Econs for the Ipod

In this podcast, we differentiate between total, marginal and average revenue for the firm and re-visit the importance of elasticity in determining maximum revenue for the firm.

In this podcast, we examine the long run in more detail. We explain five possible sources of economies of scale and how to derive the long run average total cost curve from the short run average total cost curves for the firm.

In this podcast, we examine the law of diminishing marginal returns and use it to explain the shapes of the total, average and marginal product curves. We then examine the relationship between the product curves and the cost curves for the firm. Finally, we explain the relationship between average total cost and marginal cost for a firm.

In this podcast, we examine the concepts of fixed and variable costs and use them to determine the short run and long run of a business. We also differentiate between the accounting costs of a firm and the economic cost of a firm.

In this podcast, we examine how elasticity can affect the function of indirect taxation and guide government policy making.

In this podcast, we examine how elasticity changes along a straight line demand curve and explain how to identify elastic,inelastic and unitary elastic sections of the demand curve.

In this podcast, we examine the impact of Price Elasticity of Demand on Total Revenue. We look at two situations...if the price of an inelastic good rises and if the price of an elastic good rises...to show how price elasticity of demand is an important concept within business decision making.

In this podcast, we define price elasticity of supply and explain the formula for calculating PES values. We also explain how to interpret PES values and the main determinants of price elasticity of supply.

In this podcast, we define income elasticity of demand and explain how to calculate and interpret the income elasticity of demand values.

In this podcast, we define cross price elasticity and explain how to use the concept to determine whether goods are substitutes or complements of each other.