Lec 2 | MIT 14.01SC Principles of Microeconomics
Lecture 2: Applying Supply and Demand Instructor: Jon Gruber, 14.01 students View the complete course: http://ocw.mit.edu/14-01SCF10 License: Creative ...
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The following content is provided under a Creative Commons license. Your support will help MIT OpenCourseWare continue to offer high-quality educational resources for free. To make a donation or view additional materials from hundreds of MIT courses, visit MIT OpenCourseWare at ocw.mit.edu. PROFESSOR: Now, what we're going to do today is build on what you learned in section on Friday. On Friday, you learned about how supply and demand interact to yield equilibrium. So the sort of fundamental concepts we talked about with Adam Smith and his water-diamond paradox of supply and demand interacting to yield a market price and quantity. And the way we're going to build on your understanding of this today is talk about what happens when you shock that supply and demand equilibrium. ...
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The following content is provided under a Creative Commons license. Your support will help MIT OpenCourseWare continue to offer high-quality educational resources for free. To make a donation or view additional materials from hundreds of MIT courses, visit MIT OpenCourseWare at ocw.mit.edu. PROFESSOR: Now, what we're going to do today is build on what you learned in section on Friday. On Friday, you learned about how supply and demand interact to yield equilibrium. So the sort of fundamental concepts we talked about with Adam Smith and his water-diamond paradox of supply and demand interacting to yield a market price and quantity. And the way we're going to build on your understanding of this today is talk about what happens when you shock that supply and demand equilibrium. ...
