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Microeconomics Revision Videos
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microeconomics
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Introduction and basic concepts
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Scarcity
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Scarcity and rivalry
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Four factors of production
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Economic models
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Normative and positive statements
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Property rights in a market system
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Markets and property rights
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Production possibilities curve
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Opportunity cost
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Increasing opportunity cost
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PPCs for increasing, decreasing and constant opportunity cost
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Comparative advantage, specialization, and gains from trade
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Comparative advantage and absolute advantage
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Opportunity cost and comparative advantage using an output table
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Terms of trade and the gains from trade
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Input approach to determining comparative advantage
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When there aren't gains from trade
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Comparative advantage worked example
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Supply, demand and market equilibrium
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Law of demand
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Market demand as the sum of individual demand
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Substitution and income effects and the law of demand
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Price of related products and demand
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Change in expected future prices and demand
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Changes in income, population, or preferences
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Normal and inferior goods
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Inferior goods clarification
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Law of supply
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Change in supply versus change in quantity supplied
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Factors affecting supply
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Market equilibrium
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Changes in market equilibrium
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Changes in equilibrium price and quantity when supply and demand change
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Elasticity
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Introduction to price elasticity of demand
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Price elasticity of demand using the midpoint method
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More on elasticity of demand
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Determinants of price elasticity of demand
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Determinants of elasticity example
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Perfect inelasticity and perfect elasticity of demand
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Constant unit elasticity
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Total revenue and elasticity
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More on total revenue and elasticity
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Elasticity and strange percent changes
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Introduction to price elasticity of supply
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Elasticity of supply using a different method
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Price elasticity of supply determinants
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Income elasticity of demand
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Cross-price elasticity of demand
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Consumer and producer surplus, market interventions, and international trade
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Demand curve as marginal benefit curve
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Consumer surplus introduction
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Total consumer surplus as area
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Producer surplus
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Equilibrium, allocative efficiency and total surplus
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Rent control and deadweight loss
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Minimum wage and price floors
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How price controls reallocate surplus
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Taxation and dead weight loss
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Example breaking down tax incidence
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Percentage tax on hamburgers
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Taxes and perfectly inelastic demand
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Taxes and perfectly elastic demand
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Changing equilibria from trade
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Trade and tariffs
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Example on tariffs and trade
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Consumer theory
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Marginal utility and total utility
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Visualizing marginal utility MU and total utility TU functions
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Utility maximization: equalizing marginal utility per dollar
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Deriving demand curve from tweaking marginal utility per dollar
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Utility maximization: equalizing marginal utility per dollar
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Marginal utility free response example
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Budget line
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Indifference curves and marginal rate of substitution
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Optimal point on budget line
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Types of indifference curves
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Production decisions and economic profit
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Introduction to production functions
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Total product, marginal product, and average product
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Fixed, variable, and marginal cost
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Marginal cost, average variable cost, and average total cost
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Graphs of MC, AVC and ATC
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Marginal revenue and marginal cost
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Marginal revenue below average total cost
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How costs change when fixed and variable costs change
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Graphical impact of cost changes on marginal and average costs
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Visualizing average costs and marginal costs as slope
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Long-run average total cost curve
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Economies and diseconomies of scale
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Minimum efficient scale and market concentration
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Economic profit vs accounting profit
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Depreciation and opportunity cost of capital
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Long term supply curve and economic profit
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Profit maximization
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Profit maximization worked example
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Shutting down or exiting industry based on price
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Long-run economic profit for perfectly competitive firms
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Long run supply when industry costs aren't constant
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Example on perfect competition
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Forms of competition
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Introduction to perfect competition
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Economic profit for firms in perfectly competitive markets
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Long-run economic profit for perfectly competitive firms
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Long-run supply curve in constant cost perfectly competitive markets
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Long run supply when industry costs aren't constant
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Example on perfect competition
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Perfect and imperfect competition
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Types of competition and marginal revenue
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Marginal revenue and marginal cost in imperfect competition
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Monopolies vs. perfect competition
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Economic profit for a monopoly
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Monopolist optimizing price: Total revenue
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Monopolist optimizing price: Marginal revenue
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Monopolist optimizing price: Dead weight loss
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Review of revenue and cost graphs for a monopoly
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Optional calculus proof to show that MR has twice slope of demand
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Price discrimination
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Monopoly price discrimination
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Oligopolies and monopolistic competition
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Monopolistic competition and economic profit
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Long run economic profit for monopolistic competition
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Oligopolies, duopolies, collusion, and cartels
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Prisoners' dilemma and Nash equilibrium
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More on Nash equilibrium
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Why parties to cartels cheat
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Game theory of cheating firms
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Factor markets
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A firm's marginal product revenue curve
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How many people to hire given the MPR curve
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Introduction to labor markets
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Labor-leisure tradeoff and the labor supply curve
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Adding demand curves
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Changes in labor supply
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Shifts in the demand for labor
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Cost minimizing choice of inputs
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Factor markets worked example
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A monopsonistic market for labour
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Monopsony employers and minimum wages
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Market failure and the role of government
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Allocative efficiency and marginal benefit
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Negative externalities
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Positive externalities
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Taxes for factoring in negative externalities
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Tragedy of the commons
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Rival and excludable goods
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