price, there is a loss in the consumer surplus, there is a decrease in the consumer surplus area and the new consumer surplus area is the small triangle. The loss in the consumer surplus area has two part. One is producer surplus which goes directly to the producer in term of increase in the revenue, but the small triangle is one where it neither goes to the consumer because the consumer has reduced its consumption from Q m to Q m 1 nor it is getting sold by the producer and that is a reason this is known as the dead weight loss because it neither goes to the consumer account nor it goes to the producer account. So, consumer surplus is nothing but the change in the nothing but the what the consumer is actually paying and what he is willing to pay for the product and the consumer surplus changes when there is an increase in the market price and the loss in the surplus has two parts. One which goes directly to the producer account in term of increase in the revenue and second is the dead weight loss because it neither goes to the producer because it is not getting sold and neither it comes to the consumer because consumer is also not paying for the price. So, if in this particular graph because a price increase to P 1, the red triangle is the new consumer surplus area, the green one is the producer surplus that is consumer paying more and the orange triangle small triangle is the dead weight loss because it neither goes to the consumer account nor it comes to the producer account. These are the session references that is being followed for this typical session.


What's going on guys and gals Brad here for late in sports cards. We're ripping 2022 definitive baseball case 34 random teams. Here is the list one more time Feel free to check it out on the website at any time and thank you for joining We do have the Jeter cases coming up next guys 11 to go on the second one still We are sold out on the first Astros patch 4 of 15 Jose Altuve was that you some bit that I was wondering who it was I was like Sam didn't make that We got Jersey Red Sox to 50 Dustin Pedroia Relic Auto Ryan Sandberg Five of ten Rhino There you go Cubs Jersey Auto Buster Posey eight of 20 dual patch auto Phillies Reese Hoskins and JT Real Muto seven of ten Gold frame auto Hideki Matsui to 30 Yankees Bucky Auto Pirates to 25 a Neil Cruz There you go Pittsburgh and Cubbies again Andre Dawson to a 25 X2 Good first box I do like how they rearranged it this year With the patches starting at the top Whereas previously they were always on the back Reds one of 30 Joey Vado Cincinnati got you out the O'Neill Cruz has caught a little bit too long so it won't fit in a mag better patch Charlie Blackman One of one Rockies Boom. Yeah, definitely still her job, but it's okay for now for tonight at least I Got Jersey Auto Rad crew to a 40 Radaroo Pete Alonzo Jersey Auto mats to 25 a junior George Springer 24 at 35 Gold frame auto Don Mattingly to a 30 Don Mattingly Bobby Whit jr. Royals eight of 50 Ricky Henderson Auto to 25 that could be big we got Dodgers patch to a five max Muncie Jersey Angels Mike Trout 12 of 50 relic auto Mike Schmidt 16 of 40 If you send us an email that might be possible to worry Matts and chat he would know Although he's on the YouTube side. We got Jersey Auto Red Sox to 25 Rafi Devers Red Sox full Jersey dual auto Cardinals Gold Schmidt and Carlson Nice to 35 Gold frame auto Braves Shipper Jones three of 10. No problem, man one of one Dodgers Button patch auto Walker Bueller Boom, that's cool, man Braves auto Greg Maddox 10 of 10 and a gold frame patch auto Jordan Alvarez 13 of 30 grads Houston Good stuff, man. That'll do it for the second definitive guys Coming up next is stadium club members only Derek Jeter


So thank you everyone for joining. This is going to be a Women in Tech panel, but it's actually has to do more about diversity and inclusion overall So we know a lot of times we talk about women in tech, but it's there are so many other Genders and it's not just binary so it has to do about everything and we're just gonna have like four amazing women here So I'll have you introduce yourselves, please. Yeah, my name is Anna. I live in London since September I actually just moved to Nothing Hill really exciting I work for a company called elastic and I do a lot of community work in my free time I sit on the Python Software Foundation Board of Directors And I'm a co-leader of Pie Ladies London. I live in London as well. I've been here for 16 years I'm also very local. I work at Bloomberg, and I've worked at Bloomberg for 18 years And I've done a whole lot of roles over my career and I've done So for engineering roles, I've done team leader roles I used to look after all of our engineering teams here in London up until about two months ago And then I started to do a technical product in a role Hi, I'm Carolina I've been working for seven years in Switzerland for startups and medium-sized companies In roles such as full-stack and data engineer and then I moved to London And now I work as an independent consultant for the same type of companies and in my free time I enjoy painting them actually I'm running a workshop that combines The concepts about programming and art I want the details of that later Hi, my name is Laura Morinigo. I basically also recently moved to London after being having two years of digital normal life so yes, and I'm really happy about it and Currently I'm a Google Developer Expert around the DDG cloud community here in London So and also I'm doing IT consulting for different startups, too Nice, okay, so I forgot to introduce myself. It seems Hi, I'm Mariana. I work in