Economists Do It With Models

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Microeconomics 101 Roadmap

Note: Articles, videos, and practice problems are added on an ongoing basis as they are created.

Topic Level Article Link Video Link Practice Problems / Blog Posts
Unit 1: Economics Basics
What Is Economics? Easy link link TBD
Economics as the “Dismal Science” Easy link link TBD
Microeconomics vs. Macroeconomics Easy link link problem 1
Positive vs. Normative Analysis in Economics Easy link link problem 1
Unit 2: Introduction to Markets
The Circular-Flow Model Easy link link problem 1
Introduction to the Supply and Demand Model Easy link link TBD
The Short Run vs. the Long Run Easy link link TBD
PART I: WELL-FUNCTIONING MARKETS
The units below show how well-functioning markets are analyzed and how they are efficient in creating value for society. They also show how intervention in well-functioning markets lowers the value that such markets create for society.
Unit 3: The Basics of Supply and Demand
Introduction to Demand Easy link TBD TBD
The Determinants of Demand Easy link link problem 1
The Demand Curve Easy link link problem 1
problem 2
Shifting the Demand Curve Easy link link problem 1
Introduction to Supply Easy link TBD TBD
The Determinants of Supply Easy link link TBD
The Supply Curve Easy link TBD TBD
Shifting the Supply Curve Easy link link TBD
Some Demand Curve Algebra Medium TBD link TBD
Some Supply Curve Algebra Medium TBD TBD TBD
Horizontal Addition Medium TBD link TBD
Unit 4: Economic Equilibrium
Economic Equilibrium Easy link link problem 1
Calculating Economic Equilibrium Medium link link TBD
Changes in Market Equilibrium Easy link link 1
link 2
link 3
problem 1
problem 2
problem 3
problem 4
Changes in Equilibrium with Multiple Curve Shifts Easy link TBD TBD
Some Comparative Statics Algebra Medium TBD link 1
link 2
TBD
Unit 5: The Basics of Production
Introduction to Production Easy TBD TBD TBD
The Production Function Easy link TBD problem 1
Average and Marginal Product Easy link TBD problem 1
Returns to Scale Easy link link TBD
Unit 6: Revenue, Cost, and Profit
Introduction to Profit Easy TBD link TBD
Introduction to Revenue Easy link link problem 1
Introduction to Opportunity Cost Easy link TBD TBD
The Costs of Production Easy link link problem 1
Cost Curves Easy link 1
link 2
link
The Relationship Between Average and Marginal Cost Easy link TBD TBD
Calculating Economic Profit Easy link link problem 1
Costs in the Long Run Easy TBD TBD problem 1
Economies of Scale Easy link TBD
Cost Minimization Medium link TBD TBD
The Relationship Between Production and Cost Easy TBD TBD TBD
Introduction to Isoquants Advanced TBD TBD TBD
Introduction to Isocost Curves Advanced TBD TBD TBD
The Mathematics of Cost Minimization Advanced TBD TBD TBD
Profit Maximization Easy link link TBD
Graphing Profit Easy link link TBD
Unit 7: Competitive Markets
Introduction to Competitive Markets Easy link link TBD
Profit Maximization in Competitive Markets Easy TBD link TBD
The Relationship Between Price and Profit Easy TBD link TBD
The Shut-Down Condition Easy link link problem 1
problem 2
Deriving the Short-Run Supply Curve Easy TBD link TBD
Deriving the Long-Run Supply Curve Easy TBD link TBD
Overall/Review problem 1
problem 2
Unit 8: Consumer Choice
Utility and the Utility-Maximization Framework Easy link TBD TBD
Measures and Properties of Utility Easy link link TBD
Introduction to the Budget Constraint Easy link link 1
link 2
problem 1
The Slope of the Budget Constraint Easy TBD link TBD
Income Changes and the Budget Constraint Easy TBD TBD TBD
Price Changes and the Budget Constraint Easy TBD TBD TBD
Unusual Budget Constraints Medium TBD TBD TBD
Introduction to Indifference Curves Easy TBD TBD TBD
Properties of Indifference Curves Easy TBD link TBD
Marginal Rate of Substitution Easy TBD TBD TBD
Unusual Indifference Curves Medium TBD TBD TBD
Utility Maximization Easy TBD TBD TBD
The Utility Maximization Rule Easy TBD TBD problem 1
Utility Maximization with Corner Solutions Medium TBD TBD TBD
Utility Maximization and Income Changes Easy TBD TBD problem 1
Utility Maximization and Price Changes Medium TBD TBD TBD
Deriving the Demand Curve Easy TBD TBD TBD
Giffen Goods Easy link TBD TBD
Veblen Goods Easy TBD TBD TBD
Introduction to the Lagrange Multiplier Advanced TBD link problem 1
