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Economics
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29 May 2018

YouTube Title: “DJ Econ – “Demand and Supply” [HD]”

http://www.youtube.com/watch?v=CouzZNjuyRM&feature=fvwrel

DJ Econ says “price is different ‘cause it changes quantity instead.” What does he mean by this? Explain in detail

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Jarrod Robel
Jarrod RobelLv2
31 May 2018

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Related questions

Answer the following questions:

If a 10% increase in the price of hamburgers leads to a decrease in the quantity demanded of hamburgers by 12%, what is the price elasticity of hamburgers? (Use the formula presented in the video: Episode 16: Elasticity of Demand)

https://www.youtube.com/watch?v=4oj_lnj6pXA&feature=youtu.be&list=PL336C870BEAD3B58B

The video, Episode 16: Characteristics that Determine Elasticity, presents 4 characteristics that determine how elastic the demand for a product is. List each of these. For each one, explain how the level of price elasticity is impacted by it. Does it make prices more or less elastic? Write a separate paragraph for each.

For each of the goods listed below, explain whether demand for it would be elastic or inelastic. Make sure to give specific reasons for your determination. Your discussion of Question 2 relates to this.

Eggs

Concert tickets

A packaged trip to Paris

Landline telephone service

Electricity in your home

A new car

The gasoline demand is inelastic and the demand for t-shirts is elastic. Let us assume that Company A produces and sells gasoline and Company B produces and sells t-shirts.

Explain what happens to total revenue if Company A increases its prices.

Explain what happens to total revenue if Company B increases its price

Watch the Gapminder video ‘200 Years that Changed the World’ available from http://www.gapminder.org/videos/200-years-that-changed-the-world/ and answer the following questions:
a.When Hans Rosling talks about China ‘catching up’ with the United States, explain in more detail what he means by this? (at least 100 words)

b.How can free trade help middle income countries or emerging economies ‘catch up’ with the high income or developed economies? (at least 200 words)

c.On the y-axis of the visualisation Hans Rosling presents in the Gapminder video, income per person is shown. What is an alternative label or term that we have used in the course that means the same as income per person?

d.The income per person referred to in part c. above is ‘inflation adjusted’. Why is it necessary to adjust this for inflation? (at least 200 words)

We have now ventured in the part of economic theory where we explore why we buy goods and services. We know we respond to prices but we also buy goods because we derive satisfaction from them. Consider the law of demand and of supply, elasticity and consider the determinants of demand, supply, and the determinants of elasticity. Then, watch the following video clip.

"A Place for My Stuff" by the late comedian George Carlin. # 1:http://www.youtube.com/watch?v=JLoge6QzcGY

The video is from the late George Carlin - there is some profanity and "adult humor" in it - so be careful if you are at work or home watching it - Comment on this. When is enough enough? It is true what the bumper sticker says that "whoever has the most stuff at the end wins"? Is he/she the happiest? Or, is happiness determined not by who has the most, but who needs the least? What is all this stuff doing to us? Are we better off? Worse off? Neither? Or both? Why are self storage facilities and "home organizers" some of the fastest growing industries in the USA?

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