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Microeconomics Midterm Study Guide: Core Principles and Applications

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Introduction to Economics

  • Guided course
    Hello!
    00:16

Scarcity and Choice

  • Guided course
    Defining Economic Terms:Scarcity, Trade-offs, and Opportunity Costs
    02:39

Positive and Normative Analysis

  • Guided course
    Identifying Statements
    02:48
  • Guided course
    Positive Statements vs. Normative Statements
    04:35

Microeconomics vs. Macroeconomics

  • Guided course
    Definition of Economics:Micro vs. Macro
    02:16

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency

  • Guided course
    Understanding the PPF
    06:23
  • Guided course
    PPF - Attainable and Efficient
    04:48

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency

  • Guided course
    Allocative Efficiency with Marginal Analysis
    08:42
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    Increasing Marginal Opportunity Costs
    04:38

PPF - Outward Shifts

  • Guided course
    PPF - General Economic Growth
    01:55
  • Guided course
    PPF - Technological Advances in an Industry
    02:49

PPF - Comparative Advantage and Absolute Advantage

  • Guided course
    Opportunity Costs and Comparative Advantage
    06:30
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    Two PPFs, Specialization, and Absolute Advantage
    04:36

PPF - Comparative Advantage and Trade

    The Demand Curve

    • Guided course
      The Basics of Demand
      07:15
    • Guided course
      Individual Demand and Market Demand
      06:08

    Shifts in the Demand Curve

    • Guided course
      Consumer Income:Normal Goods and Inferior Goods
      01:48
    • Guided course
      Substitute Goods
      04:10
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      Consumer Expectations
      02:18

    Movement Along a Demand Curve

    • Guided course
      Shifting Demand - Warning!
      05:29

    The Supply Curve

    • Guided course
      Individual Supply and Market Supply
      06:04
    • Guided course
      The Basics of Supply
      03:53

    Shifts in the Supply Curve

    • Guided course
      Nature
      01:
    • Guided course
      Technology
      01:27
    • Guided course
      Substitutes in Production
      03:02

    Movement Along a Supply Curve

    • Guided course
      Shifting Supply - Warning!
      03:08

    Market Equilibrium

    • Guided course
      Overview of Supply and Demand Shifts
      04:07

    Effects of Surplus

    • Guided course
      Surplus
      03:05

    Effects of Shortage

    • Guided course
      Shortage
      02:01

    Consumer Surplus and Willingness to Pay

    • Guided course
      Consumer Surplus in a Small Setting
      14:41
    • Guided course
      Consumer Surplus and Market Demand
      06:08
    • Guided course
      Consumer Surplus
      03:15

    Producer Surplus and Willingness to Sell

    • Guided course
      Producer Surplus and Market Supply
      05:24
    • Guided course
      Producer Surplus
      02:55
    • Guided course
      Producer Surplus in a Small Setting
      11:38

    Economic Surplus and Efficiency

    • Guided course
      Deadweight Loss and Market Failure
      07:08
    • Guided course
      Economic Surplus
      11:40

    Price Ceilings, Price Floors, and Black Markets

    • Guided course
      Price Ceilings
      07:07
    • Guided course
      Price Floors and Black Markets
      08:03
    • Guided course
      Price Floors
      02:18

    Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas

    • Guided course
      Overview of Price Ceilings and Floors: Identifying Prices
      09:29
    • Guided course
      Overview of Price Ceilings and Floors: Finding Consumer and Producer Surplus
      15:24
    • Guided course
      Quantitative Analysis of Price Ceilings and Floors: Finding Areas
      11:40

    Introducing Taxes and Tax Incidence

    • Guided course
      Tax Incidence
      03:21
    • Guided course
      Taxes and Tax Incidence
      13:27

    Effects of Taxes on a Market

    • Guided course
      Effects of Taxes
      09:45

    Price Elasticity of Demand on a Graph

    • Guided course
      Price Elasticity of Demand on a Graph
      11:34

    Elasticity and the Midpoint Method

    • Guided course
      The Midpoint Method
      10:04

    Percentage Change and Price Elasticity of Demand

    • Guided course
      Percentage Change and Price Elasticity of Demand
      09:14
    • Guided course
      Different Answers when Increasing or Decreasing Prices! (Part 1)
      04:34
    • Guided course
      Different Answers when Increasing or Decreasing Prices! (Part 2)
      05:31

    Determinants of Price Elasticity of Demand

    • Guided course
      Determinants of Price Elasticity of Demand
      06:12

    Total Revenue Test

    • Guided course
      Total Revenue Test
      09:31

    Income Elasticity of Demand

    • Guided course
      Income Elasticity of Demand
      10:57

    Price Elasticity of Supply

    • Guided course
      Price Elasticity of Supply
      05:38

    Elasticity Summary

    • Guided course
      Elasticity Summary
      04:06

    Externalities: Social Benefits and Social Costs

    • Guided course
      Externalities on the Graph
      14:23
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      Negative Externality and Positive Externality
      10:54

    Public Solutions to Externalities

    • Guided course
      Public Solutions to Externalities:Quantity Limits
      04:07
    • Guided course
      Public Solutions to Externalities:Command-and-Control Policies and Corrective Pigovian Taxes and Subsidies
      16:25

    Private Solutions to Externalities: The Coase Theorem

    • Guided course
      The Coase Theorem
      09:03

    Four Types of Goods and Two Characteristics

    • Guided course
      The Four Types of Goods:Private Goods, Club Goods, Common Resources, and Public Goods
      11:08
    • Guided course
      Two Characteristics:Rivalry in Consumption and Excludability
      05:02

    The Free Rider Problem and the Tragedy of the Commons

    • Guided course
      Tragedy of the Commons
      07:34
    • Guided course
      Free Rider Problem
      06:11

    Public Goods: Demand Curve and Optimal Quantity

    • Guided course
      Demand Curve of a Public Good
      08:18
    • Guided course
      Demand Curve of a Private Good
      03:52

    Median Voter Theorem

    • Guided course
      Median Voter Theorem
      06:42

    Condorcet Voting Paradox

    • Guided course
      Condorcet Voting Paradox
      03:39
    • Guided course
      Order of the Vote
      02:33