In economics, it’s important to have a measure of “better” versus “worse” outcomes. Even someone with a very narrow definition of “better” would most likely agree that an outcome is made better if it makes some people better off and doesn’t make anyone else worse off. As such, some old Italian economist named [...]
Entries Tagged as 'Econ 101'
Dilbert On (Potential) Pareto Improvements…
January 28th, 2012 · 6 Comments
Econ 101 · Just For Fun
Tags: Econ 101 · Just For Fun
Dynamic Pricing: An Economist’s Dream, And A Human’s Nightmare?
January 23rd, 2012 · 3 Comments
Buyer Beware · Econ 101 · Markets
A simple supply and demand analysis suggests that normal market forces cause prices to increase when demand increases:
The bottom line is that, after a demand increase, not everyone can get what they want at the old market price. Either the price can increase, which serves both to encourage firms to produce more and to [...]
Tags: Buyer Beware · Econ 101 · Markets
Videos: All About Competitive Markets…
January 3rd, 2012 · 2 Comments
Econ 101 · Videos
As spring semester begins, I am working on getting the mileage about of my shiny new HD camcorder and studio lights. This should improve video quality/sound dramatically as soon as I can figure out how to not make all of the technical mistakes that I’ve gotten so good at. I’m going to work [...]
Videos: Introducing Profit…
November 11th, 2011 · 1 Comment
Econ 101 · Videos
I suppose it’s not terribly helpful to tell you more than you ever wanted to know about revenues and costs if I wasn’t going to show how those concepts come together to show how to maximize profit, so here you go. The numerical example is a bit tedious, but I suppose that that is [...]
From A Sarcastic Quip To A Full Article, Steve Jobs And Occupy Wall Street Edition…
November 3rd, 2011 · 2 Comments
Econ 101 · Markets
A few weeks ago, I put the following on my Facebook page out of some combination of annoyance and amusement:
Apple’s market cap: 353 billion, and people are leaving flowers and notes for Steve Jobs at Apple stores.
Bank of America’s market cap: 62 billion, and people are marching on its offices in protest.
Capitalism- it can be [...]