Supply, demand and market equilibrium
The core ideas in microeconomics. Supply, demand and equilibrium
Elasticity
Price elasticity of demand and supply. How sensitive are things to change in price.
Consumer and producer surplus
Summary
Scarcity, possibilities, preferences and opportunity cost
How do you decide what to produce or trade? How can you maximize happiness in a world of scarcity. What are you giving up when you choose something (i.e., opportunity cost)?
Production decisions and economic profit
Economic profit vs. accounting profit. Average total cost (ATC) and marginal cost (MC). Marginal product of labor (MPL). Price discrimination.
Forms of competition
Summary
Game theory and Nash equilibrium
Summary
Introduction to economics
This tutorial (that only has one video) is an overview of what economics is. In particular it will tell you the difference between microeconomics (the subject you're in right now) and macroeconomics. Really good first watch to give you some context on the world of economics.
The demand curve
You've probably heard of supply and demand. Well, this tutorial focuses on the demand part. All else equal, do people want more or less of something if the price goes down (what would you do)? Not only will you get an intuition for the way we typically depict a demand curve, you'll get an understanding for what might shift it.
The supply curve
Now we'll focus on the "supply" part of supply and demand. Supply curves (as we typically depict them) come out of the idea that producers will make more if they get paid more.
Market equilibrium
You understand demand and supply. This tutorial puts it all together by thinking about where the two curves intersect. This point represents the equilibrium price and quantity which is, in an ideal world, where the market would transact.
What drives oil prices
This tutorial tries to address a very important question in the real world--what drives oil prices? And we will do it using the tools of the supply and demand curves.
Price Elasticity
You're familiar with supply and demand curves already. In this tutorial we'll explore what implications their steepness (or lack of) implies. Price elasticity is a measure of how sensitive something is to price.
Consumer and producer surplus
Many times, the equilibrium price is lower than the highest price some folks are willing to pay. For all consumers, this is called consumer surplus. Similarly, the price might be higher than the minimum price at which some are willing to produce. For all the producers, this is called producer surplus. This tutorial covers them both with an emphasis on the visual.
Deadweight Loss
Many times, the equilibrium price is lower than the highest price some folks are willing to pay. For all consumers, this is called consumer surplus. Similarly, the price might be higher than the minimum price at which some are willing to produce. For all the producers, this is called producer surplus. This tutorial covers them both with an emphasis on the visual.
Public goods and externalities
In many scenarios thinking only about producers' marginal cost or consumers' marginal benefit does not fully capture *all* of the costs or benefits from the production/use of a product. In this tutorial, we explore these externalities (negative and positive ones) to think a bit deeper about ways to maximize total surplus not just for producers and consumers, but for society as a whole.
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Law of Demand
Example of the law of demand
Change in Expected Future Prices and Demand
Summary
Price of Related Products and Demand
How changes in the price of related goods can shift demand
Changes in Income, Population, or Preferences
How demand can be affected by changes in income, population or preferences
Normal and Inferior Goods
How the demand for some goods could actually go down if incomes go up
Inferior Goods Clarification
More clarification on inferior and normal goods
Law of Supply
Introduction to the Law of Supply
Factors Affecting Supply
How the price of inputs, price of related goods, number of suppliers technology, and expected future prices affects the supply curve
Long Term Supply Curve
Summary
Market Equilibrium
Equilibrium price and quantity for supply and demand
Changes in Market Equilibrium
How the equilibrium price or quantity might change due to changes in supply or demand
Breakdown of Gas Prices
Where the dollars at the pump go
Short-Run Oil Prices
Thinking about what moves oil prices
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Price Elasticity of Demand
Introduction to price elasticity of demand
More on Elasticity of Demand
Looking a bit deeper at why elasticity changes despite having a linear demand curve
Perfect Inelasticity and Perfect Elasticity of Demand
Extreme examples of price elasticity of demand
Constant Unit Elasticity
What a demand curve with constant unit elasticity would look like
Total Revenue and Elasiticity
Thinking about how total revenue and elasticity are related
More on Total Revenue and Elasticity
Clarification on the relationship between total revenue and elasticity
Cross Elasticity of Demand
Price of one good effecting quantity demanded of another
Elasticity of Supply
Thinking about elasticity of supply
Elasticity and Strange Percent Changes
Why we calculate percent changes in a strange way when calculating elasticities
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Demand Curve as Marginal Benefit Curve
Thinking about a demand curve in terms of quantity driving price
Consumer Surplus Introduction
Consumer surplus as difference between marginal benefit and price paid
Total Consumer Surplus as Area
Looking at consumer surplus as area between the demand curve and the market price
Producer Surplus
Looking at the supply curve as an opportunity cost curve. Understanding the producer surplus as the area between the supply curve and the market price
Rent Control and Deadweight Loss
How instituting a price ceiling lower than the equilibrium price reduces the total surplus (dead weight loss)
Minimum Wage and Price Floors
How a minimum wage might effect the labor market
Taxation and Dead Weight Loss
The effect of taxation on the equilibrium price and quantity
Percentage Tax on Hamburgers
What would happen if we have a percentage tax instead of a fixed dollar amount
Taxes and Perfectly Inelastic Demand
Who bears the burden for the taxes when demand is inelastic
Taxes and Perfectly Elastic Demand
Who bears the burden for a tax on a good with perfectly elastic demand
Negative Externalities
Taking negative externalities into account when thinking about the optimal equilibrium price and quantity
Taxes for Factoring in Negative Externalities
How to factor in negative externalities through taxation
Positive Externalities
Factoring in external benefits
Tragedy of the Commons
How public resources can be abused
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