Bloomberg as well. I've been working here for about five years I'm currently leading a team in London and I'm also a member of the Python guild in Bloomberg, which is pretty cool So by the way, I'm not just looking at Instagram. I have the questions here So Let's start with saying a bit more about what you're doing and so on so tell me about something cool you're doing right now Except of being on this panel. Okay, I'll let you I have an idea. Yes. Talk about So one somewhat recent interest of mine is about improving the hiring process so I've been working with with a company to design new coding questions and I'm also Working with another company to improve their their interviewing process To to make it not test not just for our goal Algorithmic skills, but also other skills that are very useful for a programmer to have so communication skills communication skills for example and also being able to take an existing code patient to work with it without Bending it to the ground Because legacy is a fact of life that we get used to Okay How about something you've worked on that's very that you felt was impact-filled. I Actually have a story to tell so I Pileadies Ghana reached out to me. There's the first tycoon Africa happening in August I don't know the exact dates, but you all should go because it's awesome. It's organized by a woman called Marlene Mangami I don't know right now look at online And Pileadies Ghana reached out to me and they asked if I could tell their members a little bit about how to write a proposal How to prepare for a conference talk and someone tweeted at me yesterday? And she watched my workshop and she got her first conference talk accepted and that's really awesome. So yeah That's really good and that was definitely impactful when you get the feedback. It's what makes it. Yes. Yeah, I Can share a little bit about something that I'm doing now So I started to do a very different role a couple months ago And it's been hugely exciting and I haven't I haven't felt this Completely stupid in a long time And for me that's been a lot of fun and very challenging And it's been kind of learning lots of different technologies and it's been it's been great But what we're trying to do the crux of what we're trying to do is help to make the engineers that you know Bloomberg at our company a lot more kind of effective by not looking in Tons of places to find Official documentation and correct information about kind of what tools they should be using and you know What the latest status of different APIs are? So that's something that the impact of that is something that I've felt many times over the years is like as as an engineer as well As a leader of teams. It's like well, where do I find this information? It's like you just need to ask that person Like yeah, you couldn't you could you can look and you definitely should do that But once you've done all that research, you just need to go talk to them So being able to improve that process for kind of our population I think is something that I'm very excited about because it's very real something. I'm experiencing now And yeah, it's definitely it's challenging me. I can tell you it's gonna have an impact on me for sure Great well, I'm working right now with a really excited startup that is called train effective Basically, it's a football online academy. So for me, it's really exciting. I really like football. I'm from Argentina, by the way That's why Actually the founder is just 23 years old and it's a really young team and they are about to skill about like million users so I'm a leading the developer team and help them to a skill and besides football and The proof that is really a bit technology. They have these Academy to also focus into mental health into the kids that actually they want to start playing football and Help them to grow as a person. So that for me is really exciting Okay, it sounds like you're all doing very cool stuff actually and it's very interesting when I asked what cool are you working on? It was like silence But How do you keep yourself motivated and working through everything and keep doing incredible things? It's a hard one. I think I think everybody like it just happens to everybody that people don't feel it sometimes For me, it's really been Connecting with people and sharing my problems and maybe that's kind of I'm spreading the misery a little bit But for me, it's really trying to find people that I think care about things that I care about Maybe share kind of some sort of values that we have in common and then just kind of trying to work together to really You know figure out if I'm stuck on something or if I'm feeling really not, you know kind of inspired by what I'm doing is Is you know really working with others that kind of care about it? and the other thing that I think is you know also important is just to know when you yourself have hit your wall and You know, whatever that wall may be whether it's kind of you know Needing a change of scenery change of role change of people change of technology I'm you know realizing what it is that kind of does drive you and putting things in place and being proactive about Getting you inspired again. No one's gonna inspire you. You have to figure out for me what like that's how I've Gone about it. Yeah kind of what takes and yes So I recently kind of hit a point of meetup organizing and fellow meetup organizers might agree with me So there's the common problem that you always have about a 50% no show rate for meetups And it's sometimes very disheartening if you put like a lot of Hard work into organizing a meetup you organize the venue you organize