Understanding elasticity of Demand

Note: This is the eighth post in a weekly video series on basic microeconomics. Prices can have an effect on the demand of goods and services. But how much does quantity demanded change when prices changes? Continue Reading...

Does the equilibrium model work in the real world?

Note: This is the seventh post in a weekly video series on basic microeconomics. In previous videos in this series from Marginal Revolution University we learned how prices reach equilibrium and how the market works like an invisible hand coordinating economic activity. Continue Reading...

How to read a supply curve

Note: This is the sixth post in a weekly video series on basic microeconomics. Last week we took a deeper look into the demand curve, examining how to read the demand curve, how demand curves shift, and consumer surplus. Continue Reading...

How to read a demand curve

Note: This is the fifth post in a weekly video series on basic microeconomics. In a previous post we looked at how to understand the demand curve. In this video, we take a closer look by examining how to read the demand curve, how demand curves shift, and consumer surplus. Continue Reading...

How to understand the supply curve

Note: This is the third post in a weekly video series on basic microeconomics. The supply curve seems like an easy enough concept to understand: it’s a graphic representation of the relationship between the quantity of product that a seller is willing and able to supply at a particular price. Continue Reading...

How to understand the demand curve

Note: This is the second post in a weekly video series on basic microeconomics. To demonstrate how much of a good or service people are willing to buy at different prices, economists often use a graph called the demand curve. Continue Reading...