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For more information, please see full course syllabus of AP Microeconomics
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Lecture Comments (15)

1 answer

Last reply by: Professor Jibin Park
Fri Sep 2, 2016 12:58 AM

Post by Christian Ledezma on September 2 at 12:23:56 AM

The video won't play, I have already reloaded the page and tried a different browser.

0 answers

Post by John Hill on February 5 at 12:00:31 PM

Price and quantity video will not load.help

1 answer

Last reply by: Professor Jibin Park
Tue May 26, 2015 12:25 AM

Post by Douglas Gardner on May 25, 2015

Can 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 answer

Last reply by: Professor Jibin Park
Mon Oct 20, 2014 10:02 AM

Post by Rebecca Dai on October 19, 2014

How do I add AP Micro Economy to my playlist? Thank you!

1 answer

Last reply by: Professor Jibin Park
Mon Oct 20, 2014 10:01 AM

Post by Rebecca Dai on October 19, 2014

Why does the demand of pepper go down if the price of salt goes up? I don't get the relationship of complements.

1 answer

Last reply by: Professor Jibin Park
Mon Oct 20, 2014 10:01 AM

Post by Rebecca Dai on October 19, 2014

What is the clear definition of the demand? What does the demand line represent?

1 answer

Last reply by: Professor Jibin Park
Thu Aug 7, 2014 7:16 PM

Post by Daniel Nguyen on August 7, 2014

I 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 answer

Last reply by: Professor Jibin Park
Fri Feb 21, 2014 3:06 AM

Post by Mengyao Zhang on February 21, 2014

Why 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