the speakers and only 10 people show up So that's sometimes disheartening, but then I remind myself Maybe I have some standards that are too high if I just reach one person and I make a difference in their day Then I've done something good Also as Christine said it's important to take breaks Especially well all of us we do a lot of volunteer work in the Python community And I think it's important to go on a real vacation Don't do any volunteer work on vacation just set that out of office reminder one of my Former co-volunteers once said to me there are no emergencies in open-source software. We're we're not doctors So if you go on vacation for two weeks, it will still be fine people might miss you, but that's good But yet take breaks Yeah, I agree in fact Well, I've been traveling on my own the last two years one of the reasons that I've been doing that is to meet other communities and There are moments in in my career that I didn't know what it was the next step So basically the first step that I need to do is keep some space to check which kind of the things are like Which kind of the things I don't want to write and with that space basically going to the next step, so For me what helps is that I work in a flexible way so I can basically To a certain extent choose my hours and that means that when I feel some Burnout or whatever coming I can choose to to go out in nature instead of working on day And this has helped me a lot like compared to To how it was when I was working full-time Also, I think saying no is important and it's something that a lot of us are bad at I have this rule like if I don't feel a hundred percent. Yes This excites me and I say no and this is sometimes really hard But you don't have to say no or in a rude way you can say no not me But I have these other ten friends who might be able to help you With what you're looking for so don't be afraid to say no It's oftentimes better than loading more and more and more onto your plate And also I think what some communities Struggle with is it's always the same set of people organizing all the things But then there's the other 50% of people who say hey, I want to get involved, but I don't know how So let's give those people a chance to get involved as well Yeah, I think it's a really like important kind of signal to yourself that like if you find most of the time You're not enjoying kind of what you're doing that Something probably isn't right and I like your sort of am I really excited about this like does it spark joy? Who's that? Those who are tide ears, you'll know what I'm talking about Yeah So you mentioned actually helping someone as well.  Sorry being a mentor or being a mentee Well currently I'm mentoring online I used to teach coding in My city, but then when I started to travel it's kind of hard, right? You're not have the classroom. So I get the chance to keep mentoring and doing classes online and Besides teaching is all about also you learn from each other, right? It's not it's not it's also a different role that you can have your experience or even the different ideas that somebody can have about career and You already been in that path can help a lot to somebody as somebody help me in a different way For me mentoring is part of my career for sure As I mentioned I offer speaker mentorship I currently don't do it as much as I used to but that's really Important and something that sparks a lot of joy in me For being a mentee I think some people think that you have like that one person that you turn to for everything for me It's not like that like I have mentors for Different things like my friend Lorena. I would consider her like she has taught me a lot about self-worth for example So she's a mentor to me in that field my friend Jeff He taught teaches me a lot about personal finance So I think just like build relationships with different people. You don't have to have one person for everything I agree and one thing that helped me a lot because I have a Kind of similar way to you have a financial co-op like relationship coach Actually be able to share in which part of your life are you and also which kind of Things you want to improve Financial okay, I'm struggling with these I would like to know which other person has a similar way And then you can help each other Yeah, that's that's I think very similar to what I've experienced. I've just tried to I've been fortunate to get to know and work with lots of very very skilled and experienced people over the years and just kind of really Connecting with different people and sharing my problems and hearing their problems and hopefully we've been able to co-mentor each other Over the years is really how I've kind of tried to set up kind of my own kind of mentorship Experiences whether I was the mentor or whether I was the mentee Martha my friend Martha and I we just talked about how do people build friendships And I think what it comes down to and what also is true for mentorship is that it takes a lot of vulnerability You have to admit that hey all my relationship sucks or hey I'm bad at spending my money and then the mentor also has to open up a little bit for you to build up a relationship but One quote that I really like that I've heard I don't know where I picked it up, but it's that people don't associate with don't relate to perfect They relate to vulnerable and so I think vulnerability is really something that unites us. It's really hard But I think it's it's always been worth it when I was vulnerable with people. Yeah, it sounds like many brown Probably Yeah She's a story teller she's she has been studying vulnerability. Yeah, and all this Yeah