Supply and Demand

Module 1 - Background

SUPPLY AND DEMAND

Required Reading

For a simple introduction to the concepts of supply and demand, take a look at these animated videos from Professors Alex Tabarrok and Tyler Cowen of George Mason University. These videos will give you the basics of both the demand and supply curves:

Tabarrok, A. & Cowen, T. (2015) The demand curve.  Marginal Revolution University. https://www.youtube.com/watch?v=kUPm2tMCbGE

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Tabarrok, A. & Cowen, T. (2015) The supply curve.  Marginal Revolution University.  https://www.youtube.com/watch?v=nKvrbOq1OfI

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Now go slightly deeper into these topics and read Chapters 1 and 3 from the following book.  Don’t worry, these chapters are short and will give you an introduction to the main topics of this module:

 

Stengel, D. (2012). Managerial Economics Principles .  Flat World Education.  http://saylordotorg.github.io/text_principles-of-managerial-economics/

 Finally, read Chapters 3 and 5 of the following book to get a more detailed overview of the concepts for this module.  Pay special attention to the “Self-Check Questions” at the end of each section, which include the solutions.  Before submitting the Case Assignment, it is best to test your knowledge of the concepts with the practice questions in this book:

 

Taylor, T. (2014) Principles of Microeconomics. OpenStax College. http://cnx.org/contents  /[email protected]:UfIHC0qu@6/Introduction-to-Demand-and-Sup