Introduction and Supply & Demand
34:47Preferences and Utility Functions
41:23Budget Constraints and Constrained Choice
49:04Demand Curves and Income/Substitution Effects
49:31Production Theory
48:56Costs
50:41Competition I
48:35Competition II
50:15Supply and Demand \u0026 Consumer/Producer Surplus
47:49Welfare Economics
48:17Monopoly I
50:34Monopoly II
46:55Oligopoly
46:14Oligopoly II
45:11Input Markets I—Labor Market
50:16Input Markets II—Labor and Capital
49:00Making Choices Over Time
49:10Increasing Savings \u0026 Introduction to Trade
48:09International Trade: Welfare and Policy
48:17Uncertainty
48:30Efficiency and Equity
49:59Government Redistribution and Taxation
47:12Demand Curves and Income/Substitution Effects
This lecture derives individual and market demand curves, examining the critical concepts of price elasticity of demand and the decomposition of price changes into income and substitution effects.
MIT 14.01 Principles of Microeconomics, Fall 2018
Instructor: Prof. Jonathan Gruber
* View newer version of the course: https://ocw.mit.edu/14-01F23 *
YouTube Playlist: https://www.youtube.com/playlist?list=PLUl4u3cNGP62oJSoqb4Rf-vZMGUBe59G-