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Microeconomics Midterm Study Guide: Principles, Models, and Market Analysis

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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

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    Definition of Economics:Micro vs. Macro
    02:16

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

Graphs of Two Variables

  • Guided course
    Plotting Points on a Graph
    04:34

Relationships between Variables

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    Drawing and Shifting Curves
    07:33

Interpreting Graphs, Correlation, Causation, and Omitted Variables

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    Interpreting Graphs (Part One)
    03:27
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    Interpreting Graphs (Part Two)
    03:02

Slope of Linear Graphs

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    Calculating Slope of a Straight Line
    07:47

Marginal Analysis

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    Marginal Analysis
    09:36

The Demand Curve

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    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

The Supply Curve

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

Shifts in the Supply Curve

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

Market Equilibrium

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

Using the Supply and Demand Curves to Find Equilibrium

  • Guided course
    Equilibrium
    04:19
  • Guided course
    Results of Both Shifting
    06:34
  • Guided course
    Demand Shifts
    06:18

Budget Constraint

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    Budget Constraint (Budget Line)
    08:41
  • Guided course
    Budget Constraint:Change in Price of a Good
    03:50
  • Guided course
    Budget Constraint:Change in Income
    03:44

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

Elasticity and the Midpoint Method

  • Guided course
    The Midpoint Method
    10:04

Price Elasticity of Demand on a Graph

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

Determinants of Price Elasticity of Demand

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

Cross-Price Elasticity of Demand

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    Cross-Price Elasticity of Demand
    07:14

Income Elasticity of Demand

  • Guided course
    Income Elasticity of Demand
    10:57

Marginal Cost

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    Marginal Cost
    10:48

Price Elasticity of Supply

  • Guided course
    Price Elasticity of Supply
    05:38

Producer Surplus and Willingness to Sell

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

Short Run Shutdown Decision

  • Guided course
    Short Run Shutdown Decision (continued)
    07:54
  • Guided course
    Short Run Shutdown Decision on the Graph
    07:05
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    Short Run Shutdown Decision
    03:28

Long Run Entry and Exit Decision

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    Long Run Exit/Enter Decision (continued)
    06:04
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    Long Run Exit/Enter Decision
    02:39
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    Long Run Exit/Enter Decision on the Graph
    09:32

Long Run Equilibrium

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    Long Run Equilibrium
    07:04

Revenue, Cost, and Profit

  • Guided course
    Explicit and Implicit Cost
    05:51
  • Guided course
    Fixed Costs and Variable Costs; Short Run and Long Run
    07:54
  • Guided course
    Accounting Profit and Economic Profit
    01:59

Characteristics of Perfect Competition

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    Characteristics of Perfect Competition
    02:29
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    Market Demand and Individual Firm Demand
    03:57

Perfect Competition and Efficiency

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    Efficiency in Perfect Competition
    06:46

Effects of Shortage

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    Shortage
    02:01

Economic Surplus and Efficiency

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

Price Ceilings, Price Floors, and Black Markets

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