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Chapter 15. Monopoly. Principles of Economics. Exercises 1-6.
 
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YOU BELEIVE IN THIS PROJECT! Donate it and you'll support us. https://diegocruz18.wixsite.com/onlineco/donation Chapter 15. Monopoly. Principles of Economics. Exercises 1-6. 1. A publisher faces the following demand schedule for the next novel from one of its popular authors: The author is paid $2 million to write the book, and the marginal cost of publishing the book is a constant $10 per book. a. Compute total revenue, total cost, and profit at each quantity. What quantity would a profit maximizing publisher choose? What price would it charge? b. Compute marginal revenue. (Recall that MR =ΔTR/ΔQ.) How does marginal revenue compare c. Graph the marginal-revenue, marginal-cost, and demand curves. At what quantity do the marginal revenue and marginal-cost curves cross? What does this signify? d. In your graph, shade in the deadweight loss. Explain in words what this means. e. If the author were paid $3 million instead of $2 million to write the book, how would this affect the publisher’s decision regarding what price to charge? Explain. f. Suppose the publisher was not profit-maximizing but was concerned with maximizing economic efficiency. What price would it charge for the book? How much profit would it make at this price? 2. A small town is served by many competing supermarkets, which have the same constant marginal cost. a. Using a diagram of the market for groceries, show the consumer surplus, producer surplus, and total surplus. b. Now suppose that the independent supermarkets combine into one chain. Using a new diagram, show the new consumer surplus, producer surplus, and total surplus. Relative to the competitive market, what is the transfer from consumers to producers? What is the deadweight loss? 3. Johnny Rockabilly has just finished recording his latest CD. His record company’s marketing department determines that the demand for the CD is as follows: "The company can produce the CD with no fixed cost" "and a variable cost of $5 per CD." a. Find total revenue for quantity equal to 10,000, 20,000, and so on. What is the marginal revenue for each 10,000 increase in the quantity sold? b. What quantity of CDs would maximize profit? What would the price be? What would the profit be? c. If you were Johnny’s agent, what recording fee would you advise Johnny to demand from the record company? Why? 4. A company is considering building a bridge across a river. The bridge would cost $2 million to build and nothing to maintain. The following table shows the company’s anticipated demand over the lifetime of the bridge: a. If the company were to build the bridge, what would be its profit-maximizing price? Would that be the efficient level of output? Why or why not? b. If the company is interested in maximizing profit, should it build the bridge? What would be its profit or loss? c. If the government were to build the bridge, what price should it charge? d. Should the government build the bridge? Explain. 5. Larry, Curly, and Moe run the only saloon in town. Larry wants to sell as many drinks as possible without losing money. Curly wants the saloon to bring in as much revenue as possible. Moe wants to make the largest possible profits. Using a single diagram of the saloon’s demand curve and its cost curves, show the price and quantity combinations favored by each of the three partners. Explain. 6. The residents of the town Ectenia all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $2,400,000 and no variable costs. There are 100,000 town residents, and each has the same demand for museum visits: QD = 10 − P, where P is the price of admission. a. Graph the museum’s average-total-cost curve and its marginal-cost curve. What kind of market would describe the museum? b. The mayor proposes financing the museum with a lump-sum tax of $24 and then opening the museum to the public for free. How many times would each person visit? Calculate the benefit each person would get from the museum, measured as consumer surplus minus the new tax. c. The mayor’s antitax opponent says the museum should finance itself by charging an admission fee. What is the lowest price the museum can charge without incurring losses? (Hint: Find the number of visits and museum profits for prices of $2, $3, $4, and $5.) d. For the break-even price you found in part (c), calculate each resident’s consumer surplus. Compared with the mayor’s plan, who is better off with this admission fee, and who is worse off? Explain. e. What real-world considerations absent in the problem above might provide reasons to favor an admission fee?
Views: 9957 Economics Course
Chapter 10. Externalities. Principles of Economics. Gregory Mankiw.
 
