<p>Demand and supply curves. The law of demand. Elasticity of demand. The uniformity-of-profit principle and its applications to consumer sovereignty, economic progress, farm subsidies, rent and price controls, profit taxes, and racial discrimination.</p>
<p>READINGS</p>
<ul>
 <li>Reisman: Chapter 5, Part B; Chapter 6, Part A</li>
 <li>Samuelson: Chapters 3–5 (to p. 86)</li>
</ul>

Demand and supply curves. The law of demand. Elasticity of demand. The uniformity-of-profit principle and its applications to consumer sovereignty, economic progress, farm subsidies, rent and price controls, profit taxes, and racial discrimination. READINGS Reisman: Chapter 5, Part B; Chapter 6, Part A Samuelson: Chapters 3–5 (to p. 86)

5. Capitalism Microeconomics: Demand and supply

George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics, and the author of Capitalism: A Treatise on Economics.

The Capitalist Professor is a podcast featuring his university lectures on the economics of capitalism.

His website is www.capitalism.net. Follow him on Twitter @GGReisman. His blog is georgereismansblog.blogspot.com.

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George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics, and the author of Capitalism: A Treatise on Economics. The Capitalist Professor is a podcast featuring his university lectures on the economics of capitalism. His website is www.capitalism.net. Follow him on Twitter @GGReisman. His blog is georgereismansblog.blogspot.com.

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5. Capitalism Microeconomics: Demand and supply

5. Capitalism Microeconomics: Demand and supply