How do you think the mentorship kind of relationship Happened was it something that was organic or was it just For you. I've had the best results when it's organic like when there is a Business them and much in the in that the mentor has time and the knowledge that you seek and you You also have the the time and Dedication to actually so that you're committed and Deserving of like the attention of this person. There are also some platforms where you can try to get matched up with mentors Usually those are not they're not free. This can also work out for like Very specific things. I think one such platform for example is code mentor.io where people can get help on specific problems Okay, thank you so we talked about mentorship, let's talk a bit about leadership and intake in terms of Being in a minority group and I know Christine. You've been a leader for a while So do you think this ever was has affected? Well, it's interesting. I think I think I might put that question back to you actually I Can share it like I can definitely share my experience and I guess that I Think technology is great because When there's disagreements in many cases you can kind of really you know look at data And kind of look at what works and yes, we can still disagree about how we're going about things and yes There are like myriad opportunities to still have conflict and and to still have kind of you know Issues with leadership and you know creating an environment where people are thriving and where products are able to be built Which are really amazing, but I guess From from my experience. I guess I've seen my leadership challenges really not through a gender lens. It's been through Particular challenges Which with with how my personality is I think and kind of how my what my background is what my skill set is and of course There's an aspect of gender to that, but it never felt for me I think a lot I'm sure has to do with what company environment you're in and I think for for our company environment At least it's something that I think we spend a lot of time trying to create very inclusive Spaces and have people really be heard and so I think for for our environment the gender thing was never Like a big part of you know being a leader for me If anything, I think like it probably you know, I was oh, she's this the girl Like and it but it went in but in a positive way as opposed to a negative way. How about how about yourself I? actually I Know I actually haven't had an issue with this in Bloomberg To be fair and not in a leadership perspective for sure It has to do a lot I think with your personality and it does have to do a lot with the kind of the team environment that you yourself Inspired to others in others as well So you can have a team that's very inclusive and that doesn't have to do with gender or like anything very specific It has to do more with even personalities You have people who are very extroverted and you have people who are very introverted and having those two personalities in the same team can also It can be an issue But also it can just not be one and it just has to do a lot with an inclusive environment And I think this is the most important part And it's interesting because we obviously exist in our corporate bubble to a certain extent and I guess You ladies like are like there's community groups that you're leading and like that must it's very different because you don't have this You know kind of like other kind of creature That's kind of creating this environment and trying to enforce this environment.  It's all about giving the space right and also Check which other person can support you Besides that because one of my first roles as a leader was actually in a really small startup leadership and There were three other Super nice guys and actually at the beginning it was even hard for me because I did to lead it was I don't know I was feeling even we're given instructions, but it's not about that, right and Other member that was there Was like, okay right now you are giving the space for you to actually Guide the team getting both with other team members, right and I felt more comfortable because also I think it's in terms of personality in terms of who you are in terms of sometimes Oh, I can be a leader Sometimes that's other thing right that happened. So I think it's about communication and giving this space also to others For me, I have to say I've been mostly on the individual contributory Ika lone wolf path. They think if it's okay for guys to do it. It's okay for me as well. I Think it's also a lot about encouragement like I'm Kind of in this place where I'm deciding do I want to go the individual contributor path or do I want to be a manager? I do really enjoy helping people But I'm also terrified to mess up something as a manager because I think it's really hard to be a good manager And you obviously want to do it, right? But then I in my company We just hired a lot of very strong women and I look at them and I ask them and they share things with me and It kind of like helps me see. Yes. I want to be like her one day. For example, Samantha. She's our VP of sales for EMEA She's like this bad ass woman who can be really strict with all the territory managers if she has to but she's also Super approachable and will have a chat with me in the kitchen about yoga or about her anxiety or things like that So I think what it comes down to is having strong female role models and Encouraging other women to also take on leadership Roles because as you said like sometimes we are leaders, but then we're like am I really a leader? I think we always have to have this tendency to put ourselves down in posture syndrome. Yeah. Yeah. It's very common. I have it too To be fair, it's interesting like because this question was asked about leadership And I haven't had people I haven't felt ever that people thought of something because of my gender in terms of leadership And it was very funny because I was talking with a friend and I was like, oh People have never said anything to me that was like six in any way like it's fine And then he's like well like ten minutes ago.  