Hello, I'm going to begin blogging about economics, and in the beginning I will focus mostly on the "simple" (yeah right) economics associated with introductory economics classes. Hopefully this blog will catch on and we can learn something from each other!
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This post goes over the example problem of calculating consumer surplus from different scenarios. The scenario sets up by giving you a table... -
The law of supply is very similar to the law of demand, but focuses on the firm's perspective. The law says that as prices go up, the f... -
The decision to go to College (or where to go to College) is going to be one of the most important of your life. Whether you decide to go to...
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Consider the following scenario: You decide to purchase a used car (or a house, or anything used for that matter) from a used car dealer. ... -
This post goes over a question recently asked about calculating opportunity costs given information similar to what is available in a PP...
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Monetary Policy: Actions the Federal Reserve takes to control the money supply and interest rates in pursuit of macroeconomic polici... -
Sometimes you will be asked to define a price function. When you receive such a question, it is probably in regards to a supply and demand g...
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Sometimes you can be asked to find the equilibrium value from the Keynesian Cross or the 45 degree line. This means that we have to find ... -
This post was updated in September 2018 with new information and examples. One of the things to do when analyzing a supply and dema... -
While dominant firm or price leadership models are not common in basic economic theory, there are some courses that do go over this concept....
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Use paypal to donate to freeeconhelp.com, thanks! If you have solved a question or gone over a concept and would like it to be freely...
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This post was updated in August 2018 to include new information and examples. This post goes over the economics and intuition of the IS... -
This post was updated August 2018 with new information and examples. We all feel the pinch from an income tax on our lives, but how does... -
Point elasticity is the price elasticity of demand at a specific point on the demand curve instead of over a range of the demand curve. It u...
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This post was updated in September 2018 with new information and examples. One of the things to do when analyzing a supply and dema...
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Deadweight loss occurs when an economy’s welfare is not at the maximum possible. Many times, professors will ask you to calculate the dea... -
This post was updated in August 2018 to include new information and examples. At many points in the semester you will be asked to calcula... -
Getting to the Nash equilibrium can be tricky, so this post goes over two quick methods to find the Nash equilibrium of any size matrix,... -
Externalities can be either positive or negative. They occur when a third party not directly involved in a transaction is affected by the t... -
The 45 degree line (also known as the Keynesian Cross) is a tool used by economists to show how differences in aggregate expenditures and r...
