The Equilibrium Price
In this lesson, we investigate how prices reach equilibrium and how the market works like an invisible hand coordinating economic activity. At equilibrium, the
In this lesson, we investigate how prices reach equilibrium and how the market works like an invisible hand coordinating economic activity. At equilibrium, the price is stable and gains from trade are maximized. When the price is not at equilibrium, a shortage or a surplus occurs. The equilibrium price is the result of competition amongst buyers and sellers.
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Except for the mistakes at 1:35 ("At a high price there is a relatively low demand.") and 1:45 ("As the price goes down the demand for oil increases.") the video is well done.
I have been following online learning for the last 20 years . I have dreamed always a lecture should be just like yours. But nobody provided that . Now I see you do it .
It is really great . But you can do even better than this since you have that mentality . Plus your navşgatişon is so easy . Why don't you monetise it but not a high price . May be $ 100-200 per person is good enough . But you need a brand name university and degrees . How about a new degree like NANODEGREE of Udacity . Thanks billion again . Muvaffak GOZAYDIN
Can you site the pages on which Adam Smith uses the term "invisible hand" and what he is stating in each instance of his use of the term?
Demand function Qd = 249 - P
Supply function Qs =P -17
What is the equilibrium price and Equilibrium quantity, show this graphically showing the equilibrium point.