ECON 1050

University of Guelph

Course Overview

Grade Boosters

Lessons & Practice

I. Welcome

46 sec

1. Economic Concepts

34min

1.1.1. Definitions8 min

1.1.2. Practice: Definitions51 sec

1.2.1. Production Possibilities Frontier: Concave PPF8 min

1.2.2. Production Possibilities Frontier: Linear PPF3 min

1.2.3. Example: PPF and Opportunity Cost1 min

1.2.4. Example: PPF and Efficiency2 min

1.2.5. Practice: PPF2 min

1.2.6. Practice: Opportunity Cost2 min

1.3.1. Economic Costs and Profit3 min

1.3.2. Practice: Economic Cost and Profit2 min

1.4.1. Positive vs Normative Economics1 min

1.4.2. Practice: Positive and Normative Statements1 min

2. Demand and Supply

43min

2.1.1. Demand9 min

2.1.2. Example: Demand1 min

2.1.3. Practice: Demand2 min

2.2.1. Supply7 min

2.2.2. Practice: Supply1 min

2.3.1. Market Equilibrium5 min

2.3.2. Example: Equilibrium with a Table4 min

2.3.3. Example: Drawing Graphs4 min

2.3.4. Practice: Drawing Graphs3 min

2.3.5. Practice: Graphs with One Good2 min

2.3.6. Practice: Graphs with Two Different Goods3 min

2.3.7. Practice: Equilibrium with Equations2 min

3. Gains from Trade

46min

3.1.1. Absolute and Comparative Advantage11 min

3.1.2. Example: Absolute and Comparative Advantage7 min

3.1.3. Practice: Absolute and Comparative Advantage3 min

3.2.1. Gains from Trade8 min

3.2.2. Example: Gains from Trade4 min

3.2.3. Example: Consumption (Trading) Possibility Curve7 min

3.2.4. Practice: Gains from Trade5 min

4. International Trade (Exports and Imports)

43min

4.1.1. Exports9 min

4.1.2. Practice: Exports55 sec

4.2.1. Imports with Free Trade8 min

4.2.2. Imports with Tariff9 min

4.2.3. Example: Tariff10 min

4.2.4. Practice: Tariff1 min

4.3.1. Pros and Cons of Trade5 min

4.3.2. Practice: Pros and Cons of Trade

5. Elasticity

1.5hr

5.1.1. Point Price Elasticity of Demand8 min

5.1.2. Example: Point Elasticity with Numbers and Equations6 min

5.2.1. Arc Price Elasticity of Demand5 min

5.2.2. Example: Arc Price Elasticity of Demand5 min

5.3.1. Factors That Affect Elasticity5 min

5.3.2. Example: Factors That Affect Elasticity51 sec

5.3.3. Practice: Factors That Affect Elasticity

5.4.1. Different Elasticities Along Demand and Total Revenue12 min

5.4.2. Example: Different Elasticities Along the Demand Curve and Total Revenue3 min

5.5.1. Perfectly Elastic and Inelastic4 min

5.5.2. Example: Steep and Flat Demand Curves1 min

5.5.3. Practice: Steep and Flat Demand Curves2 min

5.6.1. Income Elasticity4 min

5.6.2. Example: Income Elasticity3 min

5.6.3. Practice: Income Elasticity1 min

5.7.1. Cross Price Elasticity of Demand3 min

5.7.2. Example: Cross Price Elasticity of Demand12 min

5.7.3. Practice: Cross Price Elasticity of Demand3 min

5.8.1. Price Elasticity of Supply9 min

5.8.2. Example: Elasticity of Supply1 min

6. Government Interventions in Markets

1.1hr

6.1.1. Price Ceiling5 min

6.1.2. Example: Price Ceiling2 min

6.1.3. Example: Rent Control and Elasticity4 min

6.2.1. Price Floor5 min

6.2.2. Example: Price Floor3 min

6.2.3. Practice: Price Floor6 min

6.3.1. Tax9 min

6.3.2. Practice: Tax

6.4.1. Example: Tax Incidence / Tax Burden1 min

6.4.2. Practice: Tax Incidence / Tax Burden2 min

6.4.3. Tax Incidence / Tax Burden with Perfectly Elastic and Inelastic Curves6 min

6.5.1. Subsidies

6.5.2. Example: Subsidies4 min

6.5.3. Practice: Subsidies3 min

6.6.1. Quota3 min

6.6.2. Example: Quota2 min

6.6.3. Practice: Quota2 min

7. Efficiency

1.7hr

7.1.1. Consumer Surplus7 min

7.1.2. Example: Consumer Surplus2 min

7.1.3. Practice: Consumer Surplus3 min

7.2.1. Producer Surplus4 min

7.2.2. Example: Producer Surplus2 min

7.3.1. Total Surplus3 min

7.3.2. Example: Total Surplus4 min

