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Lec 6 | MIT 14.01SC Principles of Microeconomics

Contributor

Jon Gruber

Subject/Level/Grades: Economics Undergraduate 2:1,First
Summary:

Lecture 6: Deriving Demand Curves. Individuals make decisions about what to buy and when. But when we talk about the economy every day, we are often analyzing what millions of people are doing and deciding to do at different times. In order to think about this problem, we need to move from the micro to the macro and use our model of individual behavior to generate predictions about what will happen to total demand when the price changes.

Assumed Knowledge:

It would be helpful if you have watched the previous videos of the same series. This course will also include some basic uni-variate calculus material.

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Content Tags:
Core: Constrained budget, price elasticity, Engel curves, income effect, substitution effect
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