I suppose an alternate title could be “A Lesson on Elasticity in Four Parts.” Elasticity is an important concept, since it’s used extensively throughout both microeconomics and macroeconomics, so I guess you can’t learn too much about it, right?
The first video introduces the concept of price elasticity of demand and shows how it’s calculated [...]
Hey kids! Guess what…I have my first guest poster! Not poster like the one of Justin Timberlake I have on my wall (I kid…maybe), poster like one who posts…oh never mind, you get what I mean. Anyway, here is Vicki, a fellow blogger and tweeter who is in some small way my [...]
Tags: Decision Making · Econ 101
Apparently the town of Tracy, California has decided that its revenue shortfall should be relieved by charging people for making medical 911 calls. Before I get into the absurdity of this particular plan, let me give you a refresher:
Goods and services can be classified along two dimensions: excludability and rivalry in consumption. A [...]
Tags: Econ 101 · Markets · Policy
So we’ve talked about demand, we’ve talked about supply, now I show how the two fit together. The first video explains why markets reach equilibrium at the point that they do (spoiler alert: it’s where supply and demand intersect), and the second goes through the algebra of solving for market equilibrium. (If you [...]
I decided a long time ago that I didn’t want an academic career, at least in part because I didn’t want to deal with the whole tenure process. (For the record, academia may look all relaxed and thoughtful and tweed-jackety from the outside, but a lot of departments are way more cutthroat and political [...]
Tags: Discrimination · Econ 101 · Fun With Math