The Economics Classroom
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The relationship between the Current Account Balance and Exchange Rates
welkerjason
28 views
A nation's balance of payments measures all economic transactions between that nation's people and the people of all other nations. A country that spends more on imports th...
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The "Shut-down Rule" - When should a firm shut down in the face of economic losses?
welkerjason
37 views
A firm in a competitive market may find itself experiencing economic losses if demand for its product falls or if the supply from other firms increases too rapidly. No one ...
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From Short-run to Long-run in Pefect Competition
welkerjason
80 views
Every firm would love to earn economic profits in the long-run. This is, after all the whole reason firms exist: to earn profits! But in perfectly competitive markets the l...
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Linear Demand Equations: Shifts in Demand - HD
welkerjason
22 views
As shown in a previous lesson, if the price of a good changes, there is a movement along a demand curve for that good. But what if a non-price determinant of demand changes...
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Introduction to Linear Demand Equations - HD
welkerjason
18 views
A simple equation can be used to express the relationship between the price of a good and the demand among that good's consumers. This lesson will examine the different var...
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The Determinants of Demand - HD
welkerjason
26 views
Demand is a complicated concept for students first studying it. When the price of a good changes, the demand for that good does NOT change, rather the QUANTITY demanded cha...
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Demand, Marginal Revenue and Profit Maximization for a Perfect Competitor
welkerjason
170 views
Perfect competition is a market structure in which thousands of identical firms compete to sell identical products, and in which no one firm has any control over the market...
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Determining Comparative Advantage using PPCs - AP FRQ worked solutions
welkerjason
69 views
Free trade based on the principle of comparative advantage promises to maximize the efficiency with which the world's resources are allocated. But how do we know whether a ...
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Short-run Costs of Production QUIZ - worked solution
welkerjason
106 views
This lesson provides a worked solution to a quiz on a firm's short-run costs of production. The quiz should be downloaded and attempted first.
Short-run Costs of Productio...
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Long-run Average Total Cost and Economies of Scale
welkerjason
163 views
When a firm has time to expand or reduce the amount of capital and land it employs in its production, it may find its average, per-unit production costs either rising or fa...
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