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.
I hope everyone is having a good Easter weekend.
This video illustrates key concepts such as Allocative Efficiency, Productive Efficiency, rational decision making and trade offs between present and future consumption.
Fantastic video content on Microeconomics available for free on Youtube.
Jodi’s explanations on Microeconomics concepts are clear, correct and succinct. You do not want to miss out on this one.