Decision Making Under Uncertainty Medium TBD TBD TBD
The Certainty Equivalent Medium TBD TBD TBD
Modeling Preferences for Risk Medium TBD TBD TBD
Unit 9: Markets for the Factors of Production
Introduction to Factor Markets Easy link TBD TBD
The Demand for Labor Easy TBD TBD TBD
Factors that Shift Labor Demand Easy TBD TBD TBD
The Supply of Labor Easy link TBD TBD
Factors that Shift Labor Supply Easy TBD TBD TBD
Equilibrium in Factor Markets Easy TBD TBD TBD
Why Labor Markets Might Not Reach Equilibrium Easy TBD TBD TBD
Efficiency Wages Easy link TBD TBD
Unit 10: Elasticity
Introduction to Elasticity Easy link TBD TBD
Price Elasticity of Demand Easy TBD link 1
link 2
link 3
problem 1
problem 2
problem 3
Price Elasticity of Supply Easy TBD link TBD
Price Elasticity and the Supply and Demand Model Easy TBD TBD problem 1
Income Elasticity of Demand Easy TBD link problem 1
Cross-Price Elasticity Medium TBD link problem 1
Elasticity vs. Slope Easy link TBD TBD
Constant Slope vs. Constant Elasticity Easy TBD TBD TBD
Point Elasticity vs. Arc Elasticity Easy TBD link problem 1
problem 2
Elasticity with Calculus Advanced TBD TBD TBD
Elasticity and Revenue Easy link link problem 1
Elasticity and Comparative Statics Easy TBD TBD TBD
Elasticity and Production Decisions Easy TBD link TBD
Unit 11: Measuring Economic Value
Introduction to Welfare Analysis Easy link link TBD
Introduction to Consumer Surplus Easy link TBD problem 1
problem 2
Consumer Surplus and the Demand Curve Easy TBD TBD problem 1
problem 2
Introduction to Producer Surplus Easy link TBD TBD
Producer Surplus and the Supply Curve Easy TBD TBD TBD
Rules for Finding Consumer Surplus and Producer Surplus Graphically Easy link link problem 1
problem 2
problem 3
Total Surplus and Economic Efficiency Easy TBD TBD TBD
Pareto Improvements and Pareto Optimality Medium TBD TBD TBD
Kaldor-Hicks Efficiency Medium TBD TBD TBD
Types of Market Inefficiency Medium TBD TBD TBD
Unit 12: Government Regulation
Introduction to Price Ceilings Easy TBD link 1
link 2
problem 1
problem 2
The Welfare Impact of a Price Ceiling Easy TBD TBD TBD
The Economics of Price Gouging Easy link TBD TBD
Introduction to Price Floors Easy TBD link 1
link 2
problem 1
problem 2
The Welfare Impact of a Price Floor Easy TBD TBD TBD
The Market Impact of a Quantity Control Easy TBD TBD problem 1
The Welfare Impact of a Quantity Control Easy TBD TBD
Introduction to Tax Analysis Easy TBD TBD TBD
Types of Taxes Easy link TBD TBD
Taxes on Producers Easy TBD link 1
link 2
link 3
TBD
Tax on Producers Algebra Medium TBD TBD TBD
Taxes on Consumers Easy TBD link 1
link 2
link 3
TBD
Tax on Consumers Algebra Medium TBD TBD problem 1
Taxes on Producers vs. Taxes on Consumers Easy TBD TBD TBD
The Tax Wedge Easy TBD link 1
link 2
TBD
The Welfare Impact of a Tax Easy TBD TBD problem 1
General Rules About Taxes Easy TBD link 1
link 2
problem 1
problem 2
The Laffer Curve and Tax Rates vs. Tax Revenue Easy TBD TBD problem 1
Efficiency vs. Equity in Taxation Easy TBD TBD TBD
Introduction to Subsidy Easy link link TBD
The Welfare Analysis of a Subsidy Easy link link TBD
Unit 13: International Trade
The Production Possibilities Frontier Easy link link problem 1
problem 2
problem 3
The Slope of the Production Possibilities Frontier Easy TBD link TBD
Economic Growth and the Production Possibilities Frontier Easy TBD link TBD
Capital Investment and the Production Possibilities Frontier Easy TBD link TBD
Absolute and Comparative Advantage Easy link TBD TBD
Comparative Advantage and the Gains From Trade Easy TBD link 1
link 2
problem 1
Supply and Demand with International Trade Easy link link TBD
The Small-Country Assumption Easy TBD link TBD
International Trade with Imports Easy TBD TBD problem 1
International Trade with Exports Easy TBD TBD TBD
The Welfare Impact of International Trade- Imports Easy TBD TBD TBD
The Welfare Impact of International Trade- Exports Easy TBD TBD TBD
The Impact of a Tariff Easy TBD TBD TBD
The Impact of a Quota Easy TBD TBD TBD
The Impact of an Export Tax Easy TBD TBD TBD
The Impact of an Export Subsidy Easy TBD TBD TBD
The Arguments Against Free Trade Easy link TBD TBD
PART II: MARKET FAILURES
The units below show how markets can fail to be efficient in creating value for society. They also show how intervention in these markets can increase the value that such markets create for society.