7.4.1. Marginal Benefit and Marginal Cost5 min

7.4.2. Practice: Marginal Benefit and Cost3 min

7.5.1. Tax and Welfare9 min

7.5.2. Example: Tax and Elasticity7 min

7.5.3. Practice: CS and PS with Taxes3 min

7.5.4. Laffer Curve3 min

7.6.1. CS and PS with Price Ceilings7 min

7.6.2. Example: CS, PS, DWL with Price Ceiling7 min

7.6.3. Practice: CS, PS, DWL with Price Ceiling1 min

7.7.1. CS and PS with Price Floors5 min

7.7.2. Example: CS, PS, DWL with Price Floors6 min

7.8.1. CS and PS with Quotas4 min

7.8.2. Example: CS, PS, DWL with Quotas5 min

7.9.1. CS and PS with Subsidies

7.9.2. Practice: CS, PS, DWL with Subsidy5 min

8. Theory of Consumer Choice

1.4hr

8.1.1. Total and Marginal Utility6 min

8.1.2. Practice: Total and Marginal Utility

8.2.1. Paradox of Value3 min

8.2.2. Practice: Paradox of Value53 sec

8.3.1. Indifference Curves11 min

8.3.2. Example: Indifference Curves1 min

8.4.1. Perfect Complements and Substitutes4 min

8.4.2. Example: Perfect Complements and Substitutes2 min

8.5.1. Budget Constraint5 min

8.5.2. Practice: Budget Constraint50 sec

8.6.1. Optimal Bundle (MUx/Px = MUy/Py)5 min

8.6.2. Practice: Optimal Bundle (MUx/Px = MUy/Py)

8.6.3. Optimal Bundle (Indifference Curve and Budget Constraint)4 min

8.6.4. Example: Optimal Bundle (Indifference Curve and Budget Constraint)2 min

8.7.1. Changes in Income4 min

8.7.2. Example: Changes in Income2 min

8.8.1. Changes in Price3 min

8.8.2. Example: Changes in Price2 min

8.9.1. Deriving the Demand Curve4 min

8.9.2. Example: Deriving the Demand Curve2 min

8.10.1. Substitution and Income Effect on Demand8 min

8.10.2. Substitution and Income Effect with Indifference Curves7 min

8.10.3. Practice: Substitution and Income Effect with Indifference Curves

8.11.1. Work - Leisure Choices3 min

8.11.2. Example: Work - Leisure Choices2 min

9. Production and Costs

60min

9.1.1. Average Product and Marginal Product12 min

9.1.2. Example: Marginal and Average Product2 min

9.1.3. Practice: Marginal vs Average Product3 min

9.2.1. Fixed Costs and Variable Costs13 min

9.2.2. Example: Fixed and Variable Costs9 min

9.2.3. Practice: Fixed and Variable Costs4 min

9.3.1. Long Run Costs8 min

9.3.2. Practice: Long Run Costs50 sec

9.4.1. Cost Minimization in the Long Run4 min

9.4.2. Example: Cost Minimization in the Long Run3 min

10. Firms in Competitive Markets (Perfect Competition)

41min

10.1.1. Profit Maximization9 min

10.1.2. Example: Profit Maximization2 min

10.1.3. Practice: Profit Maximization3 min

10.2.1. Shutdown Rule and Profit9 min

10.2.2. Example: Shutdown Rule3 min

10.2.3. Practice: Supply Curve and Shutdown Rule1 min

10.2.4. Practice: Shutdown Point2 min

10.3.1. Long Run6 min

10.3.2. Practice: Long Run1 min

10.3.3. Practice: Perfect Competition3 min

10.3.4. Example: Long Run55 sec

11. Monopoly

51min

11.1.1. Profit Maximization in a Monopoly11 min

11.1.2. Example: Profit Maximization3 min

11.1.3. Practice: Profit Maximization24 sec

11.1.4. Practice: Marginal Revenue2 min

11.2.1. Monopoly Deadweight Loss5 min

11.2.2. Example: Monopoly Deadweight Loss 9 min

11.3.1. Price Discrimination8 min

11.3.2. Example: Price Discrimination3 min

11.3.3. Practice: Price Discrimination3 min

11.4.1. Government Intervention4 min

11.4.2. Example: Government Intervention30 sec

11.4.3. Practice: Government Intervention1 min

12. Monopolistic Competition

29min

12.1.1. What is Monopolistic Competition8 min

12.1.2. Example: Monopolistic Competition1 min

12.1.3. Practice: Monopolistic Competition1 min

12.1.4. Practice: Different Industries2 min

12.2.1. Short and Long Run Equilibrium7 min

12.2.2. Example: Short and Long Run Equilibrium2 min

12.2.3. Practice: Long Run Equilbrium2 min

12.3.1. Advertising2 min