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Chapter 10. Externalities. Principles of Economics. Gregory Mankiw. Examples of externalities. Welfare economics: A recap. Negative externalities in production. Pollution and the Social Optimum. Positive Externalities in Production. Technology Spillovers and the Social Optimum. Externalities in consumption Private Solutions to Externalities-The types of private solutions. The Coase theorem Why private solutions do not always work. Public policies toward externalities-Regulation. Pigovian taxes and subsidies. Tradable Pollution Permits The equivalence of Pigovian Taxes and Pollution Permits Objections to the economics analysis od pollution
Views: 7092 Economics Course
Chapter 2 - Thinking Like an Economist
 
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Using slides from Mankiw's "Principles of Economics Textbook"
Views: 5584 T M Tonmoy Islam
Microeconomics- Everything You Need to Know
 
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In this video I cover all the concepts for an introductory microeconomics course and AP course. I go super fast so don't take notes. Focus on the big picture ideas, identfy what you still need to practoce, and go back and watch my Unit Summary videos. If you like my videos please get the Ultimate Review Packet. It is the best way to say thank you. It is awesome and it's only $10. Here is the link: http://www.acdcecon.com/#!review-packet/czji I cover scarcity, opportunit costs, the PPC, comparative advantage, demand, supply, ceilings, floors, shifts, elasticity, taxes, consumer suprlus, consumer choice, costs of production, perfect competition, monopolies, opligopolies, mono[olistic competition, labor markets and firms, monopsonies, public goods, externalities, and the Lorenz curve. Wow! That's a lot. Get ready. Here we go!!!!!!!!!!!!! Thank you to Austin for organizing the following: Unit 1 1:00 Basics 1:13 PPC 2:17 Absolute & Comparative Advantage 3:07 Circular Flow Model Unit 2 4:04 Demand & Supply 5:26 Substitutes & Compliments 5:36 Normal & Inferior Goods 5:46 Elasticity 7:35 Consumer & Producer Surplus 7:52 Price Controls, Ceilings & Floors 8:37 Trade 9:08 Taxes 9:56 Maximizing Utility Unit 3 11:03 Production, Inputs & Outputs 11:16 Law of Diminishing Marginal Returns 11:36 Costs of Production 13:00 Economies of Scale 13:37 Perfect Competition 14:25 Profit-Maximizing Rule, MR=MC 15:20 Shut down Rule 16:05 Accounting & Economic Profit 16:30 Short-Run, Long-Run 16:56 Productive & Allocative Efficiency Unit 4 18:02 Monopoly 18:53 Natural Monopoly 20:01 Price Discrimination 20:22 Oligopoly 20:31 Game Theory 20:42 Monopolistic Competition Unit 5 21:51 Derived Demand 22:07 Minimum Wage 22:19 MRP & MRC 22:52 Labor Market 23:30 Monopsony 24:05 Least-Cost Rule Unit 6 25:11 Market Failures 25:27 Public Goods 26:00 Externalities 27:21 Lorenz Curve 27:44 Gini Coefficient 27:53 Types of Taxes Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 620963 Jacob Clifford
Macro and Micro Unit 1- Practice Questions #1
 
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This is a 13 question practice quiz for Macroeconomics and Microeconomics Unit 1. The questions are designed for AP and college introductory economics. Do your best and feel free to click on the "learn more" link next to each question to go back and rewatch a part of the Unit Summary video. Please subscribe The Ultimate Review Packet- http://www.acdcecon.com/#!review-packet/czji Unit 1- Practice Questions #2 https://www.youtube.com/watch?v=_3IngsS9NVE Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Check out my Review Apps for Macro and Micro https://itunes.apple.com/us/app/ap-macroeconomics-review/id634270093?mt=8 Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 122466 Jacob Clifford
Micro 2.12- Maximizing Utility Practice and the Law of Diminishing Marginal Utility
 
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Want to know the longest wait time? Scroll to the bottom of this description to find out. Hey students. This video is designed to help you calculate and apply marginal utility and marginal utility per dollar. Many teachers and professors ask questions that require you to determine the utility maximizing combination with two goods. Be sure to try the practice free response question below as well as the study guides in my Ultimate Review Packet. Thanks for watchig. Practice Question with Answers: https://goo.gl/arwNno Economics of Disneyland: https://goo.gl/xyZDuR According to my research, the longest wait at a Disney theme park was 7 HOURS for Guardians of the Galaxy- Mission: Breakout! What do you think? Let me know.
Views: 32222 Jacob Clifford
Chapter 5. Exercises 1-7. Elasticity and its application.
 
