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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In this lecture, we go into detail about the graphical solution to maximizing the intertemporal social welfare function (i.e., balancing pre...
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This lecture session is meant to provide a student-driven, cumulative review of topics that could serve as a study guide for the upcoming fi...
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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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