The marginal product of labor

Note: This is post #54 in a weekly video series on basic microeconomics. How are wages determined? Why do most Americans earn so much by global standards? What exactly is meant by ‘human capital’? Continue Reading...

Does tying benefit social welfare?

Note: This is post #52 in a weekly video series on basic microeconomics. What is tying and how is this a form of price discrimination? An example of a tied good is an HP printer and the HP ink you need for that printer. Continue Reading...

Introduction to price discrimination

Note: This is post #50 in a weekly video series on basic microeconomics. Price discrimination is common, says economist Tyler Cowen. Movie theaters charge seniors less money than they charge young adults and computer software companies sell to businesses and students at different rates, often offering discounts to students. Continue Reading...

The monopoly markup

Note: This is post #48 in a weekly video series on basic microeconomics. Ever wonder why pharmaceuticals are so expensive? In this video by Marginal Revolution University, Alex Tabarrok shows how low elasticity of demand results in monopoly markups. Continue Reading...