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YOU BELEIVE IN THIS PROJECT! Donate it and you'll support us. https://diegocruz18.wixsite.com/onlineco/donation Exercise 1-7.Chapter 5.Elasticity and its application. Gregory Mankiw. Principles of Economics . 1. For each of the following pairs of goods, which good would you expect to have more elastic demand and why? A. Required textbooks or mystery novels. B. Beethoven recordings or classical music recordings in general. C. Heating oil during the next six months or heating oil during the next five years. D. Root beer or water. 2. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston A. As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (i) business travelers and (ii) vacationers? (Use the midpoint method in your calculations.) B. Why might vacationers have different elasticity than business travelers? 3. Suppose that your demand schedule for compact discs is as follows: Use the midpoint method to calculate your price elasticity of demand as the price of compact discs increases from $8 to $10 if (i) your income is $10,000, and (ii) your income is $12,000. b. Calculate your income elasticity of demand as your income increases from $10,000 to $12,000 if (i) the price is $12, and (ii) the price is $16. 4. Emily has decided always to spend one-third of her income on clothing. A. What is her income elasticity of clothing demand? b. What is her price elasticity of clothing demand? 5. The New York Times reported (Feb.17, 199, p.25) that subway ridership declined after a fare increase: “There were nearly four million fewer riders in December 1995, the first full month after the price of a token increased 25 cents to $1.50, than in previous December, a 4.3 percent decline.”a. Use these data to estimate the price elasticity of demand for subway riders. a. Use these data to estimate the price elasticity of demand for subway riders. b. According to your estimate, what happens to the Transit Authority’s revenue when the fare rises? 6. Two drivers- Tom and Jerry-each drive up to a gas station. Before looking at the price, each places an order. Tom says, “I’d like 10 gallons of gas.” Jerry says, “I’d like $10 worth of gas.” What is each driver’s price elasticity of demand? 7. Economists have observed that spending on restaurant meals declines more during economic downturns than does spending on food to be eaten at home. How might the concept of elasticity help to explain phenomenon?
Views: 10486 Economics Course
Review Final Exam (Spring 2016)
 
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00:00:00 Information on the final's Scantron format 00:01:10 Question #1 00:08:24 Question #2 00:11:15 Question #3 00:16:18 Question #4 00:17:21 Question #5 00:21:39 Question #6 00:22:31 Question #7 00:25:19 Question #8 00:28:26 Question #9 00:34:18 Question #10 00:38:25 Question #11 00:40:27 Question #12 00:45:12 Question #13 00:48:27 Question #14 00:56:48 Question #15 00:59:12 Question #16 01:01:13 Question #17 01:02:40 Question #18 01:04:53 Question #19 01:11:17 Question #20 01:13:01 Question #21 01:15:00 Question #22 01:16:00 Question #23 01:17:50 Question #24 01:19:15 Question #25 01:21:13 Question #26 01:23:50 Question #27 01:28:28 Question #28 01:34:04 Question #29 01:35:34 Question #30 01:37:07 Question #31 01:42:47 Question #32: Solution is in Ted Joyce's videos, Chap 17#4 01:46:50 Question #33 01:47:36 Question #34 01:49:12 Question #35 01:50:49 Question #36 01:55:00 Question #37 01:58:12 Question #38
Chapter 15 Monopoly
 
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Using the slides from Mankiw's "Principles of Economics" textbook
Views: 51267 T M Tonmoy Islam
Micro Unit 1 Summary- Basic Economic Concepts
 
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The Micro Unit 1 Summary video is designed to help you understand economics and goes hand-in-hand with my Ultimate Review Packet. In this video I cover the basics: scarcity, opportunity cost, the economic systems, the production possibilities curve, and comparative advatage. I also show you the quick and dirty (22:22). Don't worry, it's school appropriate. Thanks for watching and please subscribe. The Ultimate Review Packet https://www.youtube.com/watch?v=SxBL54a3-QQ Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 742485 Jacob Clifford
Chapter 6.  Exercises 1-6. Supply, Demand, and Government Policies.
 
