Latest Articles
Profit Maximization of Price Takers - youtube (11/2/2011)
As one of many small firms, price takers are powerless to set price. They set the max-profit output by equating price with marginal cost.
As one of many small firms, price takers are powerless to set price. They set the max-profit output by equating price with marginal cost.
Tragedy of the Commons - youtube (11/2/2011)
Unlimited entry could easily lead to over-exploitation of commons resources.
Unlimited entry could easily lead to over-exploitation of commons resources.
Big Mac Index - youtube (11/2/2011)
The prices of Big Mac across countries could give an idea of the relative value of foreign currencies.
The prices of Big Mac across countries could give an idea of the relative value of foreign currencies.
Demand Elasticity and Total Revenue - youtube (11/2/2011)
A linear downward-sloping demand curve has a range of demand elasticities and an inverted U-shaped total revenue curve under single pricing.
A linear downward-sloping demand curve has a range of demand elasticities and an inverted U-shaped total revenue curve under single pricing.
Profit vs Efficiency Maximization - youtube (11/2/2011)
Pricing modes determine the conflicts between profit maximization and efficiency maximization.
Pricing modes determine the conflicts between profit maximization and efficiency maximization.
Invisible-hand Game and Prisoner's Dilemma Game - youtube (11/2/2011)
Games involving binary choices can be better illustrated with N number of players rather than just two players. The invisible-hand game and the prisoner's dilemma game are featured examples in this first in a series of 3 video lectures on game theory.
Games involving binary choices can be better illustrated with N number of players rather than just two players. The invisible-hand game and the prisoner's dilemma game are featured examples in this first in a series of 3 video lectures on game theory.
Coordination Game and Congestion Game - youtube (11/2/2011)
Multi-party coordination game and congestion game.
Multi-party coordination game and congestion game.