I just shrug it off so well like I've learned to shrug it off That's the thing. It's not that it doesn't necessarily exist and I think I'm quite a strong personality. So I wouldn't I Wouldn't be to put it on myself and stop myself from I would shrug it off, but I understand that for other people That can be a real issue. Yeah, that's why even this space about showing off that okay She can be my next role model or that is possible. She is a leader, right? People can get more involved and actually you're giving visibility about what you're doing Yeah, I think role models are very important and it keeps coming up here So I think we might as well touch upon that So, what do you guys think about roles models?  I want you to make your own money and be independent And I think that she's really taught me how to work hard So I'm really thankful to her because she's taught me a lot and make it emotional talking about her but Also recently I recently had a trip to South Africa and I started reading more about Nelson Mandela I think he's a really inspiring person. He inspires me a lot It's very hard to top that answer I have to tell you Well, I don't have role models per se. I think it's never been asked that and now we're searching frantically for some So but the thing is I do get inspired from people in my daily life. I am I am very Observant so I notice when they have like a way of dealing with things that is different than mine and I can appreciate it and sometimes also incorporate if I see like a Good way like a healthy way of dealing with things that other people have shown me that this inspires me and can make me change as well Yeah, I think it's also related with Visibility a lot because sometimes, you know, this kind of thing that says you don't know that it's possible Till you see it sometimes and it happened to me actually one of the first times that I went to meet up I was really young so long ago. It was age HTML5. I think so like and And actually I get really inspired with one of I consider him one of my role models Because he was in front of the stage talking about technology and talking about actually he was traveling around the world, right? Teaching about this and I was like, wow, that's a cool job. I want to do the same thing, right? So after that Actually, I met him even we were in the same in the same Environment a lot and they gave me the opportunity to start doing kind of the same thing But before that I didn't know that it was a kind of role or like actually was a real job, right? So giving the possibility to make visible what you're doing. I Think it's great. You never know who else is it can be inspired by you Yeah, and I think that when I say yes to do these kinds of things, I Normally I do it so hopefully kind of the people in our organization and just other people can see like anybody can do that That's fine, right? Like Seeing more people who are kind of like from all different kind of walks of life And have lots of different experiences get up and kind of you know talk about the things that they've done I think that's kind of what You know, we need to make sure that we have a lot of those people who are you know Women and from all different communities So, you know children kind of are looking up and seeing lots of different kind of kinds of people doing different jobs that you know We need people to do and that have lots of opportunities So for me, that's kind of what's really kind of you know important from the role model kind of question at this point Because yeah, I was like my parents like Try to pick up lots of kind of skills and way of dealing with things as I interact with people Yeah, I think that is important actually a lot of people take heart from seeing other people doing things They are kind of interested in and are not sure and then they see them doing it and they're like, oh, you know what? Yeah, I can do that. Yeah, okay So going back to more of a diversity and inclusion Overall aspect so we know there have been mistakes because people didn't take diversity and inclusion into account Let's say for example a very old one from the seatbelts who were not really designed for women or children So it ended up being dangerous or like from man and from a software that recognized faces and let's say for Specifically it didn't really work out very well so Why do you think it is important to have diverse inclusion in your own opinion? I'm laughing because I just had this conversation over lunch with two guys I think diversity is such a broad topic. It's not I think in software It's a lot about diversity of genders, but I think it goes beyond that It's diversity of sexual orientations and religions and even backgrounds like I I studied English and Catholic Theology so I come like from a different world basically But there are so many skills that I can use in my job right now like communication skills project management skills language skills So I don't know like over lunch we discuss that diversity is important because we need to realize that we're all different and Different is good different isn't bad. So yeah Yes, I completely agree with that and something that I don't like Is for example the world minority because it's like, okay, what is minority am I a minority because I'm a woman because Don't speak English, right? So I think That diversity it should be in different areas not only software because everybody should embrace the background it doesn't matter like sex orientation gender and In terms of software We are all consumers too, right?  