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Designed for JC2 students doing their revision, this series of videos will help you develop a deep understanding of the different elasticity concepts by learning about their similarities and differences, applying them to analysing different markets and thinking about how firms can use elasticity to aid them in their production decisions.
Now we move on to the Supply Curve. This is a very basic introduction to the idea of supply and what influences producers to increase or decrease their production. In the video I introduce a simple acronym “Pepper” that summarises these effects. This video and the previous one lay the important foundation for the rest of our analysis in microeconomics so do get a good understanding of them.
This week we starting looking at consumer theory. The A-level syllabus condenses this part of the course and jumps straight into the demand function without looking at how it is being derived. I might do a bonus video in the future to explain the derivation of the demand curve but for now this should suffice.