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.com/file/d/1W8WG...
These videos are part of a complete set of full-length lectures on Introductory Microeconomics. See the course with handouts at
www.burkeyacademy.com/microec...
Playlist of all videos: • Intro Microeconomics: ...
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