So at the end we are all consumers and why not we can be producers Why do you think it's hard to have a diverse thing? People Well, we're spending quite a lot of time right now and Investing in improving how inclusive we make our teams And it is really hard because even if you know the team everybody looks the same Like obviously everyone knows that, you know, there's so much more underneath the surface and people's personalities and their backgrounds That really do make people very unique and different people and that's really super important But then how we're actually able to you know work effectively together So people aren't you know hesitating about putting their ideas forward So people are able to kind of you know actually challenge each other and a kind of a constructive way to come up with the best solution But like, you know, I think people don't want to hurt each other's feelings I think people kind of don't know how to negotiate conflict Well, I don't think people know how to like make people feel included when they are the minority group as it were So like I think there's a lot of skills and just kind of like recognition of like, you know How like what are the areas that we do need to focus on to kind of improve how we create inclusive environments? But yeah, I think like I think it's I think it's really hard actually from from being in teams where there's been a you know Kind of a good measure like what you would kind of say is kind of gender diversity and racial diversity and You know diversity of kind of background and from being in teams where there's not like actually it's both hard It's hard So yeah, I think I think that's kind of that's what we're really trying to focus on is how we enabled that our teams to You know have conflict in a more constructive way to create like environments where people can you know Be who they want to be but you know aren't kind of holding themselves back because of you know They feel like they won't be heard or listened to Fair enough What do you think the world needs more of to reach gender equity? So I'm bringing back gender. The reason for that is that it's one that's actually quite visible It's easy to measure. Yes Yeah in whatever Diversity or or equality do you want to do is the first step is awareness. I think so in so many different areas, right? even What is the challenge right now? Why would you are trying to go to? Equal options and what's going on in other places that maybe we are really lucky to be here We have the possibility to be here, but in other places women are not here So all these kind of things being aware. I think is the first step about equality Yeah, I think it's just an acknowledgement acknowledgement as well. It's like okay We're I think many places are saying we're clearly not getting it right so we want to improve it But I think there's lots of other places that aren't saying we aren't like this is a problem for us So yeah, I think it's kind of like how you just feel like this is you know It's it's a product of you know the culture that we exist in just to a certain extent So and it's not the entire fault of a particular organization But I think it's how you it's how you take responsibility for it like all like as an organization I think is you know so important to improving the numbers overall because it's not just You know one company that's going to fix anything. It is cultural So it requires a cultural change Yeah, I think in general it would solve a lot of problems if we were to shift when Appropriate to longer-term thinking because I think short-term thinking is what makes you say Oh, okay. There is this person. I'm gonna hide which is exactly the same as everybody else So it's gonna work out but on the longer term more diverse teams yield better results and I mean Short-term thinking is also what has created the situation with the environment So I think long-term thinking is an important thing to adopt as a culture that it would solve so many more things than just the center cap So in that aspect of Diversity and inclusion, how do you find the overall community not just companies like the development community and even the Python community I Really happy in the moment that we are in terms of community and inclusion We In different communities also the community that I mean right now I'm basically I wouldn't be here in London without the community because the opportunity that I have to Start doing these and everything was first with from somebody with the community. So Communities has a responsibility even us to first of all create these spaces Offer opportunities, right and make visible whatever is happening right now in terms of Equality so Even if you're a community organizer or even if you are just going through an event Try to reach out somebody that maybe it looks different than you give a chance. I think that's really important Well the Python community I find is quite diverse if one looks at who is using Python because Python is used for example by academic people and I find it interesting to go to conferences because of the The variety of people you get to meet there What do you think Python's doing differently than like Well, I mean sometimes it just has to do with being at the right place at the