10 days ago by Jeff

I have been getting a lot of questions about the possibility of an upward sloping marginal revenue curve recently. The first few times I blew it off because it is one of those "possible" scenarios that never really happens. Unfortunately, it seems that a bunch of instructors have asked their student ...

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17 days ago by Jeff

In economics, a giffen good is an inferior good with the unique characteristic that an increase in price actually increases the quantity of the good that is demanded. This provides the unusual result of an upward sloping demand curve. Read more »

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27 days ago by Jeff

This post goes over the economics of market equilibrium, and how the price mechanism in markets can correct for a shortage and a surplus without the need to shift either demand or supply. Check out this past post for more information on determining equilibrium graphically. Or this one on how to dete ...

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74 days ago by wimgs

P V SubramanyamFinancial Trainer No, surely not. However it is time to be cautious for sure. What are the risks in gold? Or is it that there are no risks at all, as some readers would like to believe? Well let us look at some of the risks: 1. It is not an essential commodity: [...]

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104 days ago by Ryan Young

Over at RealClearMarkets, my colleague Wayne Crews and I argue that the law of demand holds. Hard to believe that’s actually controversial, but that’s Washington for you. Here’s our conclusion: Eberly was put in an uncomfortable position when she came to Washington. Just as a lawyer’s job is to vigo ...

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139 days ago by subra

End of the road for gold? No, surely not. However it is time to be cautious for sure. What are the risks in gold? Or is it that there are no risks at all, as some readers would like to believe? Well let us look at some of the risks: 1. It is not an essential commodity: You cannot eat gold. If prices ...

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143 days ago by Jeff

Advertising spending is one of those ambiguous areas of supply and demand theory where we don't really know exactly what will happen but we can make a pretty good guess. Our first guess would be that advertising affects consumer's tastes and preferences in a positive way, and that this will result i ...

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152 days ago by Jeff

Consumer surplus is when a consumer derives more benefit (in terms of monetary value) from a good or service than the price they pay to consume it. Imagine you are going to an Electronics store to buy a new flat panel TV. Before you go to the store, you decide to yourself that you are not going to p ...

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180 days ago by Jeff

This post asks the question of what happens in the market for a good or service when the tastes or preferences for the good or service change. This question fits into our discussion about the determinants of demand. One of the determinants of demand is the current state of tastes and preferences for ...

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188 days ago by Jeff

When we draw a demand curve, we are only allowing price and quantity to change ( check out the post on endogenous vs. exogenous variables). However, when constructing the curve, we consider a lot of factors. The following list goes over the determinants of the demand curve, and when any of these det ...

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