4. Demand Curves and Income/Substitution Effects

camera should not follow him literally everywhere. dont worry we can understand him without seeing his whole body every single frame man

Lol his spork reaction

I fucking love potatoes

What a privilege it is to have access to this incredibly useful information presented by such a distinguished spork advocate

Income effect is negative or positive?

Was multivariable calculus required for this course? Id imagine not. To me this seems like another case where students are confused because their mathematical background isnt yet strong enough to really understand the underlying principles. The students seemed highly confused by partial derivatives (change in one variable holding others constant) but if they understood multivariable calculus this would have been the easy part and they could focus on the economics rather than getting lost in the math

is insulin an example of perfectly inelastic and inferior product?

For Steak and Potato example; After increasing Potato price form 1 to 3 dollars how did he get to point B where potato demand was 4 and steak 5.2? Can't make sense of graphs. Did he just pick that number out of nowhere to illustrate the point of an inferior good?

I like that these videos have no adds

I think that spork dude peek the lecturer notes

These lectures are very good for very good students but for relatively weaker or even normal students, especially in countries where English is not the first language for most students, students most likely won't be able to understand most of the lecture.

I showed these video lectures to my year 1 students and almost all of them could not follow.

There is a mistake in name of y axis in graph 4-1b, should be Price instead of Pizza. 🙂

Great lecture

In the case of food, I have to add that the Financially Educated rich eat less fast food, cause the poor eat more as soon as they start earning more money, that's a fact and it's because most work longer and that decreases the time they dedicate to a dinner, therefore, more money, more fast food. From here it's also derived that by not having time, they are not educated either and therefore they remain in the poor stage even if they earn more per hour.

Lol in India were studying this in 11th standard

Label of figure 4-1b is wrong. The Y axis is the price, not pizza.🙂

"I reject your spork option"

Give me an example for elastic demand.
Student: Spork
😂 😂

Prof is excellent but his handwriting is atrocious

The idea of Giffen good comes from observation of victorian era poor. From wikipedia:

As Mr. Giffen has pointed out, a rise in the price of bread makes so large a drain on the resources of the poorer labouring families and raises the marginal utility of money to them so much that they are forced to curtail their consumption of meat and the more expensive farinaceous foods: and, bread being still the cheapest food which they can get and will take, they consume more, and not less of it.

Are there any section materials published?

Elasticity of D,now thats a good topic to study🤔🤔

anyone skipped all the lectures at their uni and now watching this to get ready for the finals?

Any lectures on Mathmatical methods of economics.

이번년도 경제공부 시작의 기초!!

I think its the only time in my life that I would love being a University class watching this....

This guy is chalk's worst nightmare.

I

Is there any discord server for economics community?

Where can we get notes ( handouts etc.)

That's a interesting idea 😁

You are a great teacher.

I miss face-to-face classes :(

I'm currently a first year economics student in the UK, and these lectures have been super useful revision tools for my microeconomics module. Great job here.

But actually that "most households in china are poor" is not an accurate statement now. Or this experiment might be done years ago/

Thank u

Thanks for sharing this, it's saved me from my teacher's nonsense lessons