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YOU BELEIVE IN THIS PROJECT! Donate it and you'll support us. https://diegocruz18.wixsite.com/onlineco/donation 1. Lovers of classical music persuade Congress to impose a price of $40 per ticket. Does this policy get more or fewer people to attend classical music concerts? 2. The government has decided that the free-market price of cheese is too low.A. Suppose the government imposes a binding price floor in the cheese market. Use a supply-and-demand diagram to show the effect of this policy on the price of cheese and the quantity of cheese sold. Is there a shortage or surplus of cheese? b. Farmers complain that the price floor has reduced their total revenue. Is this possible? Explain c. In response to farmers’ complaints, the government agrees to purchase all of the surplus cheese at the price floor. Compared to the basic price floor, who benefits from this new policy? Who loses? 3. A recent study found that the demand and supply schedules for Frisbees are as follows:a. What are the equilibrium price and quantity of Frisbees? 4. Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. (In fact, both the federal and state governments impose beer taxes of some sort.)a. Draw a supply-and-demand diagram of the market for beer without the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers?B. Draw a supply-and-demand diagram of the market for beer with the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased? 5. A senator Wants to raise tax revenue and make workers better off. A staff member proposes raising the payroll tax paid by firms and using part of the extra revenue to reduce the pay roll tax paid by workers. Would this accomplish the senator’s goal? 6. If the government places a $500 tax on luxury cars, will the price paid by consumers rise by more than $500, less than $500, or exactly $500? Explain.
Views: 12532 Economics Course
The Basic Economic Questions - Introduction to Microeconomics (2/4) | Principles of Microeconomics
 
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This "Principles of Microeconomics" series is aimed at being an introduction to microeconomics. In this series, we will be answering the basic economic questions, defining economics, and examing economic policy and economics in the context of a social science. Keep in touch! Facebook: https://www.facebook.com/InspirareGlobal Twitter: https://www.twitter.com/InspirareGlobal
Views: 376 Inspirare
Chapter 6. Supply, Demand, and Government Policies.
 
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YOU BELEIVE IN THIS PROJECT! Donate it and you'll support us. https://diegocruz18.wixsite.com/onlineco/donation Chapter 6. Supply, Demand, and Government Policies. Gregory Mankiw. Principles of Economics . Price ceiling. Price Floor. How Taxes on Buyers Affect Market Outcomes. How Taxes on Sellers Affect Market Outcomes. Elasticity and Tax Incidence
Views: 16742 Economics Course
Chapter 7. Consumers, producers, and the efficiency of Markets.
 
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YOU BELEIVE IN THIS PROJECT! Donate it and you'll support us. https://diegocruz18.wixsite.com/onlineco/donation Welfare economics. Consumer Surplus. Willingness to pay. Using the demand curve to measure consumer surplus. How a lower price raises consumer surplus. Producer surplus. Cost and the willingness to sell. Using the supply curve to measure producer surplus. How a higher price raises producer surplus. Market efficiency. The benevolent Social Planner.
Views: 18476 Economics Course
Chapter 3. Interdependence and the gains from trade. Gregory Mankiw
 
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YOU BELEIVE IN THIS PROJECT! Donate it and you'll support us. https://diegocruz18.wixsite.com/onlineco/donation Chapter 3.Interdependence and the gains from trade. Gregory Mankiw. Principles of economics. Interdependence between countries. Production Possibilities. Specialization and Trade Absolute Advantage Comparative advantage
Views: 9495 Economics Course
Chapter 7  Exercise 6-10.  Consumers, producers, and the efficiency of Markets. Gregory Mankiw
 