right time But I think Python appeared With good timing and it's also easier to get started than C++ because you can just write some Python without compiling So it has a lower barrier to entry So I think it's easier for more people to get used to that I think we're doing well, but we can do better I mean if you look at the core Python developers, there are actually some women now, which is really exciting Five women. Okay, that's awesome. And I know the core desks are working on it But I think we can do better or if you look at the PSF board, which I'm a part of there's a lot of white people on the board So I think we we can do much better. So because I agree. We're doing well, but we can improve for sure It's good it's a work in progress. Yeah Okay Have an interesting question from the audience. I'll do it a bit So what do you believe like a young person would be good to know it would be good to hear if they were On the fence or just considering what they would do You mean in terms of technology? Yes, absolutely Because I I was always told are like don't do math don't do physics like you're good in languages You should do that because like honestly, I was always mediocre in math But I always really liked it because I like the problem-solving part English was just something that I could do It wasn't very challenging for me. I was just good at it It wasn't until my early 20s that I started learning Python and I realized oh, I can actually do it And it's really exciting. So I think every kid should at least try it and then if they're not interested That's fine, but I think don't self-select Yeah, I think like Something that happened to me a lot with young people is that when they see a career in tech Usually they think just we developers and or something else, but tech is has so many different profiles so many different types of Walk around this career path, right? So, yeah Tech is it can be mentoring. It can be a leader. You can work as a Consultant there are so many different types of profile that you can be around tech Even digital marketing, right? So, yeah, that's something that I will say Okay, I have one last question before we go to everyone else So I asked like what would you say to someone who's thinking of starting their career? but what do you think about someone who has stopped their career for a while and they would like to come back or Like it depends because sometimes it can be like maybe there are five years outside of the workplace and What do you think they would need to go back or to just stay I? Know and I don't think like there is an answer for it scientifically I'm just giving ideas here I can try answer this one because I was a manager for many years That's it's very much and I'm going back more to a hands-on role now And so it's it's been definitely a big change I think kind of just Embracing that you're going to be you know kind of learning a Crapload like for a long time and you're not going to be like you're what I want to talk and you're like Don't know And like that's that that can be quite hard kind of mentally to sort of to kind of like I have so much to learn But you know it's something that you have to kind of like be excited about and you know if this is a career that kind of you know that that You know that you're going to enjoy you enjoy solving problems of software and you know that's something that we all need to be doing We all need to be consistently learning. Yes coming back after a five-year gap You know you you have a lot to kind of to To start learning but everybody is learning all the time So I think it's kind of embracing the fact that it's fine You'll get there believe in yourself And find people who are also along the same journey right like find people who are kind of in a similar place So you can pump yourself up because we can you can pump each other up because I also think that's super important is to not feel isolated Make sense to me Hey, I'm gonna say if anyone else has questions to ask. Yes By the way, thank you all for sharing fantastic panels really really cool to see the intersectionality also of all your backgrounds So first of all, thank you So one of the things that I find when I have this dialogue with people about diversity equity inclusion diversity equity belonging whatever flavor you name it is People will say well, you know, it's not that bad or I've been at places where it's worse I find that answer utterly infuriating So I'm kind of curious when you're in those dialogues with people because it sounds like you all are Actively cut in some way putting yourself out there to think through these issues What are some ways that you respond to that or what are some ways that you kind of combat that that? Basically apathy right When people don't care if things don't change I Can add my two cents and then I will stop and I Think I think people get a little bit apathetic to this when they don't think it impacts them or like their product their team So I think it's trying to have trying to help them to understand how this does impact every team and it really does And a lot of times we get kind of people who will get super invigorated by it once it really impacts them Right, so once they have a daughter or they get married to somebody who's had you know bad experiences, right? So once it does impact them directly then they become kind of super Motivated to be very impactful in this so it's how can we you know kind of frame the discussion around?  