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Economic Category: Consumer Economics

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Consumer Economics - Article

1. A Beginner's Guide to Elasticity

Including discussion on price elasticity of demand, price elasticity of supply, income elasticity of demand, and cross-price elasticity. [Details...]

2. A History of the Bar Code

This article explains how the bar code was developed and its changing use throughout its invention. It also gives indications of possible future uses for the bar code. [Details...]

3. Demand

A short encyclopedia entry describing demand and its use in economics. [Details...]

4. Efficiency

A short encyclopedia entry explaining efficiency as the relationship between ends and means. [Details...]

5. Incomplete and Intransitive Preferences

This article covers Incomplete and Intransitive Preferences. [Details...]

6. Market Equilibrium

Article on the basics of market equilibrium. [Details...]

7. Microeconomics - Elasticity Overview

An overview of the concepts of elasticity, with links to more specific explanations of the various elasticities. [Details...]

8. Morris Plan Banks

This article explains how Morris Plan banks were at the forefront of an explosion of consumer credit that started at the beginning of the second decade of the twentieth century and how they became the prominent institution for providing consumer credit to the poor through the 1920s. [Details...]

9. Opportunity Cost

Introduces the concept of opportunity cost and relative price. Provides simple examples. [Details...]

10. Opportunity Cost

A short encyclopedia entry defining opportunity cost and giving an example of its use [Details...]

11. Price Elasticity of Demand

An introduction to the price elasticity of demand. Defines price elasticity, its significance, and factors that influence it. [Details...]

12. Price Elasticity of Demand

Defines price elasticity of demand, discusses the implications of elastic and inelastic demands, and lists some factors that influence a product's price elasticity of demand. [Details...]

13. Revenue and Demand

This article examines the demand curve in terms of revenue and shows graphs to explain total revenue and marginal revenue. [Details...]

14. Supply

A short encyclopedia entry describing supply and its use in economics. [Details...]

15. Supply and Demand

Describes how the price level is determined by the crossing of the supply and demand curves, and how a shift in supply or demand will influence the equilibrium price and quantity. [Details...]

16. The Consumer

This article is part of a Neo-Walrasian General Equilibrium System discussion, and covers Commodities and Preferences, Utility Functions, Budget Constraints, Demand, Properties of Demand, and Generalized Law of Demand. [Details...]

17. The Consumer: Choice and Equillibrium

Discussion including competitive equilibrium, the consumer, choice and indifference curves, working towards the optimal bundle, indicators, the invisible hand, income and substitution effect, demand curves, and applications to the housing market and subsidies, and utility and utility functions. There are also practice problems. [Details...]

18. The Demand Curve

Introduces the demand curve and lists some factors that may cause a shift in demand. [Details...]

19. The Opportunity Cost Doctrine

This article covers Opportunity Cost and The Austrian-Marshallian Debate. [Details...]

Consumer Economics - Interactive Tutorial

20. Aggregate Demand and Aggregate Supply model

Interactive tutorial on Aggregate Demand and Aggregate Supply [Details...]

21. Changes in price elasticity

Interactive tutorial on how changes in prices change the revenue. [Details...]

22. Consumption

The consumption function explains how consumption expenditures depend upon the level of income. A linear specification of the consumption function is demonstrated here and, there are two parameters that may be selected to examine how the function is affected. [Details...]

23. Demand Tutorial

This tutorial introduces the concept of demand. [Details...]

24. Economics General - Market failure

Extensive resources, from tutorials, to case studies, to worksheets, dealing with market failure, especially from a development perspective. [Details...]

25. Economics General - Markets

Listing of topics on demand, supply, prices, and markets, with available resources ranging from tutorials, articles, and case studies, to worksheets and sample problems. [Details...]

26. Edgeworth Box application

An interactive application that allows the user to enter and change the parameters used in an Edgeworth box display. Note that this application requires Java to be installed on your computer. [Details...]

27. Effects of Elasticity on the Responsiveness of Revenue to Price Changes Along Linear Demand Functions

The student is expected to understand the following aspects of the relationship between elasticity and revenue, given price changes on a linear demand schedule: revenue changes in response to price changes depend upon elasticity; elasticity changes along a linear demand function ; when elasticity is greater than one (elastic), price changes and revenue changes are inverse; when elasticity is less than one (inelastic), price changes and revenue changes are direct; the slope and intercept on a linear demand function affect elasticity at a given level of quantity demanded [Details...]

28. Elasticity

Discussion and interactive tutorials on the concept of elasticity. [Details...]

29. Elasticity

Elasticity is a measure of responsiveness. It tells how much one thing changes when you change something else that affects it. For example, the elasticity of demand tells us how much the quantity demanded changes when the price changes. The elasticity of demand measures the responsiveness of quantity demanded to changes in the price charged. The following discussion mostly uses the elasticity of demand for its examples. The elasticity concept can be used for other things, too, like supply or income. [Details...]

30. Elasticity -- A Quantitative Approach

The first elasticity tutorial took a qualitative approach to elasticity. The idea conveyed was Elasticity = Responsiveness The elasticity of Q with respect to P is the responsiveness of Q to changes in P. Elasticity has a quantitative meaning, a specific way of measuring responsiveness. Suppose P changes, and Q changes as a result. The elasticity of Q with respect to P is the relative change in Q divided by the corresponding relative change in P. [Details...]

31. Market walkthrough

An interactive discussion on market demand and market supply, notions of market surplus and market deficit. [Details...]

