Price controls reallocate surplus between buyers and sellers. In this video we explore how that happens with a price ceiling or a price floor.

This context-rich problem helps students to apply the characteristics of imperfect competition to a real world setting.

Elasticities can be calculated for more than just price elasticity of supply or price elasticity of demand. For example, income elasticity of demand as a measure of how quantity demanded changes in response to income.

When there are increasing opportunity costs, the shape of the production possibilities curve (PPC) is bowed out. Learn more about how the shape of the PPC, which is sometimes also called the production possibilities frontier curve (PPF), depends on opportunity cost in this video. Created by Sal Khan.

We can graph how we value tradeoffs between two goods. Created by Sal Khan.

The concepts of normal goods and inferior goods can be tricky, and the definitions can be somewhat subjective as well. In this video, we take a deeper look at these kinds of goods. Created by Sal Khan.

In this video, we take a slightly different approach to determining comparative advantage because we are given data in a slightly different way. Rather than knowing how much of two goods can be produced in a day, we know how much of a resources (in this case labor) is needed to produce one unit of a good.

University of Saskatchewan Edition

Short Description:
Intermediate Microeconomics is a comprehensive microeconomic theory text that uses real world policy questions to motivate and illustrate the material in each chapter. Intermediate Microeconomics is an approachable yet rigorous textbook that covers the entire scope of traditional microeconomic theory and includes two mathematical approaches, allowing instructors to teach the material with or without calculus. With real-world policy topics as an entrée into each subject, Intermediate Microeconomics will help students engage with the material and facilitate learning not only the concepts, but their importance and application as well. This edition was revised specifically to use in ECON 211 at the University of Saskatchewan. Enhancements in this edition include Canadian case examples, revised graphics, interactive glossary items, supplementary media, and finally, interactive self-checks.

Word Count: 116602

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

Short Description:
Intermediate Microeconomics is a comprehensive microeconomic theory text that uses real world policy questions to motivate and illustrate the material in each chapter. Intermediate Microeconomics is an approachable yet rigorous textbook that covers the entire scope of traditional microeconomic theory and includes two mathematical approaches, allowing instructors to teach the material with or without calculus. With real-world policy topics as an entrée into each subject, Intermediate Microeconomics will help students engage with the material and facilitate learning not only the concepts, but their importance and application as well. Data dashboard

Word Count: 126608

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

This course is designed to extend the student's knowledge of the basic microeconomic principles that will provide the foundation for their future work in economics and give them insight into how economic models can help us think about important real world phenomena. Topics include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, imperfect competition, and game theory. Upon successful completion of this course, the student will be able to: Explain the standard theory in microeconomics at an intermediate level; Explain and use the basic tools of microeconomic theory, and apply them to help address problems in public policy; Analyze the role of markets in allocating scarce resources; Explain both competitive markets, for which basic models of supply and demand are most appropriate, and markets in which agents act strategically, for which game theory is the more appropriate tool; Synthesize the impact of government intervention in the market; Develop quantitative skills in doing economic cost and consumer analysis using calculus; Compare and contrast arguments concerning business and politics, and make good conjectures regarding the possible solutions; Analyze the economic behavior of individuals and firms, and explore how they respond to changes in the opportunities and constraints that they face and how they interact in markets; Apply basic tools that are used in many fields of economics, including household economics, labor economics, production theory, international economics, natural resource economics, public finance, and capital markets. (Economics 201)

Short Description:
This open resource question bank provides problem sets for students of Intermediate Microeconomics. Questions are also created using H5P, which will allow students to check their understanding of theories efficiently. This question bank can be a supplementary resource for instructors to create interactive quizzes, assignments, exams, and discussion questions. Problem sets are related to the following topics: demand and supply, consumer theory, theory of firm and production, price and output determination under competition and monopoly, and market power analysis.

Word Count: 18708

Included H5P activities: 109

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

This book is based on the idea that there is a particular framework used by economists to interpret observed reality. This framework has been called the economic way of thinking, the economic approach, and the method of economics.

This book is different from the many other books that attempt to teach microeconomics in three ways:

It explicitly applies the recipe of the economic approach in every example.
It uses concrete examples via Microsoft Excel in every application, which enables the reader to manipulate live graphs and learn numerical methods of optimization.
The majority of the content is in the Excel workbooks which the reader uses to create meaning.
You learn by doing, not by reading.

Word Count: 88792

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

Word Count: 89051

Included H5P activities: 1

(Note: This resource's metadata has been created automatically by reformatting and/or combining the information that the author initially provided as part of a bulk import process.)

In this video, we introduce the field of economics using quotes from the person that many consider to be the "father" of economics: Adam Smith. Topics include the definition of economics, microeconomics, and macroeconomics as a field and the role of assumptions in economic decisionmaking. Created by Sal Khan.

Just like goods and services, the factors of production are exchanged in markets. This video focuses on such market -- the market for labor. The supply of labor is based on people's willingness to tradeoff labor for leisure. The demand for labor is based on labor's marginal revenue product.

This is a module framework. It can be viewed online or downloaded as a zip file.

As taught Semester 1 2009/2010.

There are no pre-requisites to taking this module and in particular there is no assumption of any prior knowledge of economics. For those who have taken A-level economics or any other version of economics some of the module content will appear familiar to you. However, the methods of analysis and the approach to teaching will quite probably be very different to anything experienced before and thus it is very important that good lecture notes are made, essays are thoughtfully written and background reading is undertaken. If not, then a degree level of understanding of the material will not be achieved.

This module is suitable for study at undergraduate level 1

Dr Wyn Morgan

Dr Wyn Morgan has been a member of staff at Nottingham since 1990 and became Associate Professor in August 1999. His research interests lie in imperfect competition in vertically related markets; price transmission, and futures and commodity markets. Since 2005 he has been an Associate Director in the Centre for Excellence in Teaching and Learning for Integrative Learning at the University of Nottingham. In 2006 he was appointed to be the University's Director of e-Learning and in August 2007 he became the University's Director of Teaching and Learning.

He is also an Associate Director of the Economics Network of the Higher Education Academy and an Associate of the Learning Sciences Research Institute.

Perfect competition is a theoretical market structure in which there are many buyers and sellers, identical products (also called homogeneous products), perfect information, and no barriers to entry.

Economists use the concept of price elasticity of demand to describe how the quantity demanded changes in response to a price change. In this video, explore a simple way to calculate the price elasticity of demand, how to interpret that calculation, and how price elasticity of demand varies along a demand curve.

We can calculate the price elasticity of supply to gauge how sensitive percent changes in quantity supplied are to percent changes in price.