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Gaining Through Comparative Advantage - recording transcript (1/16/2012)
Partial or complete specialization according to comparative advantage is a win-win strategy to increase total output, even though one party might enjoy absolute advantage over another party.
Partial or complete specialization according to comparative advantage is a win-win strategy to increase total output, even though one party might enjoy absolute advantage over another party.
Complements and Substitutes - youtube (1/2/2012)
Complements and substitutes illustrate the difference between changes in quantity demanded vs changes in demand.
Complements and substitutes illustrate the difference between changes in quantity demanded vs changes in demand.
Who Has Comparative Advantage? - youtube (11/2/2011)
Comparative advantage in a two-goods, two-workers economy can be identified easily by comparing the relative slopes of their linear production functions.
Comparative advantage in a two-goods, two-workers economy can be identified easily by comparing the relative slopes of their linear production functions.
Should parking be free? - youtube (11/2/2011)
Free parking generates lower total benefit when parking spaces are scarce.
Free parking generates lower total benefit when parking spaces are scarce.
My Prom Dates - youtube cartoon (11/2/2011)
Opportunity cost is the best available opportunity you need to give up for a given choice.
Opportunity cost is the best available opportunity you need to give up for a given choice.
Your Customers Are My Customers - youtube cartoon (11/2/2011)
When it comes to external benefits, appearance could be deceptive.
When it comes to external benefits, appearance could be deceptive.
Busy secretary - The principal-agent problem - youtube cartoon (11/2/2011)
The principal-agent conflict is endemic in employer-employee and supervisor-supervisee relationships.
The principal-agent conflict is endemic in employer-employee and supervisor-supervisee relationships.
Law of Diminishing Returns - youtube (11/2/2011)
The Law of Diminishing Returns says that when some inputs are fixed in capacity in the short run, increasing the variable input working with the fixed inputs would first lead to increasing additional output per additional unit of variable input, but eventually decreasing additional output per additional unit of variable input after the optimal capacity of the fixed input has been exceeded.
The Law of Diminishing Returns says that when some inputs are fixed in capacity in the short run, increasing the variable input working with the fixed inputs would first lead to increasing additional output per additional unit of variable input, but eventually decreasing additional output per additional unit of variable input after the optimal capacity of the fixed input has been exceeded.