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Exercises 6-10Chapter 7. Consumers, producers, and the efficiency of Markets. Gregory Mankiw. Principles of Economics 6. The cost of producing stereo systems has fallen over the past several decades. Let’s consider some implications of this fact.A. Use a supply-and-demand diagram to show the effect of falling production costs on the price and quantity of stereos sold. b. In your diagram, show what happens to consumer surplus and producer surplus. c. Suppose the supply of stereos is very elastic. Who benefits most from falling production costs-consumers or producers of stereos? 7. There are four consumers willing to pay the following amounts for haircuts:Jerry:$7 Oprah:$2 Sally Jessy:$8 Montel:$5There are four haircutting businesses with the following costs:Firm A:3$ Firm B:$6 Firm C:$4 Firm D:$2Each firm has the capacity to produce only one haircut. For efficiency, how many haircuts should be given? Which businesses should cut hair, and which consumers should have their hair cut? How large is the maximum possible total surplus? 8. Suppose a technological advance reduces the cost of making computers.A. Use a supply-and-demand diagram to show what happens to price, quantity, consumer surplus, and producer surplus in the market for computers. b. Computers and adding machines are substitutes. Use a supply-and-demand diagram to show what happens to price, quantity, consumer surplus, and producer surplus in the market for adding machines. Should adding machine producers be happy or sad about the technological advance in computers? C. Computers and software are complements. Use a supply-and-demand diagram to show what happens to price, quantity, consumer surplus, and producer surplus in the market for software. Should software producers be happy or sad about technological advance in computers? d. Does this analysis help explain why Bill Gates a software producer, is one of the world’s richest men? 9. Consider how health insurance affects the quantity of health care services performed. Suppose that the typical medical procedure has a cost of $100, yet a person with health insurance pays only $20 out-of-pocket when she chooses to have an additional procedure performed. Her insurance company pays the remaining $80. (The insurance company will recoup the $80 through higher premiums for everybody, but the share paid by this individual is small.)A. Draw the demand curve in the market for medical care. (In your diagram, the horizontal axis should represent the number of medical procedures.) Show the quantity of procedures demanded if each procedure has price of $100. b. On your diagram, show the quantity of procedures demanded if consumers pay only $20 per procedure. If the cost of each procedure to society is truly $100, and if individuals have health insurance as just described, will the number of procedures performed maximize total surplus? Explain. c. Economists often blame the health insurance system for excessive use of medical care. Given your analysis, why might the use of care be viewed as “excessive”? What sort of policies might prevent this excessive use? 10. Many parts of California experienced a severe drought in the late 1980s and early 1990s.A. Use a diagram of the water market to show the effects of the drought on the equilibrium price and quantity of water. b. Many communities did not allow the price of water to change, however. What is the effect of this policy on the water market? Show on your diagram any surplus or shortage that arises. c. A 1991 op-ed piece in The Wall Street Journal stated that “all Los Angeles residents are required to cut their water usage by 10 percent as for March 1 and another 5 percent starting May 1, based on their 1986 consumption levels.” The author criticized this policy reward families who ‘wasted’ more water back in 1986, it does little to encourage consumers who could make more drastic reductions, {and}… punishes consumers who cannot so readily reduce their water use.” In what way is the Los Angeles system for allocating water inefficient? In what way does the system seem unfair? d. Suppose instead that Los Angeles allowed the price of water to increase until the quantity supplied. Would the resulting allocation of water be more efficient? In your view, would it be more or less fair than the proportionate reductions in water use mentioned in the newspaper article? What could be done to make the market solution more fair?
Views: 9546 Economics Course
Chapter 21. The Theory of Consumer Choice.  Exercises 1- 6. Gregory Mankiw.
 
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1. Jennifer divides her income between coffee and croissants (both of which are normal goods). An early frost in Brazil causes a large increase in the price of coffee in the United States. b. Show the effect of the frost on Jennifer’s optimal consumption bundle assuming that the substitutioneffect outweighs the income effect for croissants. c. Show the effect of the frost on Jennifer’s optimal consumption bundle assuming that the income effect outweighs the substitution effect for croissants. 2. Compare the following two pairs of goods: b. In which case do you expect the indifference curves to be fairly straight? In which case do you expect the indifference curves to be very bowed? c. In which case will the consumer respond more to a change in the relative price of the two goods? 3. You consume only soda and pizza. One day, the price of soda goes up, the price of pizza goes down, and you are just as happy as you were before the price changes. b. How does your consumption of the two goods change? How does your response depend on income and substitution effects? c. Can you afford the bundle of soda and pizza you consumed before the price changes? 4. Mario consumes only cheese and crackers. b. Suppose that cheese is a normal good for Mariowhile crackers are an inferior good. If the price of cheese falls, what happens to Mario’s consumption of crackers? What happens to his consumption of cheese? Explain. 5. Jim buys only milk and cookies. a. In year 1, Jim earns $100, milk costs $2 per quart, and cookies cost $4 per dozen. Draw Jim’s budget constraint. b. Now suppose that all prices increase by 10 percent in year 2 and that Jim’s salary increases by 10 percent as well. Draw Jim’s new budget constraint. How would Jim’s optimal combination of milk and cookies in year 2 compare to his optimal combination in year 1? 6. State whether each of the following statements is true or false. Explain your answers.
Views: 479 Economics Course
Supply and Demand: Crash Course Economics #4
 
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In which Adriene Hill and Jacob Clifford teach you about one of the fundamental economic ideas, supply and demand. What is supply and demand? Well, you’ll have to watch the video to really understand it, but it’s kind of important for everything economically. Supply and demand sets prices, and indicates to manufacturers how much to produce. Also, it has a lot to do with strawberries. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Jan Schmid, Simun Niclasen, Robert Kunz, Daniel Baulig, Jason A Saslow, Eric Kitchen, Christian, Beatrice Jin, Anna-Ester Volozh, Eric Knight, Elliot Beter, Jeffrey Thompson, Ian Dundore, Stephen Lawless, Today I Found Out, James Craver, Jessica Wode, Sandra Aft, Jacob Ash, SR Foxley, Christy Huddleston, Steve Marshall, Chris Peters Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 1572038 CrashCourse
Chapter 9.Exercises 1-6. Application:International trade. Principles of Economics
 