12.3.2. Practice: Advertising1 min

12.4.1. Product Variety and Business Stealing Externality1 min

12.4.2. Example: Product Variety and Business Stealing Externality1 min

13. Oligopoly

56min

13.1.1. Oligopoly and Game Theory13 min

13.1.2. Example: Oligopoly and Game Theory8 min

13.1.3. Practice: Oligopoly and Game Theory54 sec

13.2.1. Prisoner's Dilemma8 min

13.2.2. Example: Nash Equilibrium with Common Resources5 min

13.3.1. Cartels, Output and Price Effect13 min

13.3.2. Practice: Output and Price Effect46 sec

13.4.1. Government Policy3 min

13.4.2. Practice: Government Policy Towards Oligopolies32 sec

13.5.1. Kinked Demand Curve3 min

13.5.2. Practice: Kinked Demand Curve43 sec

14. Externalities/Market Failures

32min

14.1.1. Negative Externalities12 min

14.1.2. Example: Negative Externality55 sec

14.1.3. Practice: Negative Externality1 min

14.2.1. Correcting Negative Externalities6 min

14.2.2. Practice: Correcting Negative Externalities2 min

14.3.1. Positive Externalities7 min

14.3.2. Example: Positive Externalities2 min

14.3.3. Practice: Positive Externalities1 min

15. Labor Market

34min

15.1.1. Profit Maximization in Labor Market (VMP = Wage)9 min

15.1.2. Practice: Profit Maximization in Labor Market1 min

15.2.1. Demand and Supply of Labor9 min

15.2.2. Example: Demand and Supply of Labor2 min

15.2.3. Practice: Demand and Supply of Labor22 sec

15.3.1. Monopsony and Perfectly Competitive Labor Market5 min

15.3.2. Example: Labor Market and Monopsony7 min

Mock Exam

ME.1. Final Exam - Mock Assessment70 Qns

Leave Feedback

I Welcome

Midterm Exam Crash Course

Rameez S

0 secs

Releases: Jun 4, 5:35am

Learn More

Welcome

0:00 / 0:47

Ask a Question

Upgrade to Wizeprep Plus and get unlimited questions answered.

Learn More

Unanswered

Anonymous

How come there are no lessons on consumer theory and producer theory, 

Unanswered

Anonymous

which ones are chapters 11-16-19 and 20. ( am a bit confused with how they are devided)

Unanswered

Alexandros V

what chapters are on the final? 

Tennyson T

usually cumulative so everything 

Answered

omar s

what chapters does the midterm usually 
include 

Gala D

6-9

Answered

Glen-Ross M

econ midterm due tom what do i do????

Rameez S

Instructor

Hi Glen! Hope your midterm went well. We have posted all the material and videos for the final to help boost your grade!

Welcome to Microeconomics!
Feel free to go through this resource at your own pace.
Use the table of contents 📃 on the left to skip to parts you need help with
Watch the video ▶ or read the written lessons 📖
Speed up ⏩ or slow down ⏪ the videos 
Use the "Ask a question"❓ feature below each lesson/question any time!

This resource includes the following activities: 
   Theory lessons: I will explain and summarize new concepts
   Examples: I will walk you through how to solve problems involving these new concepts
   Practice questions: These are for you to try out on your own. Don't worry, if you get stuck, you can watch the video solutions or read the suggested written answers

Let's get started! 🚀

Want a tour?

ECON 1050

Course Overview

Grade Boosters

1. Economic Concepts

2. Demand and Supply

3. Gains from Trade

4. International Trade (Exports and Imports)

5. Elasticity

6. Government Interventions in Markets

7. Efficiency

8. Theory of Consumer Choice

9. Production and Costs

10. Firms in Competitive Markets (Perfect Competition)

11. Monopoly

12. Monopolistic Competition

13. Oligopoly

14. Externalities/Market Failures

15. Labor Market

Mock Exam

I Welcome

Free Activity

Midterm Exam Crash Course

Ask a Question

Anonymous

Anonymous

Alexandros V

Tennyson T

omar s

Gala D

Glen-Ross M

Rameez S

Welcome to Microeconomics!