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Education
Society & Culture

Principles of Microeconomics (Video)

Updated about 14 hours ago

Education
Society & Culture
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Economics Courses

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Economics Courses

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)

Updated about 14 hours ago

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Economics Courses

Rank #1: Comparative Advantage

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What is comparative advantage? And why is it important to trade? This video guides us through a specific example surrounding Tasmania — an island off the coast of Australia that experienced the miracle of growth in reverse. Through this example we show...

Mar 07 2015

7mins

Play

Rank #2: Introduction to Microeconomics

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Economics is much more than just numbers and graphs. In fact, we can use economics to explain much of what we encounter in our daily lives. For instance, why is customer service at your local restaurant usually better than that of the cable company? To...

Jan 09 2015

3mins

Play

Rank #3: 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

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Rank #4: An Introduction to Externalities

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What are externalities and what are the different kinds of costs? And what does this have to do with the rise of “superbugs"? This video is an introduction to externalities, including the concepts of private cost, external cost, and social cost. Using...

Mar 21 2015

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Rank #5: Price Ceilings

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In 1971, President Nixon, in an effort to control inflation, declared price increases illegal. Because prices couldn’t increase, they began hitting a ceiling. With a price ceiling, buyers are unable to signal their increased demand by bidding prices up,...

Mar 07 2015

3mins

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Rank #6: External Benefits

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What can the flu teach us about economics and externalities? In this video, we go over how vaccines produce positive externalities that help people stay healthy. When someone receives the vaccine, they pass along the positive benefits of the vaccine to...

Mar 21 2015

7mins

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Rank #7: The Demand Curve

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What is a demand curve? A demand curve illustrates on a graph how much of a particular good or service people are willing to buy as its price changes.
When the price for a good or service goes down, demand tends to increase. That’s why stores can look a...

Jan 09 2015

3mins

Play

Rank #8: The Coase Theorem

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In this video, we show how bees and pollination demonstrate the Coase Theorem in action: when transaction costs are low and property rights are clearly defined, private arrangements ensure that the market works even when there are externalities. Under...

Mar 21 2015

8mins

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Rank #9: Maximizing Profit and the Average Cost Curve

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Being able to predict your company’s profit is a very useful tool. In this video, we introduce the third concept you need to maximize profit — average cost. When looked at in conjunction with the marginal revenue and marginal cost, the average cost curve...

Mar 21 2015

12mins

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Rank #10: The Big Ideas of Trade

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Trade makes people better off, but how? In this video we discuss the importance of specialization and division of knowledge. Specialization leads to improvements in knowledge, which then lead to improvements in productivity. For instance, physicians who...

Mar 07 2015

8mins

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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

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Rank #12: Price Ceilings: Rent Controls

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Rent controls are a type of price ceiling. We’ll use our diagram to show how rent controls create shortages by reducing the supply of apartments available on the market. Rent controls also result in reduced product quality, since they reduce the returns...

Mar 07 2015

9mins

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Rank #13: Price Ceilings: Shortages and Quality Reduction

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Price ceilings result in five major unintended consequences, and in this video we cover two of them. Using the supply and demand curve, we show how price ceilings lead to a shortage of goods and to low quality goods. Prices are signals that indicate to...

Mar 07 2015

6mins

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Rank #14: The Costs and Benefits of Monopoly

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In this video, we explore the costs and benefits of monopolies. We cover how monopolies and patents breed deadweight loss, market inefficiencies, and corruption.
But we also look at what would happen if we eliminated patents for industries with high R...

Mar 21 2015

8mins

Play

Rank #15: Why Do Governments Enact Price Controls?

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If price controls have negative consequences, why do governments enact them? Let’s revisit our example of President Nixon’s wage and price controls in the 1970s. These price controls were popular, as is demonstrated by Nixon being re-elected after they...

Mar 07 2015

6mins

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Rank #16: The Monopoly Markup

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Ever wonder why pharmaceuticals are so expensive? In this video, we show how low elasticity of demand results in monopoly markups. This is especially the case with goods that involve the “you can’t take it with you” effect (for example, people with...

Mar 21 2015

8mins

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Rank #17: Price Ceilings: Lines and Search Costs

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In this video, we explore two more unintended consequences of price ceilings: long lines and search costs. What was it like waiting in long lines for gasoline back in the 1970s? Not fun. But why did this happen? When price ceilings were imposed on...

Mar 07 2015

10mins

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Rank #18: 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

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Rank #19: The Social Welfare of Price Discrimination

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Now that we’ve learned a little about price discrimination, we can begin to think about whether or not price discrimination is bad for society. How does price discrimination affect output, and what is this effect on social welfare? If price...

Apr 09 2015

8mins

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Rank #20: 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