Professor Dave Explains
Changes in Supply and Demand
We just learned about supply and demand. But how do these change over time? To answer this we must learn about elasticity. For elasticity of supply we must learn about input costs as well as supply determinants like subsidies and excise...
The Economics of Seinfeld
The Economics of Seinfeld: The Couch
Funny clip [6:09] from Seinfeld episode demonstrates the economic concepts of substitute product and determinants of demand.
Khan Academy
Khan Academy: The Demand Curve: Inferior Goods Clarification
Provides more clarification on what constitutes inferior and normal goods. [5:19]
Khan Academy
Khan Academy: The Demand Curve: Change in Expected Future Prices and Demand
Explores what happens to demand if the price of something is expected to go up or down in the future.
Khan Academy
Khan Academy: Determinants of Price Elasticity of Demand
There are several factors that affect how elastic (or inelastic) the price elasticity of demand is, such as the availability of substitutes, the timeframe, the share of income, whether a good is a luxury vs. a necessity, and how narrowly...