ECON101: Deriving Demand Curve from Tweaking Marginal Utility per Dollar

Watch this video on how to draw the demand curve from working with the marginal utility per dollar.

Source: Khan Academy, https://youtu.be/HaOJiZ9S_UU
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Last modified: Thursday, November 16, 2023, 3:26 PM

Course Syllabus

Course Syllabus

Unit 1: Introduction to Economics

1.1: Economics Unveiled: A Beginner's Journey

Scarce Resources

Introduction to Microeconomics

Specialization

Why the Division of Labor Increases Production

Microeconomics versus Macroeconomics

1.2: Scarcity, Choices, Incentives, and Opportunity Costs

Scarcity and Choice

Opportunity Cost and Trade-offs

How Individuals Make Choices Based on Their Budget Constraints

1.3: Economic Decision-Making: Budget Constraint and Thinking in Marginal Terms

Budget Contraints

Budget Line

Marginal Thinking and the Sunk Cost Fallacy

1.4: The Economic Toolbox: Interpreting Diagrams and Equations

Mathematics in Economics

Graph Review

1.5: Economic Models

Models and Theories

Ceteris Paribus

The Production Possibilities Frontier and Social Choices

More on the Production Possibilities Frontier

Absolute and Comparative Advantage

Increasing Opportunity Cost

Allocative Efficiency and Marginal Benefit

Circular Flow Model of Income and Expenditures

Economics, the Economy, and the Biosphere

Unit 1 Assessment

Unit 1 Assessment

Unit 2: Supply and Demand

2.1: Introduction to Demand and Supply

Introduction to Demand and Supply

2.2: Demand for Goods and Services

Demand for Goods and Services

Law of Demand

Change in Demand vs. Change in Quantity Demanded

Changes in Income, Population, or Preferences

Shifts in Demand and Supply for Goods and Services

Normal and Inferior Goods

Price of Related Products and Demand

Change in Expected Future Prices and Demand

Summing Up Factors That Change Demand

2.3: Supply of Goods and Services

Supply of Goods and Services

Law of Supply

Supply

Summing Up Factors That Change Supply

2.4: Market Equilibrium and Demand and Supply Changes

Market Equilibrium

Changes in Equilibrium Price and Quantity: The Four-Step Process

Changes in Market Equilibrium

Self-Check Questions

2.5: Application of Market Equilibrium to the Analysis of the Labor Market and the Financial Markets

Demand and Supply at Work in Labor Markets

Labor Market Equilibrium

The Moral Economy of the Great Resignation

Introduction to Financial Markets

Introduction to Interest

How Businesses Raise Financial Capital

How Households Supply Financial Capital

Unit 2 Assessment

Unit 2 Assessment

Unit 3: Elasticity and its Applications

3.1: The Concept of Elasticity

Introduction to Elasticity

3.2: Elasticities of Demand

Price Elasticity of Demand

Elasticity of Demand

Income Elasticity of Demand

Cross Elasticity of Demand

Polar Cases of Elasticity and Constant Elasticity

3.3: Elasticity of Supply and Its Applications

Elasticity of Supply

Price Elasticity of Supply Determinants

Is the Elasticity the Slope?

3.4: Elasticity, Revenues, and Pricing Decisions

Elasticity and Pricing