Microeconomics and Macroeconomics

Khan Academy Course , Prof. Salman Khan

Lecture 1: Production Possibilities Frontier

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Lecture Details :

Tradeoffs for a hunter gatherer and the production possibilities frontier. Ceteris Paribus
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Course Description :

Production Possibilities Frontier - Opportunity Cost - Increasing Opportunity Cost - Allocative Efficiency and Marginal Benefit - Economic Growth through Investment - Comparative Advantage and Absolute Advantage - Law of Demand - Price of Related Products and Demand - Changes in Income, Population, or Preferences - Normal and Inferior Goods - Inferior Goods Clarification - Law of Supply - Factors Affecting Supply - Market Equilibrium - Changes in Market Equilibrium - Price Elasticity of Demand - More on Elasticity of Demand - Perfect Inelasticity and Perfect Elasticity of Demand - Constant Unit Elasticity - Total Revenue and Elasticity - More on Total Revenue and Elasticity - Cross Elasticity of Demand - Elasticity of Supply - Elasticity and Strange Percent Changes - Demand Curve as Marginal Benefit Curve - Consumer Surplus Introduction - Total Consumer Surplus as Area - Producer Surplus - Rent Control and Deadweight Loss - Minimum Wage and Price Floors - Taxation and Dead Weight Loss - Percentage Tax on Hamburgers - Taxes and Perfectly Inelastic Demand - Taxes and Perfectly Elastic Demand - Marginal Utility - Equalizing Marginal Utility per Dollar Spent - Deriving Demand Curve from Tweaking Marginal Utility per Dollar - Budget Line - Optimal Point on Budget Line - Types of Indifference Curves - Economic Profit vs Accounting Profit - Depreciation and Opportunity Cost of Capital - Fixed, Variable, and Marginal Cost. - Visualizing Average Costs and Marginal Costs as Slope - Marginal Cost and Average Total Cost - Marginal Revenue and Marginal Cost - Marginal Revenue Below Average Total Cost - Long Term Supply Curve and Economic Profit - Perfect Competition

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