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ECON101: Principles of Microeconomics (2021.A.01)
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ECON101: Principles of Microeconomics (2021.A.01)
Back to '2.5: Manipulating the Market: Price Controls\'
Inefficiency of Price Floors and Price Ceilings
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Now, let's attempt several practical problems related to price controls. Answer the "Try It" questions here.
Glossary
deadweight loss:
the loss of economic value (i.e. social surplus) that occurs when a market operates at an inefficient quantity of output
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Course Syllabus
What Is Economics? Why Is It Important?
Defining Economics
How Individuals Make Choices Based on Their Budget Constraints
Economic Problem: Scarce Resources
Scarcity and Choice
Setting Global Priorities
The Field of Economics
Models and Theories
Marginal Analysis
The Economists' Tool Kit
Solving Simple Equations
Graph from Slope-Intercept Equation
Economic Models
Factors of Production and the Production Possibilities Curve
Production Possibilities Frontier
Opportunity Cost
Increasing Opportunity Cost
Allocative Efficiency and Marginal Benefit
Economic Growth through Investment
Comparative Advantage Specialization and Gains from Trade
Absolute and Comparative Advantage
More on Comparative Advantage and Absolute Advantage
Analyzing Advantage Data Tables and Graphs
A Final Note on Absolute and Comparative Advantage
Ceteris Paribus
Demand
Factors Affecting Demand
Law of Demand
Price of Related Products and Demand
Changes in Income, Population, or Preferences
Normal and Inferior Goods
Inferior Goods Clarification
Supply
Factors Affecting Supply
Law of Supply
More on Factors Affecting Supply
Demand, Supply, and Equilibrium
Market Equilibrium
Changes in Market Equilibrium
Putting Demand and Supply to Work
Changes in Supply and Demand
Introducing Supply and Demand
Government Intervention in Market Prices: Price Floors and Price Ceilings
Price Ceilings and Price Floors
Demand, Supply, and Efficiency
Minimum Wage and Price Floors
Elasticity: A Measure of Response
Introduction to Elasticity
Calculating Elasticity
Defining Price Elasticity of Demand
Price Elasticity of Demand
More on Elasticity of Demand
Constant Unit Elasticity
Total Revenue and Elasticity
More on Total Revenue and Elasticity
Cross Elasticity of Demand
Elasticity of Supply
Elasticity and Strange Percent Changes
Calculating Elasticity and Percentage Changes
Taxes and Perfectly Inelastic Demand
Taxes and Perfectly Elastic Demand
The Logic of Maximizing Behavior and Maximizing in the Marketplace
Consumer and Producer Surplus
Consumer Surplus Introduction
Demand Curve as Marginal Benefit Curve
Total Consumer Surplus as Area
Producer Surplus
How Much to Produce? The Story of Marginal Revenue and Marginal Costs
Market Failure
Positive Externalities and Public Goods
Positive Externalities
Rent Control and Deadweight Loss
Taxation and Dead Weight Loss
Percentage Tax on Hamburgers
Negative Externalities
Taxes for Factoring in Negative Externalities
Tragedy of the Commons
Inequality, Poverty, and Discrimination
Measuring Income Inequality
Introduction to Consumer Choices
The Analysis of Consumer Choice
Rules for Maximizing Utility
The Art of Choosing
Marginal Utility
Budget Line
Deriving Demand Curve from Tweaking Marginal Utility per Dollar
Equalizing Marginal Utility per Dollar Spent
Adding Demand Curves
Preference and Utility
Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice
Indifference Curves
Indifference Curve Analysis
Types of Indifference Curves
Optimal Point on Budget Line
Production Cost
Production Choices and Costs: The Short Run
Costs in the Short Run
Cost and Industry Structure
Understanding Normal Profit
A Firm's Marginal Product Revenue Curve
Economic Profit vs. Accounting Profit
Depreciation and Opportunity Cost of Capital
Understanding the Short-Run Shutdown
Fixed, Variable, and Marginal Cost
Visualizing Average Costs and Marginal Costs as Slope
Marginal Cost and Average Total Cost
Marginal Revenue and Marginal Cost
Marginal Revenue below Average Total Cost
Production Choices and Costs: The Long Run
Long-Term Supply Curve and Economic Profit
The Structure of Costs in the Long Run
Principles of Microeconomics Lecture Notes
Competitive Markets for Goods and Services
Perfect Competition
More on Perfect Competition
Wages and Employment in Perfect Competition
How Many People to Hire Given the MPR Curve
Perfect Competition Demonstration
Monopoly
The Monopoly Model
Introduction to a Monopoly
Monopoly Basics
Review of Revenue and Cost Graphs for a Monopoly
Monopolist Optimizing Price (Part 1): Total Revenue
Monopolist Optimizing Price (Part 2): Marginal Revenue
Monopolist Optimizing Price (Part 3): Dead Weight Loss
Price Discrimination
First Degree Price Discrimination
Monopolistic Competition: Competition among Many
Monopolistic Competition
Oligopolies and Monopolistic Competition
Monopolistic Competition and Economic Profit
Oligopoly: Competition Among the Few
Oligopolies, Duopolies, Collusion, and Cartels
Oligopoly Lecture
Game Theory of Cheating Firms
More on Nash Equilibrium
Why Parties to Cartels Cheat
Prisoners' Dilemma and Nash Equilibrium
Antitrust Policy and Business Regulation
Regulation
Public Finance and Public Choice
Public Economy
The Economics of the Environment
Economic Resources
Capital and Natural Resource Markets
Environmental Protection and Negative Externalities
The Coase Theorem and the Theory of the State
Maximizing the Net Benefits of Pollution
Market-Oriented Environmental Tools
ECON101 Study Guide
Course Feedback Survey
ECON101: Certificate Final Exam
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