Real World Demand and Supply

A discussion of how we can try to identify supply and demand curves in the "real world", by analyzing changes in equilibria and adding in other knowledge/data. What we discuss here gives a small hint of how econometrics can identify these equations. We also look at some data on the US milk market, using information about surpluses bought by the government to visualize supply and demand curves.
Introduction to the concept of elasticities, how to interpret them, and discussion of many examples of Price Elasticity of Demand.
Handout for this video: drive.google.c...
These videos are part of a complete set of full-length lectures on Introductory Microeconomics. See the course with handouts at
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Playlist of all videos: • Intro Microeconomics: ...
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[@DE-dz9db]

Thank you for continuing to make videos. You really helped better understand econometric concepts all the way back in 2012. I’m an elementary teacher now but economic concepts like sunk cost and comparative advantage I still use even in that kind of work.

[@towshiferabbi8009]

this whole playlist is saving my GPA this semester. also, thank you for making economics interesting for me

[@louiswilliams1657]

Thank you, Professor. I stumbled upon your videos a few months ago, and it inspired me to change careers into the economics field . Currently back to school in an intro to micro course and I'm way ahead thanks to your lessons. Can't wait to dig into more advanced topics!

[@BurkeyAcademy]

Very cool. Let me know how it goes!

[@louiswilliams1657]

@@BurkeyAcademy I got an A in both my mircro and macro courses! On to intermediate level now. Thanks again - Louis