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1. The united states represents a small part of the world orange market. A. Draw a diagram depicting the equilibrium in the U.S. orange market without international trade. Identify the equilibrium price, equilibrium quantity, consumer surplus, and producer surplus. B. Suppose that the world orange Price is below the U.S. price before trade. Identify the new equilibrium Price, quantity produced domestically, and quantity imported. Also show the change in the surplus of domestic consumers and producers. Has domestic total surplus. Has domestic total surplus increased or decreased? 2. The world Price of wine is below the Price that would prevail in the United States in the absence of trade.A. Assuming that American imports of wine are a small part of total world wine production, draw a graph for the U.S. market for wine under free trade. Identify consumer surplus, producer surplus, and total surplus in a appropiate table. b. Now suppose that an unusual shift of the Gulf Stream leads to an unseasonably cold summer in Europe, destroying much of the grape harvest there. What effect does this shock have on the world Price of wine? Using your graph and table from part (a), show the effect on consumer surplus, producer surplus, and total surplusnin the United States. Who are the winners and losers? Is the United States as a whole better or worse off? 3. The world Price of cotton is below the no-trade Price in Country A and above the no trade Price in country B. Using supply-and-demand diagrams and welfare tables such as those in the chapter, show the gains from trade in each country. Compare your results for the two countries. 4. Suppose that Congress imposes a tariff on imported autos to protect the U.S. auto industry from foreign competition. Assuming that the U.S. is a Price taker in the world auto market, show on a diagram: the change in the quantity of imports, the loss to U.S. consumers, the gain to U.S. manufacturers, government revenue, and the deadweight loss associated with the tariff. The loss to consumers can be decomposed into three pieces: a transfer to domestic producers, a transfer to the government, and a deadweight lost. Use your diagram to identify these three pieces. 5. According to an article in The New York Times (Nov. 5, 1993), “many Midwest wheat farmers oppose the [North America] free trade agreement [NAFTA] as much as many corn farmers support it. “For simplicity, asume that the United States is a small country in the markets for both corn and wheat, and that without the free trade agreement, the United States would not trade these commodities internationally. (Both of these assumptions are false, but they do not affect the qualitative responses to the following questions.).A. Based on this report, do you think the world wheat Price is above or below the U.S. no-trade wheat Price? Do you think the world corn Price is above or below the U.S. no-trade corn Price? Now analyze the welfare consequences of NAFTA in both markets. b. Considering both markets together, does NAFTA make U.S. farmers as a group better or worse off? Does it take U.S. consumers as a group better better or worse off? Does it make the United States as a whole better or worse off? 6. Imagine that winemakers in the state of Washington petitioned the state government to tax wines imported from California. They argue that this tax would both raise tax revenue for the state government and raise employment in the Washington state wine industry. Do you agree with these claims? Is it a good policy?
Views: 5401 Economics Course
Chapter 15. Monopoly. Gregory Mankiw. Principles of Economics. 7th edition
 
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Chapter 15. Monopoly. Gregory Mankiw. Principles of Economics. 7th edition Introduction Why Monopolies Arise Monopoly Resources Government-Created Monopolies Natural Monopolies How Monopolies Make Production and Pricing Decisions-Monopoly Vs Competition How Monopolies Make Production and Pricing Decisions-Monopoly Vs Competition How Monopolies Make Production and Pricing Decisions-A Monopoly’s Revenue How Monopolies Make Production and Pricing Decisions - Profit Maximization How Monopolies Make Production and Pricing Decisions – A Monopoly’s profit The Welfare Cost of Monopolies The Welfare Cost of Monopolies-The Deadweight loss. The Welfare Cost of Monopolies-The Monopoly’s Profit: A Social Cost? Price Discrimination Price Discrimination-A Parable about pricing. Price Discrimination-The Moral of the Story Price Discrimination-The analytics of Price Discrimination Price Discrimination-Examples of Price Discrimination. Public Policy towards Monopolies Public Policy towards Monopolies. Increasing Competition with Antitrust Laws. Public Policy towards Monopolies. Regulation Public Policy towards Monopolies. Public Ownership. Public Policy towards Monopolies. Doing nothing Conclusion: The Prevalence of Monopolies
Views: 5911 Economics Course
Introduction to Microeconomics: MCQ Walk Through for Exam
 
