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Entries Tagged as 'Econ 101'

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Videos: More Than You Ever Wanted To Know About Elasticity…

March 10th, 2010 · 4 Comments
Econ 101 · Videos

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 [...]

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$90,000 Or A Piece Of Marzipan Cake? Opportunity Cost and Interest, Wedding Edition…

February 26th, 2010 · 14 Comments
Decision Making · Econ 101

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 [...]

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Tags: Decision Making · Econ 101

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The Dumbest Words I Read Today, And A Lesson On Public Goods…

February 23rd, 2010 · 11 Comments
Econ 101 · Markets · Policy

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 [...]

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Tags: Econ 101 · Markets · Policy

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Videos: A Couple On Market Equilibrium…

February 19th, 2010 · 2 Comments
Econ 101 · Videos

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 [...]

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Before You Go Locking Up All Of Those “Crazy” People…

February 17th, 2010 · 4 Comments
Discrimination · Econ 101 · Fun With Math

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 [...]

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Tags: Discrimination · Econ 101 · Fun With Math