Reffonomics.com

Unit 2: Supply and Demand

Steven M. Reff
Economics Lecturer
University of Arizona
(2007 - 2016)
The 2015 University of Arizona
Five-Star Faculty Award

2.1 Determinants of Demand and Determinants of Supply

7 hours - 10 hours max.

15 - 20% of exam

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Supply and Demand 15% - 20%

• Topic 2.1   Determinants of Supply and Demand
• Topic 2.2   Market Equilibrium
• Topic 2.3   Consumer surplus, producer surplus, and market efficiency
• Topic 2.4   Price and Quantity Controls
• Topic 2.5   Elasticity
                       • Price, income, and cross-price elasticities of demand
                       • Price elasticity of demand and total revenue
                       • Price elasticity of supply
• Topic 2.6   Tax incidence and deadweight loss

eVideos -- Short Videos:

eWorkbook Activities Interactive:

eTextbook Reading:

(3 min. or less, along with 3 multiple choice questions)

eVideos -- Short Videos:

eWorkbook Activities Interactive:

eTextbook Reading:

2.4 Price and Quantity Controls

eWorkbook Activities Interactive:

2.5 Elasticity

eVideos -- Short Videos:

eTextbook Reading:

Price, income, and cross-price elasticities of demand

Price elasticity of demand and total revenue

Price elasticity of supply

Q uantity Demanded (Qd) vs. Demand (D)

D eterminants of Demand, Part I

D eterminants of Demand, Part II

Q uantity Demanded (Qd) vs. Demand (D)

D emand and Determinants of Demand

Quantity Supplied (Qs) vs. Supply (S)

Supply and Determinants of Supply

Quantity Supplied (Qs) vs. Supply (S)

Determinants of Supply

S upply and Demand Combined

S imultaneous Shifts in Supply and Demand

Supply and Demand Determinants

Quantity Supplied (Qs ) vs. Supply

Elasticity of Demand

E lasticity of Demand and Total Revenue

E lasticity of Demand Coefficient Formula

E lasticity of Demand Coefficient Example

E lasticity of Demand (20 multiple choice questions)

E lasticity of Demand (1 0 interactive questions)

E lasticity of Demand Coefficient (8 interactive questions)

Elasticity of Supply

I ncome Elasticity of Demand Coefficient Formula

Elasticity Questions (1 2 multiple choice questions)

I ncome and Cross Elasticity of Demand

I ncome Elasticity of Demand Coefficient Example

Cross Elasticity of Demand Coefficient Formula

Cross Elasticity of Demand Coefficient Example

Reffonomics Baseball (Chapters 5 ) P Ceiling, P Floor, and P er-Unit Tax

P er-Unit Tax (Silent Movie)

C onsumer Surplus (CS) and Producer Surplus (PS)

D eadweight Loss

I ndividual Consumer Surplus

M arket Consumer Surplus

A rea of a Graph

Per-Unit Tax and E lasticity of Demand

I ndividual Producer Surplus

M arket Consumer Surplus

D eadweight Loss

P Floor and P Ceiling

D eadweight Loss

P Ceiling (Effective vs. Ineffective)

P Floor (Effective vs. Ineffective

P Ceiling (CS, PS, and DWL)

P Floor (CS, PS, and DWL)

Demand

eVideos -- Short Videos:

eWorkbook Activities Interactive:

eTextbook Reading:

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Supply

eVideos -- Short Videos:

eWorkbook Activities Interactive:

eTextbook Reading:

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2.2 Market Equilibrium Supply and Demand Combined

eVideos -- Short Videos:

eWorkbook Activities Interactive:

eTextbook Reading:

2.3 Consumer Surplus, Producer Surplus, and Market Efficiency

C alculate the Dollar Value of the Area of Total Expenditures

C alculate the Dollar Value of the Area of Consumer Surplus

C alculate the Dollar Value of the Area of Producer Surplus

C alculate the Dollar Value of the Area of Deadweight Loss

eWorkbook Activities Interactive:

eVideos -- Short Videos:

eTextbook Reading:

eWorkbook Activities Interactive:

eVideos -- Short Videos:

eTextbook Reading:

eWorkbook Activities Interactive:

eVideos -- Short Videos:

eTextbook Reading:

P er-Unit Tax (What Happens to the Price?)

P er-Unit Tax (Consumer and Producer Surplus)

P er-Unit Tax (CS, PS, and Deadweight Loss)

P er-Unit Tax (Elastic, Inelastic, and Tax Burden)

P er-Unit Tax (Elastic, Inelastic, and Tax Burden, Part II)

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Q uantity Demanded (Qd) (10 questions)

D eterminants of Demand (D) (9 questions)

D eterminants of Demand (D) (8 questions)

Quantity Supplied (Qs) (10 questions)

Determinants of Supplied (S) (6 questions)

Determinants of Supply (S) (5 questions)

Review: Supply and Demand (Silent Movie)

Supply and Demand Combined (10 questions)

S imultaneous Shifts in Supply and Demand (5 questions)

Reffonomics Baseball Rules

Reffonomics Baseball (Chapters 4) Supply and Demand

Review: 20 Multiple Choice Questions on Supply and Demand

TEST YOURSELF 2.1 and 2.2:

Review: 25 Multiple Choice Questions on Supply and Demand

Price Ceiling (Effective vs. Ineffective) Activity

Price Floor (Effective vs. Ineffective) Activity

Review: Price Ceiling and Price Floor (Silent Movie)

Review: Reffonomics Baseball (Unit 4: Price Ceiling and Price Floor)

Review: 13 Multiple Choice Questions on P Ceiling and P Floor

TEST YOURSELF 2.4:

Elasticity 10 Questions Activity

Elasticity (Simple Elasticity Coefficient) 8 Questions Activity

Reffonomics Baseball (Unit 4: Elasticity)

P er-Unit Tax

TEST YOURSELF 2.4:

Price Floor and Price Ceiling

Price Floor and Price Ceiling Questions

Per-Unit Tax and Subsidy Questions

TEST YOURSELF 2.3:

Price Floor (Effective vs. Ineffective) Activity

S hortage and Surplus Interactive Activity, Part I

Shortage and Surplus Interactive Activity, Part II

Review ALL of the Concepts of Elasticity

Price elasticity of supply

eWorkbook Activities Interactive:

2.6 Tax Incidence and Deadweight Loss

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

S hortage vs. Scarcity

CLEP® Principles of Microeconomics Course Preparation

NOTE: This website is not a College Board® sponsored website. Everything on this
website can be used by teachers or students to get a better understanding of their
college-level Principles of Microeconomics course.

V iew T eachers' and
Students'
Testimonials

E lasticity of Supply Activity

Calculating Elasticity of Supply Activity

TEST YOURSELF 2.5:

(3 min. or less, along with 3 multiple choice questions)

https://clep.collegeboard.org/clep/pdf/principles-of-microeconomics-fact-sheet.pdf

https://clep.collegeboard.org