Gross Domestic Product (GDP)

GDP = C+I+G+Xn

Class for 1/17/2012

Review the determinants of supply and demand.

Determinants of Supply and Demand

Market Failures - part 2

Topics and Times

Monopoly Graph Review - :17
Government and Antitrust Laws - 1:20
Unfair Distribution of Wealth intro - 4:03
The Lorenz Curve - 5:40
Taxes intro - 8:53
Taxes and their purpose - 9:12
Three types of taxes - 9:57
The Laffer Curve - 13:05

Monopsony and Least Cost - Tuesdays Class

  

Subjects and times are listed below.

Least Cost Rule - :31
Least Cost Rule on a FRQ - 1:54
Profit Maximizing Rule for combining resources - 4:31
Characteristics of Monopsony - 5:56
Determining MFC for Monopsony - 9:13
Graphing Monopsony - 11:36

MRP=MRC

Perfectly competitive labor market video from class.  Please let me know if you have any questions.
Topics and times listed below.
Factor Markets in the Circular Flow Model - :45

Characteristics of a Perfectly Competitive labor market – 4:00

Graphing the market for labor – 6:41

Derived demand defined – 7:44

Marginal Factor Cost defined – 9:53

Marginal Revenue Product defined – 11:42

MRP = MFC – 14:13

Graphing the perfectly competitive labor market and firm – 14:54

Demand for labor defined – 16.29

Determining Wage – 18:29

Practice – 19:50

Answers – 21:30

Christmas Ideas

Please don't forget our favorite product for your loved ones.  I am predicting a failed monopoly, how about you?