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 [...]
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 [...]
Okay, so it only took 10 days to figure out how to get my AEA talk on the Internet. For those of you who aren’t already aware, I was in Atlanta last week to give a humor talk at the annual meeting of the American Economic Association. Some random facts and observations about [...]
Tags: Just For Fun · Videos
As a math geek, I have a particular fascination with game theory. Lest the word “theory” through you for a loop, keep in mind that game theory has a number of practical applications. In general, it’s useful in life to be able to think about how others are going to respond to the [...]
Tags: Game Theory · Videos
So I finally did the videos on supply…I promise we will get to more complex (read, interesting) things soon, but it’s important to remember that most things in economics build on earlier concepts, so I can’t really skip over the basics. To make your day a little brighter (and to make my videos look [...]
Tags: Just For Fun · Videos