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Microeconomics Study Notes: Core Principles, Markets, and Welfare

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Scarcity and Choice

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

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
  • Guided course
    Increasing Marginal Opportunity Costs
    04:38

PPF - Comparative Advantage and Absolute Advantage

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

PPF - Comparative Advantage and Trade

    PPF - The Price of the Trade

    • Guided course
      The Price of the Trade
      03:47

    Competitive Markets

    • Guided course
      Introduction to Supply and Demand
      07:03

    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
    • Guided course
      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

    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

    Effects of Surplus

    • Guided course
      Surplus
      03:05

    Effects of Shortage

    • Guided course
      Shortage
      02:01

    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

    Marginal Cost

    • Guided course
      Marginal Cost
      10:48

    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

    Externalities: Social Benefits and Social Costs

    • Guided course
      Externalities on the Graph
      14:23
    • Guided course
      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

    Introduction to the Four Market Models

    • Guided course
      Four Market Model Summary
      02:25

    Characteristics of Perfect Competition

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

    Revenue in Perfect Competition

    • Guided course
      Revenue in Perfect Competition
      06:20
    • Guided course
      Calculating Profit from a Table
      08:15

    Perfect Competition Profit on the Graph

    • Guided course
      Profit on the Graph in Perfect Competition
      13:25

    Short Run Shutdown Decision

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

    Long Run Entry and Exit Decision

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

    Long Run Equilibrium

    • Guided course
      Long Run Equilibrium
      07:04

    Perfect Competition and Efficiency

    • Guided course
      Efficiency in Perfect Competition
      06:46

    Characteristics of Monopoly

    • Guided course
      Monopoly Barriers to Entry
      06:29
    • Guided course
      Characteristics of Monopoly
      02:48
    • Guided course
      Monopoly Demand Curve
      04:17

    Monopoly Revenue

    • Guided course
      Monopoly Revenue
      03:37
    • Guided course
      Monopoly and Marginal Revenue
      06:43

    Monopoly Profit on the Graph

    • Guided course
      Monopoly Profit on the Graph
      07:41

    Monopoly Efficiency and Deadweight Loss

    • Guided course
      Monopoly Efficiency and Deadweight Loss
      12:19

    Price Discrimination

    • Guided course
      Price Discrimination
      04:05
    • Guided course
      Perfect Price Discrimination
      06:11
    • Guided course
      Price Discrimination
      07:45

    Four Market Model Summary: Perfect Competition

    • Guided course
      Four Market Model Summary: Perfect Competition
      05:02

    Four Market Model Summary: Monopoly

    • Guided course
      Four Market Model Summary: Monopoly
      04:34

    Characteristics of Monopolistic Competition

    • Guided course
      Characteristics of Monopolistic Competition
      05:53
    • Guided course
      Monopolistic Competition Demand Curve
      04:25

    Revenue in Monopolistic Competition

    • Guided course
      Monopolistic Competition Revenue
      03:28
    • Guided course
      Monopolistic Competition Marginal Revenue
      07:13

    Monopolistic Competition Profit on the Graph

    • Guided course
      Monopolistic Competition Profit on the Graph
      07:07

    Monopolistic Competition in the Long Run

    • Guided course
      Monopolistic Competition in the Long Run
      09:47
    • Guided course
      How Companies Stay Profitable
      01:33

    Efficiency in Monopolistic Competition

    • Guided course
      Monopolistic Competition Productive Efficiency
      03:54
    • Guided course
      Monopolistic Competition Allocative Efficiency
      02:56

    Advertising

    • Guided course
      The Role of Advertising
      04:52

    Four Market Model Summary: Monopolistic Competition

    • Guided course
      Four Market Model Summary: Monopolistic Competition
      03:30

    Characteristics of Oligopoly

    • Guided course
      Characteristics of Oligopoly
      04:45
    • Guided course
      Oligopoly Barriers to Entry
      05:16

    One-Time Games and the Prisoner's Dilemma

    • Guided course
      Game Theory, One-Time Games, and the Prisoner's Dilemma
      05:28
    • Guided course
      One-Time Games:Finding Dominant Strategies and Nash Equilibrium with the "Check and X"Method
      06:03
    • Guided course
      Dominant Strategy and the Nash Equilibrium
      06:29

    Game Theory and Oligopoly Profit

    • Guided course
      Oligopoly Profit
      06:36
    • Guided course
      Oligopoly Profit
      10:08

    Repeated Games

    • Guided course
      Repeated Games
      02:28

    Kinked-Demand Theory

    • Guided course
      Oligopoly:Kinked Demand Theory
      13:04

    Four Market Model Summary: Oligopoly

    • Guided course
      Four Market Model Summary: Oligopoly
      03:39

    The Production Function and Marginal Revenue Product

    • Guided course
      The Factors of Production
      02:41
    • Guided course
      Marginal Revenue Product
      10:37
    • Guided course
      Marginal Revenue Product (Value of the Marginal Product of Labor)
      02:47

    Demand for Labor in Perfect Competition

    • Guided course
      Demand for Labor in Perfect Competition
      04:33

    Shifts in Labor Demand

    • Guided course
      Shifts in Labor Demand:Technological Change (II)
      03:09
    • Guided course
      Shifts in Labor Demand:Output Price
      06:57
    • Guided course
      Shifts in Labor Demand:Technological Change (I)
      03:01

    Supply of Labor in Perfect Competition

    • Guided course
      Supply of Labor in Perfect Competition
      03:17
    • Guided course
      Individual Supply Curve of Labor (Backward-Bending Supply Curve)
      04:34

    Shifts in Labor Supply

    • Guided course
      Shifts in Labor Supply
      03:47

    Differences in Wages

    • Guided course
      Differences in Wages:Efficiency Wages and Superstars
      04:12
    • Guided course
      Differences in Wages:Compensating Differential and Human Capital
      02:39

    Other Factors of Production: Land and Capital

    • Guided course
      Other Factors of Production: Capital
      02:08
    • Guided course
      Other Factors of Production: Land
      03:31

    Income Inequality in the USA and Worldwide

    • Guided course
      Income Inequality in the USA and Worldwide
      01:37

    Poverty

    • Guided course
      Poverty
      05:02

    Polices to Reduce Poverty

    • Guided course
      Policies to Reduce Poverty
      06:15

    Lorenz Curve and Gini Coefficient

    • Guided course
      Lorenz Curve and the Gini Coefficient
      11:30

    Income Equality and Efficiency

    • Guided course
      Income Equality and Efficiency
      06:41