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Principles of Microeconomics (Video)

Updated 10 days ago

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Society & Culture
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iTunes Ratings

14 Ratings
Average Ratings
11
1
1
1
0

This material is sooo good!

By 1L - Jun 11 2019
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Well produced? Absolutely. Informative? Incredibly informative. Educational? Yep. It takes the complex and makes it easy through interesting examples. (BUT it also occasionally provides a higher end treatment of the subject by telling the necessary formulas.) Overall: This should be a top-ranked podcast.

iTunes Ratings

14 Ratings
Average Ratings
11
1
1
1
0

This material is sooo good!

By 1L - Jun 11 2019
Read more
Well produced? Absolutely. Informative? Incredibly informative. Educational? Yep. It takes the complex and makes it easy through interesting examples. (BUT it also occasionally provides a higher end treatment of the subject by telling the necessary formulas.) Overall: This should be a top-ranked podcast.
Cover image of Principles of Microeconomics (Video)

Principles of Microeconomics (Video)

Latest release on Jan 23, 2018

The Best Episodes Ranked Using User Listens

Updated by OwlTail 10 days ago

Rank #1: Elasticity of Demand

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How much does quantity demanded change when price changes? By a lot or by a little? Elasticity can help us understand this question. This video covers determinants of elasticity such as availability of substitutes, time horizon, classification of goods,...

Jan 29 2015

13mins

Play

Rank #2: Budget Constraints

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Think through all of the variables that determine the price of a cup of coffee. It might help to imagine the coffee beans on the farm first. Consider the land costs and the price of the farmer’s labor. What about transportation of the beans to the...

Jun 07 2017

6mins

Play

Rank #3: Elasticity of Supply

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When is a supply curve considered elastic? What are determinants of elasticity of supply? Let's compare Picasso paintings and toothpicks. Which has an elastic or inelastic supply? For which good could you increase production at a low cost? We also go...

Jan 29 2015

14mins

Play

Rank #4: The Equilibrium Price and Quantity

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How are prices set in a market? The interactions of buyers (demand) and sellers (supply) determine the price of a good or service.The equilibrium price is the price where the quantity demanded is equal to the quantity supplied. That quantity is known as...

Jan 09 2015

4mins

Play

Rank #5: Who Pays the Tax?

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Who bears the burden of a tax? Buyers or sellers? Why is it that the more elastic side of the market will pay a smaller share of a tax. Again, we’ll apply what we know to the example of Social Security taxes and also look at the health insurance mandate...

Jan 29 2015

9mins

Play

Rank #6: The Demand Curve Shifts

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How do increases or decreases in demand affect the demand curve? An increase in demand means an increase in the quantity demanded at every price. Similarly, a decrease in demand means a decrease in the quantity demanded at every price.
This video takes a...

Jan 09 2015

14mins

Play

Rank #7: Supply and Demand Terminology

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What is the difference between a change in demand and a change in the quantity demanded? The terminology can be confusing — but we’ll provide some clarity in this video. In short, a change in demand refers to a shift in the demand curve — caused by a...

Jan 09 2015

3mins

Play

Rank #8: Tax Revenue and Deadweight Loss

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Why do taxes exist? What are the effects of taxes? We discuss how taxes affect consumer surplus and producer surplus and discuss the concept of deadweight loss at length. We’ll also look at a real-world example of deadweight loss: taxing luxury yachts in...

Jan 29 2015

11mins

Play

Rank #9: A Deeper Look at the Supply Curve

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What does the supply curve show us? This video takes a look at what we can tell from the supply curve about the behavior of sellers and quantities supplied at different prices. We’ll talk about producer surplus as well as factors that lead to an increase...

Jan 18 2015

7mins

Play

Rank #10: Speculation

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Speculation is often considered to be morally dubious. But, can speculation actually be useful to the market process? This video shows that speculation can actually smooth prices over time and increase welfare.
Speculators take resources from where they...

Feb 10 2015

10mins

Play

Rank #11: Calculating the Elasticity of Demand

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Elasticity of demand is equal to the percentage change of quantity demanded divided by percentage change in price. In this video, we go over specific terminology and notation, including how to use the midpoint formula. We apply elasticity of demand to...

Jan 29 2015

15mins

Play

Rank #12: Exploring Equilibrium

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In this video, we’ll review equilibrium in the adjustment process, showing that the equilibrium price is the only stable price. Then we’ll take a look at equilibrium quantity, where quantity demanded is equal to quantity supplied, and how this plays out...

Jan 09 2015

5mins

Play

Rank #13: Does the Equilibrium Model Work?

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Does the equilibrium model work? Nobel Prize winner Vernon Smith conducted experiments testing this model and found that time and time again, the model did indeed work. This video takes a look at Smith’s evidence and analyzes other instances where market...

Jan 09 2015

8mins

Play

Rank #14: A Deeper Look at the Demand Curve

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This video looks at both the horizontal and vertical methods for reading the demand curve, how demand curves shift, and consumer surplus.

Jan 09 2015

7mins

Play

Rank #15: A Price Is a Signal Wrapped up in an Incentive

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Join Professor Tabarrok in exploring the mystery and marvel of prices. We take a look at how oil prices signal the scarcity of oil and the value of its alternative uses. Following up on our previous video, “I, Rose,” we show how the price system allows...

Feb 04 2015

4mins

Play

Rank #16: Applications Using Elasticity

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In this video, we take a look at real-world applications of elasticity, using the examples of slave redemption in Sudan and and the effects of gun buyback programs in the U.S.

Jan 29 2015

15mins

Play

Rank #17: I, Rose

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How is it that people in snowy, chilly cities have access to beautiful, fresh roses every February on Valentine’s Day? The answer lies in how the invisible hand helps coordinate economic activity, Using the example of the rose market, this video explains...

Feb 04 2015

2mins

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Rank #18: Elasticity and Slave Redemption

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Beginning in 1993, Sudan entered into a civil war, with one of the worst parts being that many people were kidnapped and sold into slavery. Humanitarian groups traveled to Sudan to redeem slaves by buying them out of slavery. Is this good policy? Did it...

Jan 29 2015

4mins

Play

Rank #19: The Great Economic Problem

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In this video, we discuss how different markets are linked to one another. How does the price of oil affect the price of candy bars? When the price of oil increases, it is of course more expensive to transport goods, like candy bars. But there are other...

Feb 10 2015

8mins

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Rank #20: Information and Incentives

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What does an increase in the price of oil tell us? What does it signal? And how do we adjust to that signal? The price of oil gives users of oil an incentive to respond — by using less oil or substituting lower-cost alternatives for oil.
The key here is...

Feb 10 2015

9mins

Play