Microeconomics Lectures
Life Is Illogical - youtube cartoon (10/8/2017)
Intransitive choices are illogical but make life manageable.
Intransitive choices are illogical but make life manageable.
Price Gouging - Historical vs Opportunity Cost cartoon (10/8/2017)
Pricing at opportunity cost rather than historical cost can solve market shortages. In other words, "price gouging" can be an unsung hero.
Pricing at opportunity cost rather than historical cost can solve market shortages. In other words, "price gouging" can be an unsung hero.
If It Is Too Good To Be True! - youtube cartoon (10/8/2017)
The simple-minded addiction to the efficient market hypothesis can lead to super-rational behavior.
The simple-minded addiction to the efficient market hypothesis can lead to super-rational behavior.
Sharp Shooters - nudging in action cartoon (10/8/2017)
If you want your toilet floor clean, make urinal use into a target practice. A little nudging can go a long way.
If you want your toilet floor clean, make urinal use into a target practice. A little nudging can go a long way.
Is Somebody Watching? - youtube cartoon (10/8/2017)
People behave better when they suspect others are watching.
People behave better when they suspect others are watching.
Coasian Bargaining & Property Rights (10/5/2017)
Efficient assignment of property rights could achieve efficient adverse impact without negotiation cost and Coasian bargaining.
Efficient assignment of property rights could achieve efficient adverse impact without negotiation cost and Coasian bargaining.
Too Little vs Too Much Panda-ing - youtube cartoon (3/12/2015)
You could have too little or too much of a good thing.
You could have too little or too much of a good thing.
Bad Decision - TED lecture (2/28/2014)
Bad decisions are made because people are bad at figuring out the odds and values of possible events.
Bad decisions are made because people are bad at figuring out the odds and values of possible events.
Price Gouging? - Historical Cost vs Opportunity Cost cartoon (4/12/2013)
Pricing at opportunity cost rather than historical cost can solve market shortages. In other words, "price gouging" can be an unsung hero.
Pricing at opportunity cost rather than historical cost can solve market shortages. In other words, "price gouging" can be an unsung hero.
Wealth Inequality in America (3/6/2013)
Infographics on the distribution of wealth in America, highlighting both the inequality and the difference between our perception of inequality and the actual numbers. The reality is often not what we think it is.
Infographics on the distribution of wealth in America, highlighting both the inequality and the difference between our perception of inequality and the actual numbers. The reality is often not what we think it is.
Please Sit Down! - youtube cartoon (8/22/2012)
A prisoner's dilemma results when people compete for limited positional goods. Individually smart, but collectively dumb.
A prisoner's dilemma results when people compete for limited positional goods. Individually smart, but collectively dumb.
Profit Maximization Under Natural Monopoly - youtube (1/23/2012)
Natural monopoly with decreasing average total cost can still make profit by equating marginal revenue with marginal cost while achieving economic efficiency through price discrimination.
Natural monopoly with decreasing average total cost can still make profit by equating marginal revenue with marginal cost while achieving economic efficiency through price discrimination.
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.
Tax incidence and supply-demand elasticity - youtube (11/2/2011)
Supply and demand elasticities determine who ultimately pays sales taxes.
Supply and demand elasticities determine who ultimately pays sales taxes.
Private Goods vs Public Goods - youtube (11/2/2011)
Public goods cannot or do not exclude non-paying users and your consumption does not reduce others' consumption.
Public goods cannot or do not exclude non-paying users and your consumption does not reduce others' consumption.
Cost-efficient pollution control (11/2/2011)
Pollution tax could lead to lower-cost pollution reduction than a uniform pollution reduction quota.
Pollution tax could lead to lower-cost pollution reduction than a uniform pollution reduction quota.
Supply and demand - youtube (11/2/2011)
Market prices and quantities supplied and demanded are determined by the interactions between supply and demand.
Market prices and quantities supplied and demanded are determined by the interactions between supply and demand.
External Benefit and External Cost - youtube (11/2/2011)
External cost and external benefit exist because some property rights have not been clearly defined and enforced. Their existence leads to misallocation of resources.
External cost and external benefit exist because some property rights have not been clearly defined and enforced. Their existence leads to misallocation of resources.
Critical-mass Game and Gender Preference Game - youtube (11/2/2011)
Multi-party binary-choice games.
Multi-party binary-choice games.
Coordination Game and Congestion Game - youtube (11/2/2011)
Multi-party coordination game and congestion game.
Multi-party coordination game and congestion game.
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.
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.
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.
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.
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.
Profit maximization under single pricing - youtube (11/2/2011)
Single-price searchers maximize profit by setting a uniform price where marginal revenue is equal to marginal cost.
Single-price searchers maximize profit by setting a uniform price where marginal revenue is equal to marginal cost.
Marginal Cost, Average Variable Cost and Average Fixed Cost - youtube (11/2/2011)
Marginal cost, average variable cost and average fixed cost can be derived from a short-run production function subject to the law of diminishing returns.
Marginal cost, average variable cost and average fixed cost can be derived from a short-run production function subject to the law of diminishing returns.
Eat Your Cake Now - youtube cartoon (11/2/2011)
Who doesn't like to eat their cake and have it at the same time?
Who doesn't like to eat their cake and have it at the same time?
Lemonade Economics - youtube cartoon (11/2/2011)
Lemonade sale illustrates the difference between change in demanded vs change in quantity demanded.
Lemonade sale illustrates the difference between change in demanded vs change in quantity demanded.
Marginal Cost and Average Total Cost - youtube (11/2/2011)
Marginal cost and average total cost can be derived from the short-run total cost subject to the law of diminishing returns.
Marginal cost and average total cost can be derived from the short-run total cost subject to the law of diminishing returns.
Busy Bees cartoon (11/2/2011)
Honey bees tell an interesting story of how businesses settle payments for spillover costs and benefits among them.
Honey bees tell an interesting story of how businesses settle payments for spillover costs and benefits among them.
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.
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.
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.
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.
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.
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.
