ECON*1050

University of Guelph

Course Overview

Grade Boosters

Lessons & Practice

I. Welcome

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

Final Exam Overview

Course Notes

Wizeprep's course notes with hundreds of easy-to-understand explanations, diagrams, and practice problems.