So I think that's for me like what? Like it isn't is an important way to get people to really think more about how it makes a difference to them themselves Yeah, and Pathy Well honestly when somebody has the reaction you describe this person is giving me very useful information So I observe basically and if I want to create an initiative I would not reach out to them because it's good to to create initiatives with people that really have your back And also if there are still people that think like that. I think that we still need to work on that And I think it's the awareness part That's the important one like we live in a bubble for fine But we still need to kind of look outside and learn more from other people as well Hey, well, I'm not sure if that I have a question that's actually kind of targeted to Christine so you've mentioned that That you feel like you kind of live in a bubble here where you felt that you you didn't feel so much of an issue here within Bloomberg and as a person that has shaped the culture here in London because well Christine Was the engineer in London and she actually made this even happen because he was not gonna happen until you step up So thank you Christine and everyone should thank you But as a person that's shaping their culture in this in in in Bloomberg, London What would you tell to everyone that's here? That's from many different companies So they can take something to their company and make everyone feel as you kind of felt Yeah, and I guess like my my Response to kind of like how like gender kind of like being a female framed my experience leadership Was was really around the fact that I think we we as an organization have had loads of issues But Here we had so many that like we had so many very very good learning experiences and we grew a lot Yeah, well like it's true, right like any time something really horrible happens I think it is just like whoa, we really need to really learn from this and And I think because when I came over to London, we were just starting out our engineering office It was like 25 of us So we had to do loads of hiring loads of building teams and we pretty much made you know Every mistake in the book around kind of creating teams around promoting people around me a kind of like Just how we delivered our services. It was pretty awesome. So because of that like we had loads of challenges, but I but That's why I think probably the sort of the aspect of you know Kind of being a female wasn't just it like it wasn't something that was part of the the mix at that point But I think like when when we were trying to really change certain things around the culture here and I think really Really building Meaningful relationships with kind of our leaders in New York was incredibly important, right? So it's kind of it's understanding like who is shaping the culture overall And it's you know, really really caring about what you're doing. I guess that's the other thing So when we were speaking about and it wasn't just me it was kind of a number of us when we were speaking about the things That we wanted to do differently like we really cared We really cared about the products that we were that we were delivering the services We were delivering and we really had thought had been thoughtful because we had made all those mistakes About how to do things in in a different way, which we felt was going to yield better results So for us it was you know really have speaking from a point of caring And you know making sure that we were heard and you know, I think I think we're lucky in organization We have a very like Flat structure you can go and kind of talk we obviously have hierarchy But kind of you can go and talk to anybody basically so it was very open and accessible to kind of talk to different people and Yeah, I think you know That's really kind of what it was for me It was you know, it was very clear that I that I had First-hand experience that I really cared and I was trying to really focus to your point on Communicating things very straightforwardly right and you know communication is not a soft skill. It's very hard So I think you know really doing that in a you know, very good way was kind of instrumental to I think Getting the teams kind of working in a certain way here. I think that is all that we have a time for And we have a warm club for these amazing ladies


Here's one very important yet effective thing that you can do to absolutely crush your rotations. When you're a doctor, the main thing you're gonna be doing day in and day out is making decisions. Understanding what problems there are to fix and then what decisions to do is the biggest thing that you need to practice on your rotation. So when you have a patient, ask yourself, what are the three to four problems that this patient has going on? And then what are the three to four things that I'm gonna do to help make them feel better, to help get some more data? And that is how you make an amazing presentation. Doesn't matter if you can tell me that the patient's nauseous, but as the attending, if I hear, okay, problem number one is this patient has cardiogenic shock, today we're gonna increase their lacy history, I'm like, whoa, okay, this student knows what they're talking about, let's go. But if you start making the effort to say these are the problems, this is how I wanna fix it, that is where I know you're gonna be an amazing student on your rotation. And focus on those on your presentation. If you can effectively sell it, then you have everybody's attention and that's really what you need to get honors on your rotation. Now, if you enjoy these tips and strategies for your medical journey and you want more just like this, make sure you hit that like button, that subscribe and that follow to get more content and videos just like this one.