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Demand, Supply, Elasticity, Surplus, and Tax Incidence: Core Microeconomic Foundations for Macroeconomics

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Introduction to Supply and Demand

The Basics of Demand

Shifting Demand

The Basics of Supply

Shifting Supply

Supply and Demand Together: Equilibrium, Shortage, and Surplus

WIllingness to Pay and Consumer Surplus

Willingness to Sell and Producer Surplus

Economic Surplus and Efficiency

Price Ceilings, Price Floors, and Black Markets

Introducing Taxes and Tax Incidence

Effects of Taxes on a Market

Elasticity and Taxes

Percentage Change and Price Elasticity of Demand