32. Model of Consumer Behavior: Constrained Optimization

The purpose of this Module on Consumer Behavior is to explain income constrained utility maximization. A graphical solution to the optimization process is offered to illustrate the consumers selection of consumption quantities of two available goods given a budget constraint during a fixed time period. The income constrained utility maximizing quantities of the goods are gotten assuming prices and income are predetermined and consumption is subject to satiation. Students are expected to understand graphical depictions of pivotal aspects of the optimization process: indifference curves; the income constraint and; the optimization condition using the slopes of the curve and constraint. [Details...]

33. Model of Consumer Behavior: Law of Demand

Consumer behavior using Income constrained utility maximization provides a specification for the consumers objective function. The resulting quantities of two available goods that are selected using this algorithm maximize satisfaction given income. Using this model of consumer behavior shows that the resulting maximizing quantities of a good that correspond to different prices are those that demonstrate the inverse relationship between price and quantity demanded. Studens are expected to understand the following aspects of the graphical depiction of the law of demand using income constrained utility maximization: the effect of changing a product price on the income restraint; the consequences of changes in the product prices on the utility maximizing quantity of the product; how to derive the Law of Demand using a set of product prices and the model of consumer behavior (income constrained utility maximization). [Details...]

34. Perils of the Internal Rate of Return

Tutorial on the problems on the internal rate of return [Details...]

35. Tutorial on Demand Theory

This contains interactive tutorials explaining the basics of consumer demand. [Details...]

36. Tutorial on Optimising Behavior

Interactive tutorial on consumer optimisation [Details...]

37. Tutorial:Consumer Surplus

Discussion and interactive tutorial on the notion of Consumer Surplus [Details...]

38. Utility, Substitution and Demand

This short interactive essay explains how demand curves and maximization of expected utility are related by deriving a demand curve from assumptions about an individual's utility. [Details...]

Consumer Economics - Experiment Software

39. Search Program

Single-person program for conducting experiments regarding sequential consumer search with relative ranks. It is a free software distributed under the General Public License. The licensees have the legal permission to copy, distribute, either verbatim or with modifications, either gratis or for a fee. [Details...]

Consumer Economics - Glossary

40. Glossary of economic terms

This glossary lists many microeconomic terms [Details...]

Consumer Economics - Online Book

41. Lecture Notes in Microeconomic Theory

This short book contains my lecture notes for the first quarter of a microeconomics course for PhD or Master's degree economics students. The lecture notes were developed over a period of almost 15 years during which I taught the course, or parts of it, at Tel Aviv, Princeton, and New York universities. [Details...]

Consumer Economics - Non-computerized experiment

42. A Classroom Game for Developing Market Demand and Demand Elasticities: The Snicker Effect

This simple experiment of market demand has students create their own individual demand curves based on principles of consumer choice and then has them combine to create a market demand curve. The experiment further introduces students to the various types of elasticity associated with the demand curve; price elasticity of demand, income elasticity, and cross-price elasticity. Students are asked to hypothetically "buy" from a "store" in the classroom where product price and income change throughout the different stages of the experiment. The students are grouped and develop market demand curves for various products from which elasticities are then calculated. Including a 5 minute introduction, and a 5-10 minute concluding discussion, this experiment fits into a 50 minute class period. The author has used it in her introductory microeconomics course, with class sizes ranging from 20 to 70. [Details...]

43. Experimental Derivation of a Demand Curve

Most of the concepts presented in Principles of Microeconomics are particularly abstract to the average introductory student. This "Coke game" is designed to bring life to a few of these concepts so that students will better understand and retain important principles. Further, the active nature of the game provides a very welcome variation to the usual lecture format. The following concepts are introduced through the use of this experiment: law of demand and the "ceteris paribus" assumption, consumer surplus, competitive equilibrium and pareto optimality, and monopoly power and profits. Since students are using their own money to purchase Cokes, the message being sent is particularly powerful [Details...]

44. The Construction and Identification of Demand Curves: A Concerted Experiment for Principles Instructor and Dining Services

Demand curves are one of two key ingredients of the economist's totem--supply and demand analysis. Their identification and construction are notoriously difficult, especially as regards classroom instruction. More recently, several authors (De Young 1993, Ortmann and Colander 1995; Neral and Ray 1995; Delemeester and Neral 1995; Brauer 1995) have used classroom experiments to illustrate concepts related to supply and demand analysis. Classroom experiments allow for a far-reaching control of the environment. This strength of traditional (classroom) experiments is also its biggest weakness. In a sense, the induced environments are too controlled, thereby tidying up the inevitable messiness of research, and making the identification problem disappear.1 This has led some instructors to simple in-classroom construction and evaluation of production and cost functions (Neral and Ray 1995) that do not use the induced value approach typical for traditional (classroom) experiments. Here we report a simple complementary semester-long experiment involving the construction and identification of demand curves in a college environment. [Details...]

45. Using Student Data to Teach Utility Maximizing Behavior

The primary goal of this experiment is to introduce students to the utility maximizing rule and to convince them that whether individuals know anything about economic principles or not they will act to maximize their utility subject to constraints in each of their purchases or activities. [Details...]

Consumer Economics - Course lecture

46. Demand Theory and Consumer Choice

Discussion on utility analysis, diminishing returns, utility maximizing rule, indifference curves, marginal rate of substitution, budget lines, and normal and inferior goods. [Details...]

47. How Elasticity of Demand Affects Total Revenue

How Elasticity of Demand Affects Total Revenue and other elasticity topics. [Details...]

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