WHAT YOU NEED TO DO:
IN 500 WORDS OR LESS, please discuss how your understanding of markets is rooted in one or more of the philosophies introduced in the VIDEOS below.
I. Please watch videos in one or more of the following sections A, B, C, D.
II. Discuss how what you have learned in chapters 3 to 6, listed below, about the market has been influenced by one or more of the below philosophical currents described in the videos.
- supply, and factors that affect it,
- demand, and factors that affect it,
- market equilibrium price and quantity,
- efficiency in generation of consumer and producer surplus,
- demand and supply elasticities of price, cross price or income,
- variations in consumer and producer surplus for elastic versus inelastic demand or supply conditions,
- government interventions in the form of
- price controls (ceilings or floors), when price controls are binding or not,
- taxes (ad valorem, per unit) on demand or supply, and
- subsidies (ad valorem, per unit) on demand or supply