Learning Objectives - Define total surplus for an individual transaction and for the market as a whole. - Calculate total surplus for a given transaction. - Recognize why total surplus must be positive for a voluntary exchange. - Explain the concept of market equilibrium and its role in maximizing total surplus. - Illustrate total surplus on a graph. - Evaluate alternative equilibrium and the surplus associated with them graphically.Day 6: Consumer and Producer Surplus | Supply, Demand, and Equilibrium Unit Plan WalkthroughMarginal Revolution University2024-04-10 | Join Professor Matt Hill as he walks you through the classroom slides of Day 6: " Consumer and Producer Surplus" from MRU's free "Supply, Demand, and Equilibrium" unit plan. Get the unit plan here: mru.io/wa0
Learning Objectives - Define consumer surplus and producer surplus at both the market and individual level. - Explain the concepts of consumer surplus and producer surplus in your own words, demonstrating understanding of how they reflect individual and market behaviors. - Apply the concepts of consumer and producer surplus to simple market scenarios to identify how changes in market conditions (like price or quantity) impact these surpluses.Day 5: Finding Equilibrium | Supply, Demand, and Equilibrium Unit Plan WalkthroughMarginal Revolution University2024-04-10 | Join Professor Matt Hill as he walks you through the classroom slides of Day 5: " Finding Equilibrium" from MRU's free "Supply, Demand, and Equilibrium" unit plan. Get the unit plan here: mru.io/xng
Learning Objectives: - Define equilibrium. - Explain how the interaction of supply and demand determines the equilibrium price and quantity. - Solve for the equilibrium price and quantity, given a change in demand and supply. - Explain how a change in the prices of a market of one good or service can affect the equilibrium price and quantity of another good or service.Day 4: Supply Curve Shifts | Supply, Demand, and Equilibrium Unit Plan WalkthroughMarginal Revolution University2024-04-10 | Join Professor Matt Hill as he walks you through the classroom slides of Day 4: " Supply Curve Shifts" from MRU's free "Supply, Demand, and Equilibrium" unit plan. Get the unit plan here: mru.io/tv9
Learning Objectives: - Identify the determinants of supply. - Predict how a factor would shift the supply curve. - Identify how a factor will shift the supply curve and create and interpret that change graphically. - Distinguish between factors that would cause a change in supply vs. a change in quantity supplied.Day 3: Law of Supply | Supply, Demand, and Equilibrium Unit Plan WalkthroughMarginal Revolution University2024-04-10 | Join Professor Matt Hill as he walks you through the classroom slides of Day 3: " Law of Supply" from MRU's free "Supply, Demand, and Equilibrium" unit plan. Get the unit plan here: mru.io/ovh
Learning Objectives: - Analyze why a positive relationship exists between price and quantity supplied. - Construct a supply curve using a supply schedule. - Explain the law of supply and the role of prices.Day 2: Demand Curve Shifts | Supply, Demand, and Equilibrium Unit Plan WalkthroughMarginal Revolution University2024-04-10 | Join Professor Matt Hill as he walks you through the classroom slides of Day 2: " Demand Curve Shifts" from MRU's free "Supply, Demand, and Equilibrium" unit plan. Get the unit plan here: mru.io/qgb
Learning Objectives: - Identify the determinants of demand. - Predict how a factor would shift the demand curve. - Identify how a factor will shift the demand curve and create and interpret that change graphically. - Define complements and substitutes - Distinguish between factors that would cause a change in demand vs a change in quantity demanded.Day 1: Law of Demand | Supply, Demand, and Equilibrium Unit Plan WalkthroughMarginal Revolution University2024-04-10 | Join Professor Matt Hill as he walks you through the classroom slides of Day 1: " Law of Demand" from MRU's free "Supply, Demand, and Equilibrium" unit plan. Get the unit plan here: mru.io/asu