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Step-by-Step Guidance for Principles of Microeconomics Practice Midterm

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Scarcity and Choice

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

Positive and Normative Analysis

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    Identifying Statements
    02:48
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    Positive Statements vs. Normative Statements
    04:35

Microeconomics vs. Macroeconomics

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    Definition of Economics:Micro vs. Macro
    02:16

Graphs of Two Variables

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    Plotting Points on a Graph
    04:34

Interpreting Graphs, Correlation, Causation, and Omitted Variables

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    Interpreting Graphs (Part One)
    03:27
  • Guided course
    Interpreting Graphs (Part Two)
    03:02

Percentage Change and Price Elasticity of Demand

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

The Demand Curve

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

Shifts in the Demand Curve

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    Consumer Income:Normal Goods and Inferior Goods
    01:48
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    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

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    Nature
    01:
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    Technology
    01:27
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    Substitutes in Production
    03:02

Market Equilibrium

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    Overview of Supply and Demand Shifts
    04:07

Consumer Surplus and Willingness to Pay

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

Price Elasticity of Demand on a Graph

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

Cross-Price Elasticity of Demand

  • Guided course
    Cross-Price Elasticity of Demand
    07:14

Revenue, Cost, and Profit

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

Marginal Cost

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    Marginal Cost
    10:48

Competitive Markets

  • Guided course
    Introduction to Supply and Demand
    07:03

Revenue in Perfect Competition

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

Short Run Shutdown Decision

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    Short Run Shutdown Decision (continued)
    07:54
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    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

  • Guided course
    Long Run Equilibrium
    07:04