Microeconomics

Author:
Perloff

Publisher:
Pearson

Edition:
8th

ISBN:
9780134519531

Chapters

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1- Complete chapter - 1 Video(s)

Lec 1 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of introduction to microeconomics. The main concepts of scarcity, consumers, producers, prices are explained to build on these concepts later on. Furthermore, the concept of positive vs normative and supply and demand dis also highlighted.

1- Complete chapter - 1 Video(s)

Lec 2 | MIT 14.01SC Principles of Microeconomics


This video covers an important topic of market forces of demand and supply. The plotting for demand and supply together to determine equilibrium price and quantity is explained using a detailed example. Reasons behind the shift in market equilibrium are also showcased along with detailed graphical explanation of textbook figure 2.6.

1- Elasticity - 1 Video(s)

Lec 3 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of Elasticity particularly focusing on price, Income and cross price elasticity. It starts off with explanation of the definition of price elasticity using figure 3.2 and then goes on to explain the formula in detail for all the types elasticities. Furthermore, shifts in demand and supply and impact of tax due to varying elasticities is also explained in detailed.

2- Problem Sets - 2 Video(s)

Problem Set 1, Problem #4 | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of demand and supply as all the concepts are reiterated.

Problem Set 1, Problem #3 | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of demand and supply as all the concepts are reiterated.

1- preferences and utility - 1 Video(s)

Lec 4 | MIT 14.01SC Principles of Microeconomics


This video discusses question and answers of the topic Consumer Choice focusing on the topic of utility maximization. The question discussed covers the topics of, marginal utility, budget constraint, and consumption based on utility. The properties of indifference curves are also explained using figure 4.2 of the textbook. Moreover, the concept of marginal utility, slope of indifference curve is defined. The concept of marginal rate of substitution, intersection of indifference curve and utility maximization is showcased in detail.

2- Budget Constraints - 1 Video(s)

Lec 5 | MIT 14.01SC Principles of Microeconomics


The video explains the topic of budget constraint, indifference curve and the concept of utility maximization. Using graphical illustrations and figure 5.2 of the textbook the shift in a budget constraint is explained. Furthermore, the concept of indifference curve and budget constraint together is elaborated using figure 5.4 of the textbook and slope of indifference curve is defined. The concept of marginal rate of substitution and utility maximization is also showcased.

3- Problem Sets - 1 Video(s)

Problem Set 2, Problem #4 | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of the topics utility, preferences, and budget constraints

1- Deriving Demand Curves - 1 Video(s)

Lec 6 | MIT 14.01SC Principles of Microeconomics


The video explains the topic of deriving demand curves using utility functions. Using graphical illustrations of figure 6.1 of the textbook, and indifference curves and budget lines the derivation of demand curve is elaborated. The concept of marginal rate of substitution, preferences mainly revealed preferences is also explained in this regard. Furthermore, figure 6.4 and 7.1 are explained in detail showing demand curves for normal goods with income and substitution effect.

2- Labor Supply - 1 Video(s)

Lec 7 | MIT 14.01SC Principles of Microeconomics


The video explains the topic of deriving demand curves using utility functions. Using graphical illustrations of figure 6.1 of the textbook, and indifference curves and budget lines the derivation of demand curve is elaborated. The concept of marginal rate of substitution, preferences mainly revealed preferences is also explained in this regard. Furthermore, figure 6.4 and 7.1 are explained in detail showing demand curves for normal goods with income and substitution effect.

3- Child Labor - 1 Video(s)

Lec 8a | MIT 14.01SC Principles of Microeconomics


The video covers the topic of application of consumer theory particularly focusing on child labor. Building upon the income and substitution effect it explains its practical application using the example of child labor in the developing countries. Using the example of Vietnam, it explains how free trade results in child labor.

4- Problem Sets - 1 Video(s)

Problem Set 3, Problem #5 | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of the topic labor supply.

1- Introduction to Producer Theory - 1 Video(s)

Lec 8 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of producer theory, particularly focusing on this from the perspective of producers and firms. The concept of production function is introduced focusing on the short run and long run scenarios. Furthermore, the Leontief function and isoquants are also elaborated.

1- Complete chapter - 1 Video(s)

Lec 9 | MIT 14.01SC Principles of Microeconomics


This video discusses the topic of Production and costs. It explains the Cobb Douglas production function and determines whether the function is exhibiting, increasing, decreasing or constant returns to scale. It also explains relationship between total fixed cost average fixed costs and sunk costs. The concept of marginal rate of substitution is also reiterated.

1- Complete chapter - 3 Video(s)

Lec 12 | MIT 14.01SC Principles of Microeconomics


This video discusses the topic of competition, specifically focusing on the agency problem. It gives a detailed analysis on CEO compensation using figure 12.1, particularly focusing on stocks and stock options. It also covers the negative impact of CEO compensation structure. Furthermore, welfare economics is discussed explaining the concept of individual consumer surplus using graphical analysis.

Lec 11 | MIT 14.01SC Principles of Microeconomics


This video covers the topic of competition particularly focusing on the notion of profit maximization and Loss minimization using the ocst function. Using different curves of average cost, marginal cost, marginal revenue and average total cost the areas of profit and loss are showcased. Two cases of profit and loss are explained to clearly differentiate between the two concepts.

Lec 10 | MIT 14.01SC Principles of Microeconomics


This video discusses the topic of competition, specifically focusing on perfect competition and derivation of demand faced by an individual firm in a perfectly competitive market place from the world market of that product. It also looks at the Marginal revenue curve in a Perfectly competitive market place. Using graphical illustrations and mathematical proofs the concept is explained to omit any confusions.

2- Problem Sets - 1 Video(s)

Problem Set 4, Problem #3 | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of the topic competition.

