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For more information, please see full course syllabus of AP Microeconomics

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Lecture Comments (25)
 1 answerLast reply by: Professor Jibin ParkMon Oct 16, 2017 9:08 PMPost by Angela Zhou on October 16 at 08:43:29 PMThe video stop at 01:43'' and never goes on 1 answerLast reply by: Professor Jibin ParkMon Sep 4, 2017 3:11 PMPost by Sahitya Senapathy on September 4 at 03:06:24 PMFor the increase in supply graph (about pizza and cheese), you say that if the price of cheese dereases, the supply will increase for pizza. However, doesn't this contradict the Law of Supply because price going up means that the quantity supplied will go up? 0 answersPost by Francis Fan on February 11 at 11:17:22 PMI have a better way to describe the effect of substitute and complement. Let's take e-books again. Supposed there are 2 e-books available on the Kindle, one is written by A, the other by B. If B(substitute)'s price goes up, A's book will probably have a increase in demand, shift to the right. Then when Kindle's price goes up, there two books will probably both have a decrease in demand since people may use other sources, like iPad, to find e-book. 1 answerLast reply by: Professor Jibin ParkSat Feb 11, 2017 11:31 AMPost by Fan Francis on February 11 at 11:27:38 AMLoading videos is seriously killing me 1 answerLast reply by: Professor Jibin ParkMon Jan 2, 2017 6:11 PMPost by Jim Tang on January 2 at 06:08:35 PMWhy does quantity go on the x-axis and price go on the y-axis? I would think that the quantity "depends" on the price so then it would be the dependent variable (go on the y-axis). 2 answersLast reply by: Professor Jibin ParkMon Oct 3, 2016 7:30 PMPost by Christian Ledezma on September 2, 2016The video won't play, I have already reloaded the page and tried a different browser. 0 answersPost by John Hill on February 5, 2016Price and quantity video will not load.help 1 answerLast reply by: Professor Jibin ParkTue May 26, 2015 12:25 AMPost by Douglas Gardner on May 25, 2015Can a substitute exist where the original good is not free but the substitute is? Or do both the original and substitute goods have to have a price attached? Like if a new library opens up and people substitute buying books from a store for checking out books from the library for free, could the store-bought books and library books be examples of substitute goods? Thank you! 1 answerLast reply by: Professor Jibin ParkMon Oct 20, 2014 10:02 AMPost by Rebecca Dai on October 19, 2014How do I add AP Micro Economy to my playlist? Thank you! 1 answerLast reply by: Professor Jibin ParkMon Oct 20, 2014 10:01 AMPost by Rebecca Dai on October 19, 2014Why does the demand of pepper go down if the price of salt goes up? I don't get the relationship of complements. 1 answerLast reply by: Professor Jibin ParkMon Oct 20, 2014 10:01 AMPost by Rebecca Dai on October 19, 2014What is the clear definition of the demand? What does the demand line represent? 1 answerLast reply by: Professor Jibin ParkThu Aug 7, 2014 7:16 PMPost by Daniel Nguyen on August 7, 2014I noticed that in economics, the graph are backwards compared to other subjects, since the independent variable (price) is placed on the vertical axis and the dependent variable (quantity or supply) is placed on the horizontal axis. Why is this? 1 answerLast reply by: Professor Jibin ParkFri Feb 21, 2014 3:06 AMPost by Mengyao Zhang on February 21, 2014Why as the price increases, there is no change in demand ?

### Price & Quantity

• Most, if not all, items found in the private sector follow the laws of supply and demand.
• The demand curve is a downward sloping line – as price goes up, quantity demanded goes down.
• The supply curve is an upward sloping line – as price goes up, quantity supplied goes up.
• A change in demand means that the entire demand curve has shifted (either right or left) because something other than price has changed.
• A change in supply means that the entire supply curve has shifted (either right or left) because something other than price has changed.
• A shortage occurs when the price is below the equilibrium price.
• A surplus occurs when the price is above the equilibrium price.

### Price & Quantity

Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.

• Intro 0:00
• Lesson Overview 0:14
• II. Product Markets 1:05
• Supply and Demand 2:22
• Supply and Demand Model
• Demand Curve
• Supply Curve
• Factors
• Equilibrium Price and Quantity
• Demand Schedule and Demand Curve 3:56
• Market Demand Schedule
• Market Demand Curve
• Example
• Shifts of the Demand Curve 9:39
• Changes in the Prices of Related Goods
• Changes in Income
• Changes in Tastes
• Changes in Expectations
• Increase in Demand (Rightward Shift) 14:44
• Decrease in Demand (Leftward Shift) 15:37
• Supply Schedule and Supply Curve 16:27
• Market Supply Schedule
• Market Supply Curve
• Example
• Shifts of the Supply Curve 20:19
• Changes in Input Prices
• Changes in Technology
• Changes in Expectations
• Increase in Supply (Rightward Shift) 21:41
• Decrease in Supply (Leftward Shift) 22:51
• Supply, Demand, and Equilibrium 23:45
• Equilibrium Price
• Equilibrium Quantity
• Equilibrium
• Surplus and Shortage 25:15
• Surplus
• Shortage
• Example
• Example 1 29:26
• Example 2 30:18
• Example 3 31:37
• Example 4 34:11
• Example 5 36:37