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In this video, I go through about 25 Multiple Choice Questions covering some aspects of microeconomics. Topics covered in these MCQs include: 1) supply and demand 2) price elasticity of demand and supply 3) income elasticity 4) cross price elasticity 5) production possibility frontier 6) indifference curves and consumer choice If you're interested in getting through this video a lot quicker but you don't want to be skipping through it and missing content, then can I recommend the 'Video Speed Controller' from the Chrome App store. You can add it by clicking on the link below. It's one of my favourite recent discoveries: https://chrome.google.com/webstore/detail/video-speed-controller/nffaoalbilbmmfgbnbgppjihopabppdk It's an amazing tool If you're interested in economics and how it is applied in our everyday lives, check out the Economic Rockstar podcast at http://www.economicrockstar.com/podcasts/ Thanks for watching. Frank
Views: 6103 Frank Conway
Intro to Economics: Crash Course Econ #1
 
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In which Jacob Clifford and Adriene Hill launch a brand new Crash Course on Economics! So, what is economics? Good question. It's not necessarily about money, or stock markets, or trade. It's about people and choices. What, you may ask, does that mean. We'll show you. Let's get started! Crash Course is now on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark Brouwer, Jan Schmid, Anna-Ester Volozh, Robert Kunz, Jason A Saslow, Christian Ludvigsen, Chris Peters, Brad Wardell, Beatrice Jin, Roger C. Rocha, Eric Knight, Jessica Simmons, Jeffrey Thompson, Elliot Beter, Today I Found Out, James Craver, Ian Dundore, Jessica Wode, SR Foxley, Sandra Aft, Jacob Ash, Steve Marshall TO: My Students FROM: Mrs. Culp Culpzilla's students are amazing! You guys rock! TO: Everyone FROM: Pankaj DFTBA and keep being the exception like the Mongols. Thank you so much to all of our awesome supporters for their contributions to help make Crash Course possible and freely available for everyone forever: Summer Naugle, Minnow, Ilkka Hemmilä, Kaitlyn Celeste, Lee Toran, Sarty, Damian Shaw, Nathaniel "The Skipper" Cruz Chavez, Maura Doyle, Chris, Sander Mutsaers Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 3449702 CrashCourse
Principles of Microeconomics by Mankiw 6th Edition
 
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Contact us to acquire the Test Bank and/or Solution Manual; Email: atfalo2(at)yahoo(dot)com Skype: atfalo2
Chapter 4. The market forces of Supply and Demand.
 
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YOU BELEIVE IN THIS PROJECT! Donate it and you'll support us. https://diegocruz18.wixsite.com/onlineco/donation Chapter 4.The market forces of Supply and Demand. Gregory Mankiw. Principles of Economics Competitive Markets. Perfectly competitive markets. Ceteris Paribus
Views: 17404 Economics Course
Lec 1 | MIT 14.01SC Principles of Microeconomics
 
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Lecture 1: Introduction to Microeconomics Instructor: Jon Gruber, 14.01 students View the complete course: http://ocw.mit.edu/14-01SCF10 License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu
Views: 945629 MIT OpenCourseWare
Lec 2 | MIT 14.01SC Principles of Microeconomics
 
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Lecture 2: Applying Supply and Demand Instructor: Jon Gruber, 14.01 students View the complete course: http://ocw.mit.edu/14-01SCF10 License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu
Views: 333312 MIT OpenCourseWare
Lec 4 | MIT 14.01SC Principles of Microeconomics
 
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Lecture 4: Preferences and Utility Instructor: Jon Gruber, 14.01 students View the complete course: http://ocw.mit.edu/14-01SCF10 License: Creative Commons BY-NC-SA More information at http://ocw.mit.edu/terms More courses at http://ocw.mit.edu
Views: 212161 MIT OpenCourseWare
Ten Principles of Economics - Mankiw 8th
 
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Ten Principles of Economics - Mankiw 8th edition
Views: 13587 Shuang Xu
Microeconomics Practice Problem - Utility Maximization Using Marginal Utility and Prices
 
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This video shows how to use marginal utility and prices to maximize utility. The problem is taken from Economics: Principles and Applications, 6th Edition, by Robert Hall and Marc Lieberman, and is Ch. 6 problem #3. See the "Practice Problems" playlist for an archive of daily practice problems. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 139468 jodiecongirl
Myeconlab answers microeconomics key   A Plus homework Answers only
 
