Definition of Law of Demand and Demand for A Commodity Questions Each lecture have a very short videos, you have to see them all and answer the short quest

Definition of Law of Demand and Demand for A Commodity Questions Each lecture have a very short videos, you have to see them all and answer the short questions.* the answers should be written by your own words. * do not cope and paste from the internet. Outline for Lecture 1
The Economic Perspective
How do we define economics as a social science?
Economics is the study of how individuals and institutions (firms, governments, etc.) make the
best choices in allocating limited resources over unlimited needs.
Scarcity and Choice
How do we define the concept of opportunity cost? Provide an example.
Marginal Analysis
How do we use marginal analysis (comparison of marginal benefit to marginal cost) in making
decisions? Provide an example.
Microeconomics and Macroeconomics
We study economics at two different levels: microeconomics and macroeconomics.
Microeconomics
Define microeconomics. Provide an example for a microeconomic issue.
Macroeconomics
Define macroeconomics. Provide an example for a macroeconomic issue.
Positive and Normative Economics
We can also distinguish between positive economics and normative economics.
Positive Economics
Define positive economics. Make a positive economic statement.
Normative Economics
Define normative economics. Make a normative economic statement.
Materials for Lecture 1
You may use the following resources in completing your lecture notes.
Start with the textbook to get familiar with the content and progression of the lecture. Then, go to
videos and supplemental articles, if provided, for further clarification and additional examples.
Textbook
Read carefully pages 2 through 6 from the textbook.
Video
Introduction to microeconomics
https://www.mruniversity.com/courses/principles-economics-microeconomics/introductionmicroeconomics
Economic perspective

Opportunity cost

Microeconomics and macroeconomics

Positive and normative economics

Outline for Lecture 2
Demand
How do we define the demand for a commodity?
Demand is the schedule that shows the amount of a commodity a consumer is willing and able to
buy at different price levels in a given time period.
Law of Demand
What is the law of demand? Provide an explanation for the law of demand.
The Demand Curve
The table accompanying Figure 3.1 presents data on the demand for corn. Based on the table,
how do we obtain the demand curve for corn? Which way does the curve slope?
Changes in Demand
There are several demand shifters, factors that shift the demand curve when they change: tastes,
number of buyers, income, prices of related goods, etc.
1. Tastes
How do changes in consumer tastes affect the demand for a commodity? Provide an example and
report which way the demand curve shifts as a result.
2. Number of Buyers
How do changes in the number of buyers affect the demand for a commodity? Provide an
example and report which way the demand curve shifts as a result.
3. Income
In this case, we consider normal goods and inferior goods.
How do changes in consumer income affect the demand for normal goods? Provide an example
and report which way the demand curve shifts as a result.
How do changes in consumer income affect the demand for inferior goods? Provide an example
and report which way the demand curve shifts as a result.
4. Prices of Related Goods
In this case, we consider substitutes and complements.
What is a substitute? How do changes in the price of a commodity affect the demand for its
substitute? Provide an example and report which way the demand curve shifts as a result.
What is a complement? How do changes in the price of a commodity affect the demand for its
complement? Provide an example and report which way the demand curve shifts as a result.
Materials for Lecture 2
Start with the textbook to get familiar with the content and progression of the lecture. Then, go to
videos and supplemental articles, if provided, for further clarification and additional examples.
Textbook
Read carefully pages 48 through 52 from the textbook.
Video
Markets

Demand

Changes in demand

Alternative series of lectures on demand
https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demandequilibrium/demand-curve-tutorial/v/law-of-demand
Article
Article on low demand for Nano, despite affordable price, speaking to the importance of
consumer tastes
https://www.forbes.com/sites/saritharai/2013/12/05/its-worlds-cheapest-car-tag-made-the-nanoundesirable-in-india/#13b21d4f1da0
Outline for Lecture 3
Supply
How do we define the supply of a commodity?
Law of Supply
What is the law of supply? Provide an explanation for the law of supply.
The Supply Curve
The table accompanying Figure 3.4 presents data on the supply of corn. Based on the table, how
do we obtain the supply curve for corn? Which way does the curve slope?
Changes in Supply
There are several supply shifters, factors that shift the supply curve when they change: resource
prices, technology, taxes and subsidies, etc.
1. Resource Prices
How do changes in resource prices affect the supply of a commodity? Provide an example and
report which way the supply curve shifts as a result.
2. Technology
How does technological progress affect the supply of a commodity? Provide an example and
report which way the supply curve shifts as a result.
3. Taxes and Subsidies
How do changes in taxes received by the government from firms affect supply of a commodity?
Provide an example and report which way the supply curve shifts as a result.
How do changes in subsidies paid by the government to firms affect supply of a commodity?
Provide an example and report which way the supply curve shifts as a result.
Materials for Lecture 3
Start with the textbook to get familiar with the content and progression of the lecture. Then, go to
videos and supplemental articles, if provided, for further clarification and additional examples.
Textbook
Read carefully pages 53 through 55 from the textbook.
Video
Markets

