In this lecture, we dig deeper into demand curves (and the related topics of the demand function and inverse demand function). We discuss normal goods, inferior goods, Giffen goods, and Veblen goods. We then start to introduce consumer surplus and elasticity (with a focus on Price Elasticity of Demand, PED).
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This lecture focuses on microeconomic modeling of market failures resulting from negative and positive externalities (with the aim of applyi...
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We continue to discuss the economics of natural resources in this lecture, with a particular focus on timber rotations. In the previous lect...
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In this lecture, we close our discussion of forest/timber economics by putting an "economic rent" lens on the different rotations ...
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