Social Sciences Computer Center

 
Web Resources For Introductory Economics

Elasticity

The concept of elasticity in Economics
In this website, which I created, you will find the meaning of price elasticity as well as some other concepts of elasticity, the measurement of price elasticity of demand and some examples where you can see how the concept is applied.

Opportunity cost

The concept of Opportunity cost.
In this website you will find discussion on increasing and constant opportunity cost and a video-clip explaining why increasing opportunity cost occurs. The Examples section contains two links pertaining to application of opportunity cost.

The Seen and the Unseen: The Costly Mistake of Ignoring Opportunity Cost

Market Equilibrium

Shift vs. movement along the Demand Curve and Shift vs. Movement along Supply Curve : It is important to understand the difference between a shift in the demand/supply curve and a movement along the demand/supply curve. What are some factors that bring about a shift?

Changes in demand and supply with Interactive graph : Click on the graphs and observe the change. Enjoy the dynamics of the illustration.

Market Distortions

Water Price Rising Worldwide

Market Failure

Market Failure In general markets are efficient and lead to optimal solutions. However, In some cases, the market equilibrium is not the most desirable or optimal outcome. There are divergences between private and social cost that leads to this result. These are cases of market failure. This piece gives some examples..

Market Failure: Teachers' Corner

Decision Making

Virtual Farm Game: This is a game where students run a virtual farming operation for 10 years. In the process, they make various decisions regarding what to produce, how to produce and how to respond to the shocks that appear on the market. Try this out. Are you making any marginal analysis?

Market Structures

Profit Maximization under Perfect Competition: Where does a perfectly competitive firm decide to produce? Click on any "price" (assumed to be set by the market) and observe how "output" is determined. Enjoy the dynamics of the illustration.

Monopoly This is a short article on Monopoly including discussion on "natural monopoly" , the case against monopoly, some examples of monopoly and antitrust law.

Explore Monopoly: Here is a small exercise that might help you understand the concept of total and marginal revenue as well as the monopolist's equilibrium price and output.