|Learning Objectives: Apply basic comparative statics to a range of economic events. Understand how interventions affect market activity|
This video shows how demand and supply both originate from the concept of value.
My preferred way of teaching this content is the trading simulation called “Trading in a Pit Market”.
|Lecture handout: Market equilibrium*
This video shows how prices are formed at the London Metal Exchange:
And this video shows a behind the scenes look at “the ring”:
Another good class activity to teach these concepts is the following worksheet:
|Group activity: Comparative Statics Worksheet, July 2018|
|Instructor resource: Comparative Statics Solutions, July 2018|
Here’s a look at applying some comparative statics to the UK housing market:
Here’s a more traditional treatment of demand and supply analysis:
Here’s an excellent video on the role of prices:
Here’s a video on rent control:
A good resource on price gouging is Mike Munger’s interview with Russ Roberts, on EconTalk (Jan 8th, 2007).
|These resources form part of my Managerial Economics course map. You can watch the full YouTube playlist here. This page ties into Chapter 3 of ‘Markets for Managers’.|