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Our Economists will offer the correct myeconlab answers to your quizzes, tests or homework on different chapters Some of the popular Pearson chapters we have handled are chapter 3, chapter 4, chapter 5, chapter 10 and chapter 14 We can complete an entire class for you or handle portions of a class. It all depends on your choice and your budget For more information on how to proceed, contact us through: Email : [email protected] Live chat : https://www.lastminuteassignmenthelp.com/
Practice Test Bank for Principles of Microeconomics by Case 9th Edition
 
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Contact us to acquire the Test Bank and/or Solution Manual; Email: atfalo2(at)yahoo(dot)com Skype: atfalo2
Microeconomics Practice Problem - Monopoly, Consumer Surplus, and Deadweight Loss
 
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This video explains how to find the profit-maximizing quantity and price for a monopoly on a graph and how to identify consumer surplus and deadweight loss for a monopoly. The problem is taken from Economics by Dean Karlan and Jonathan Morduch, and is Ch. 14 problem #8. See the "Practice Problems" playlist for an archive of daily practice problems. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 35608 jodiecongirl
Monopoly Graph Review and Practice- Micro 4.7
 
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I explain how to draw and anaylze a monopoly graph. Make sure to answer the questions and check out the bonus dance at the end. No! We can't play the board game.Thanks for watching. Please subscribe. Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 669014 Jacob Clifford
Production Possibility Frontier (PPF) - Intro to Microeconomics
 
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What is the PPF curve? The Production Possibility Frontier - a simple application of PPF ideas. Find more solutions at: https://sites.google.com/site/curtiskephart/ta/krugman-wells-microeconomics-solutions --------------------------------------------------------------------------- This video offers a solution to the following question: Atlantis is a small, isolated island in the Southern Atlantic. The inhabitants grow potatoes and catch fish. The accompanying table shows the maximum annual output combinations of potatoes and fish that can be produced. Obviously, given their limited resources and available technology, as they use more of their resources for potato production, there are fewer resources available for catching fish. Maximum annual output options Quantity of potatoes (pounds) Quantity of fish (pounds) A 1000 0 B 800 300 C 600 500 D 400 600 E 200 650 F 0 675 a. Draw a production possibility frontier with potatoes on the horizontal axis and fish on the vertical axis illustrating these options, showing points A-F b. Can Atlantis produce 500 pounds of fish and 800 pounds of potatoes? Explain. Where would this point lie relative to the production possibility frontier? c. What is the opportunity cost of increasing the annual output of potatoes from 600 to 800 pounds? d. What is the opportunity cost of increasing the annual output of potatoes from 200 to 400 pounds? e. Can you explain why the answers to parts c and d are not the same? What does this imply about the slope of the production possibility frontier? -------------------------- borrowed from Krugman Wells -- Microeconomics 2nd Ed. -- Chapter 2, Question 2
Views: 38097 economicurtis
Micro Unit 2 Summary- Supply, Demand, and Consumer Choice
 
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Welcome to ACDC Econ. The is the Micro Unit 2 Summary. In this video I explain demand and supply (1:07), double shifts (9:30), price controls (10:19), elasticity (11:37), welfare economics(17:07), tariffs, and how to maximize utility (26:15). Be sure to subscribe and get the ultimate review packet. Thanks for watching. Get the packet and support ACDCEcon http://www.acdcecon.com/#!review-packet/czji Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 627309 Jacob Clifford
Microeconomics Practice Problem - The Production Possibilities Frontier and Trade
 
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This video covers a practice problem on opportunity cost, the production possibilities frontier, and the potential gains from trade. The problem is taken from Principles of Economics, 6th Edition, by N. Gregory Mankiw, and is Ch. 3 problem #4. See the "Practice Problems" playlist for an archive of daily practice problems. For more information and a complete listing of videos and online articles by topic or textbook chapter, see http://www.economistsdoitwithmodels.com/economics-classroom/ For t-shirts and other EDIWM items, see http://www.economistsdoitwithmodels.com/merch/ By Jodi Beggs - Economists Do It With Models http://www.economistsdoitwithmodels.com Facebook: http://www.facebook.com/economistsdoitwithmodels Twitter: http://www.twitter.com/jodiecongirl Tumblr: http://economistsdoitwithmodels.tumblr.com
Views: 11082 jodiecongirl

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