Skip to Main Content
Supply and Demand
Law of Supply and Demand in Economics: How It Works
The law of supply and demand combines two fundamental economic principles describing how changes in the price of a resource, commodity, or product affect its supply and demand. This article goes over supply and demand, its effects, and the laws/factors that influence both of these variables.
Demand and Supply Explained Part 1
In this video, I explain the law of demand, the substitution effect, the income effect, the law of diminishing marginal utility, and the shifters of demand. Make sure that you understand the difference between a change in quantity demanded and a change in demand.
Demand and Supply Explained Part 2
In this video, I explain supply, the law of supply, the shifters of the supply curve, equilibrium, surplus, and shortage.
Elasticity of Demand/Supply
Elasticity of Demand
Why don't gas stations have sales? I explain the elasticity of demand and the difference between inelastic and elastic. I also cover the total revenue test and give you a little trick to remember it.
Cross and Price Elasticity
Peter Turkstra Library, Redeemer University , 777 Garner Road East, Ancaster, ON, L9K 1J4, Canada Circulation Desk Telephone: 905.648.2139 ext. 4266, Email: library@redeemer.ca
:max_bytes(150000):strip_icc():format(webp)/law-of-supply-demand-final-6d3d58ceeb2b462d9a56f2f012641c5f.png)
:max_bytes(150000):strip_icc():format(webp)/priceelasticity-89c3478d270c4d19b117be316fb98208.png)
:max_bytes(150000):strip_icc():format(webp)/cross-elasticity-demand-Final-a26aada5972d4cda8fdd2c02a1f2724e.jpg)
:max_bytes(150000):strip_icc():format(webp)/priceelasticity-89c3478d270c4d19b117be316fb98208.png)
:max_bytes(150000):strip_icc()/price-elasticity-of-demand-overview-1146254-FINAL-5b92d7c746e0fb005091690b.png)