1- Welfare economics - 1 Video(s)

Lec 13 | MIT 14.01SC Principles of Microeconomics


This video discusses the topic of welfare economics. The concept of market consumer and producer surplus using the figure 13.1 of the textbook. It further elaborates the cases when world price is lower or higher than the domestic price and its associated impact on the surpluses are looked into in detail. Furthermore, impact of government interference on social welfare is also explained. Occupational restrictions concept is discussed using the example of taxicab medallions and medical residency case studies.

1- Production and Trade - 1 Video(s)

Lec 19 | MIT 14.01SC Principles of Microeconomics


The video covers the topic international trade. It starts off by explaining the concept of the comparative advantage using the example of market for roses. It then goes on to explain the sources of comparative advantage. Impact of international trade on welfare is also looked upon. It also showcases the trade restrictions mainly focusing on tariffs. The argument for free trade is also discussed.

2- Efficiency and Equity - 1 Video(s)

Lec 23 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of equity and efficiency. It starts off by giving an overview of the equity-efficiency tradeoff. It then goes on to explain the social welfare functions particularly focusing on the utilitarian, Rawlsian, Nozickian and commodity egalitarian. The concept of income distribution and poverty is also discussed. Furthermore, the impact of tax and transfer and is also explained in detail using examples.

3- Problem sets - 1 Video(s)

Problem Set 5, Problem #4e-h | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of the topic of production.

1- Complete chapter - 1 Video(s)

Lec 14 | MIT 14.01SC Principles of Microeconomics


This video discusses question and answers of the topic Monopoly. Using mathematical solutions and calculus, calculation of marginal revenue curve from an inverse demand curve is explained. It then moves on to elaborate how marginal revenue curve is twice as sloped as inverse demand curve. Moreover, looking at the figure, 14.3, calculation of a firms profit maximizing price is explained using a monopoly inverse demand function. It particularly focuses on explaining the welfare effects of monopoly.

2- Problem Sets - 2 Video(s)

Problem Set 6, Problem #3 | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of the topic of monopoly

Problem Set 6, Problem #4 | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of the topic of monopoly.

1- Complete chapter - 1 Video(s)

Lec 15 | MIT 14.01SC Principles of Microeconomics


This video discusses question and answers of the topic Monopoly, specifically focusing on price discrimination. It covers the calculation of output and price of a perfect discrimination firm. The importance of the concept of price equals marginal cost is reiterated to calculate consumer surplus, welfare and deadweight loss using examples. Furthermore, the sources of monopoly formation mainly cost advantages and government actions are explained in detail as well. Moreover, using the example of the airline industry contestable markets are discussed.

1- Complete chapter - 1 Video(s)

Lec 16 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of oligopolies looking at their types and structures. The concept of cartel is explained using the example of OPEC. Furthermore, the topic of prisoner's dilemma of the game theory is explained in detail. It also explains the concept of repeated games, Cournot competition and best response curves using detailed examples.

2- Problem Sets - 1 Video(s)

Problem Set 7, Problem #2a-e | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of the topic of oligopoly and monopolistic competition.

1- Complete chapter - 1 Video(s)

Lec 17 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of game theory and oligopolies studying it in detail. The concept of Cournot Competition is covered using Mathematical Analysis. The functioning of Cartels and their types are discussed in detail as well. It further goes on to compare firm types using examples. The impact of Firm Quantity on Welfare along with Bertrand Price Competition model is covered.

1- Complete chapter - 1 Video(s)

Lec 18 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of factor models. It starts off by explaining how to determine demand for labor. The monopsony model is also explained in detail. It then goes on to explain the barriers to wage determination along with the concept of minimum wage and employment rates using figure 18.3 of the textbook.

1- Complete chapter - 2 Video(s)

Lec 22 | MIT 14.01SC Principles of Microeconomics


This video continues the discussion on capital markets. It explains in detail the concept of present value while talking about investment decisions. The application of investment decisions is also discussed. The importance of savings is highlighted along with the policy efforts to increase long term savings.

Lec 21 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of capital markets. It starts off by giving an intuitive sense to capital market, and explains the concept of intertemporal choice. Using the example of interest rate the concept is explained in detail. Calculation of present value, future value and compounding is explained in detail. Furthermore, real interest rate is also elaborated upon.

1- Complete chapter - 1 Video(s)

Lec 20 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of uncertainty particularly focusing on the concept of utility. It explains the alternative examples of utility functions. Insurance and lottery is used as an example to explain the applications of expected utility theory.

2- Problem Sets - 1 Video(s)

Problem Set 8, Problem #2a-b | MIT 14.01SC Principles of Microeconomics


The video consists of problem set is which is comprised of challenging questions that test your understanding of the material covered in the course. Make sure you have mastered the concepts and problem solving techniques of the topic of uncertainty.

1- Complete chapter - 1 Video(s)

Lec 24 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of governments redistribution policy mainly focusing on taxation. The concept of consumption tax is explained using the European model. It also explains why excise tax is levied on goods with negative externalities. Determination of tax rates along with earned income tax credit is elaborated.

1- Complete chapter - 1 Video(s)

Lec 25 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of asymmetric Information and the Need for Social Insurance. It explains in detail the approaches to Social Insurance. Moreover, the negative Effects of Social Insurance are covered in detail as well. It also explains the costs of Social Insurance.

1- Complete chapter - 1 Video(s)

Lec 26 | MIT 14.01SC Principles of Microeconomics


The video covers the topic of health care economics and the Need for Social Insurance. It explains in detail the approaches to Social Insurance. Moreover, the negative Effects of Social Insurance are covered in detail as well. It also explains the costs of Social Insurance.