Unit 14: Externalities
Introduction to Externalities Easy link TBD TBD
A Negative Externality on Production Easy link TBD TBD
A Positive Externality on Production Easy link TBD TBD
A Positive Externality on Consumption Easy link TBD TBD
A Negative Externality on Consumption Easy link TBD TBD
Introduction to Corrective Taxes and Subsidies Easy TBD TBD TBD
The Welfare Impact of a Corrective Tax Medium TBD TBD problem 1
problem 2
The Welfare Impact of a Corrective Subsidy Medium TBD TBD TBD
The Coase Theorem Easy link TBD TBD
An Overview of Cap and Trade Easy TBD link 1
link 2
link 3
problem 1
Supply and Demand Under Cap and Trade Easy TBD TBD TBD
Unit 15: Public Goods and Common Resources
Introduction to Public Goods, Common Resources, and Club Goods Easy link link TBD
Public Goods and the Free-Rider Problem Easy TBD TBD TBD
Public Goods and Vertical Addition Medium TBD TBD problem 1
Common Resources and the Tragedy of the Commons Easy TBD TBD TBD
Unit 16: Monopoly
Introduction to Monopoly Easy link TBD TBD
Profit Maximization for a Monopoly Easy TBD TBD problem 1
The Relationship Between Marginal Revenue and the Demand Curve Medium link link TBD
Elasticity and Production Decisions Easy TBD link TBD
The Lerner Index Easy TBD link TBD
Deriving the Lerner Index Easy TBD link TBD
Monopolies Versus Competitive Markets Easy link TBD TBD
Introduction to Price Discrimination Easy TBD TBD TBD
First-Degree Price Discrimination Medium TBD TBD TBD
Second-Degree Price Discrimination Medium TBD TBD TBD
Third-Degree Price Discrimination Medium TBD TBD TBD
Bundling Medium TBD TBD TBD
Introduction to Natural Monopoly Easy link TBD TBD
Regulating a Natural Monopoly Easy TBD TBD TBD
Unit 17: Monopolistic Competition
Introduction to Monopolistic Competition Easy link TBD TBD
Monopolistic Competition in the Short Run Easy TBD TBD TBD
Monopolistic Competition in the Long Run Easy TBD TBD TBD
Features of Monopolistic Competition Easy TBD TBD TBD
The Economics of Advertising Easy TBD TBD TBD
Unit 18: Oligopoly and Game Theory
Introduction to Oligopoly Easy TBD TBD TBD
The Prisomers’ Dilemma Easy link link TBD
Nash Equilibrium Easy TBD TBD TBD
The Meeting Game Easy TBD link TBD
Repeated Games and Cooperation Easy TBD TBD TBD
The Mathematics of Cooperation in Repeated Games Advanced TBD TBD TBD
The Market Outcome of Oligopoly Easy TBD TBD TBD
Collusion and Cartels Easy TBD TBD TBD
Introduction to Cournot Competition Advanced link TBD TBD
The Mathematics of Cournot Competition Advanced TBD TBD TBD
Mixed-Strategy Nash Equilibrium Advanced TBD TBD TBD
Unit 19: Asymmetric Information
Introduction to Asymmetric Information Easy TBD TBD TBD
Adverse Selection and the Lemons Problem Easy TBD TBD TBD
Moral Hazard Easy TBD TBD TBD

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