Supply

Alternative series of lectures on supply
https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demandequilibrium/supply-curve-tutorial/v/law-of-supply
Outline for Lecture 4
Market Equilibrium
In Figure 3.6, how do we obtain the equilibrium in the market for corn?
What is the equilibrium price? What is the quantity transacted (demanded and supplied) at that
price?
Changes in Supply, Demand, and Equilibrium
There are several factors that shift the demand curve (tastes, number of buyers, income, prices of
related goods, etc.) and the supply curve (resource prices, technology, taxes and subsidies, etc.).
Changes in Demand
Panel (a) in Figure 3.7 illustrates the impact of rising demand on market equilibrium. Provide an
example for an increase in demand, report the resulting shift of the demand curve, and state the
impact on equilibrium levels of price and quantity.
Repeat the exercise for falling demand, which is illustrated in panel (b).
Changes in Supply
Panel (c) in Figure 3.7 illustrates the impact of rising supply on market equilibrium. Provide an
example for an increase in supply, report the resulting shift of the supply curve, and state the
impact on equilibrium levels of price and quantity.
Repeat the exercise for falling supply, which is illustrated in panel (d).
Complex Cases
Complex cases arise from simultaneous changes in demand and supply. For a few examples,
consider the following cases.
Supply Increase; Demand Decrease
Suppose that rising supply is combined with falling demand. Report which way supply and
demand curves shift. Then, state the impact on equilibrium levels of price and quantity.
Supply Increase; Demand Increase
Suppose that rising supply is combined with rising demand. Report which way supply and
demand curves shift. Then, state the impact on equilibrium levels of price and quantity.
Application: Government-Set Prices
Although prices are often determined in free markets via the interaction of demand and supply,
governments place price restrictions in certain markets at certain times.
Price Ceilings
How do we define a price ceiling? Provide an example and discuss why the government would
impose a ceiling on the price of the commodity.
Based on Figure 3.8, explain the impact of a price ceiling: does it cause a shortage or a surplus?
Discuss the problems associated with price ceilings.
Price Floors
How do we define a price floor? Provide an example and discuss why the government would
impose a floor on the price of the commodity.
Based on Figure 3.9, explain the impact of a price floor: does it cause a shortage or a surplus?
Discuss the problems associated with price floors.
Materials for Lecture 4
Start with the textbook to get familiar with the content and progression of the lecture. Then, go to
videos and supplemental articles, if provided, for further clarification and additional examples.
Textbook
Read carefully pages 56 through 64 from the textbook.
Video
Market equilibrium

Government-set prices

Alternative series of lectures on market equilibrium
https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demandequilibrium/market-equilibrium-tutorial/v/market-equilibrium
Article
Advanced articles on the minimum wage, an example of price floors, for those interested
http://davidcard.berkeley.edu/papers/njmin-aer.pdf
http://www.irle.berkeley.edu/workingpapers/149-13.pdf
Outline for Lecture 5
Price Elasticity of Demand
How do we define the price elasticity of demand?
The Price Elasticity Coefficient and Formula
How do we measure the price elasticity of demand? What is in the numerator of the elasticity
equation? What is in the denominator?
In elasticity calculations, we use the midpoint formula to determine percentage changes.
According to the midpoint formula, how do we measure the percentage change in quantity
demanded? How do we measure the percentage change in price?
Interpretation
If the price elasticity of demand for a commodity is _____ 1, the demand is elastic. What does
elastic demand mean in terms of how responsive consumers are to price changes?
If the price elasticity of demand for a commodity is _____ 1, the demand is unit-elastic.
If the price elasticity of demand for a commodity is _____ 1, the demand is inelastic. What does
inelastic demand mean in terms of how responsive consumers are to price changes?
Price Elasticity along a Linear Demand Curve
The demand curve in Figure 6.3 is drawn based on data from Table 6.1 regarding movie tickets.
According to the table, when the price of a movie ticket falls from $8 to $7, the quantity
demanded rises from 1000 to 2000 (a movement from point a to point b). What is the price
elasticity of demand in this region? Is demand elastic, unit-elastic, or inelastic?
When the price falls from $5 to $4, the quantity demanded rises from 4000 to 5000 (a movement
from point d to point e). What is the price elasticity of demand in this second region? Is demand
elastic, unit-elastic, or inelastic?
When the price falls from $2 to $1, the quantity demanded rises from 7000 to 8000 (a movement
from point g to point h). What is the price elasticity of demand in this third region? Is demand
elastic, unit-elastic, or inelastic?
Report the trend in price elasticity of demand (rising, constant, or falling) as we go from point a
to point h on the demand curve.
Determinants of Price Elasticity of Demand
There are three factors that affect the price elasticity of demand: number of available substitutes
for the commodity, proportion of household income spent on the commodity, and luxury versus
necessity nature of the commodity.
1. Substitutability
All else constant, the larger the number of available substitutes for a commodity, the _____
(higher or lower?) is the price elasticity of demand for that commodity.
Explain why with an example. You may refer to Table 6.3, which reports price elasticity data for
a wide range of products.
2. Proportion of Income
All else constant, the larger the share of income spent on a commodity in the household budget,
the _____ (higher or lower?) is the price elasticity of demand for that commodity.
Explain why with an example. You may refer to Table 6.3.
3. Luxuries versus Necessities
All else constant, the more a commodity is perceived as a luxury rather than a necessity, the
_____ (higher or lower?) is the price elasticity of demand for that commodity.
Explain why with an example. You may refer to Table 6.3.
Materials for Lecture 5
Start with the textbook to get familiar with the content and progression of the lecture. Then, go to
videos and supplemental articles, if provided, for further clarification and additional examples.
Textbook
Read carefully pages 122-124 and 126-129 from the textbook.
Video
Price elasticity of demand

Two-part lecture on price elasticity of demand

Determinants of price elasticity of demand

Alternative series of lectures on price elasticity of demand
https://www.khanacademy.org/economics-finance-domain/microeconomics/elasticitytutorial/price-elasticity-tutorial/v/price-elasticity-of-demand
Article
Article from the American Journal of Public Health on how price elasticity is pertinent to
improving dietary preferences
http://yaleruddcenter.org/resources/upload/docs/what/economics/FoodPricesElasticity_AJPH_2.
10.pdf

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