9. Supply and Demand & Consumer/Producer Surplus

MIT 14.01 Principles of Microeconomics, Fall 2018
Instructor: Prof. Jonathan Gruber

This lecture covers supply and demand curves, consumer surplus, and producer surplus.

License: Creative Commons BY-NC-SA

[shawnzg]

He’s a great professor but did he just use the f word? Guess that makes him great...

[evertontsai]

14:07 Thank me later. This professor is fucking awesome.

[JesusChrist-yldx]

0:32 "What Do They Know? Do They Know Things? Let's Find Out!"

[tobiasforis]

Really nice. It is just super amazing to watch MIT prof. explaining principles of microeconomics like this. I am truly grateful :)

[jai_jpg]

The only Prof. who could use f-word in the class and get away with stellar teaching skills!! Salute!

[lolygagger]

awesome professor, wish i took his class instead of my university class.

[amybio]

This is amazing! Please do more videos like this :)

[sahilkushwaha]

18:00 The reason we can't decrease price in perfectly elastic demand

[rubencrisitano]

The Bojack Horseman reference though <3

[uditabhattacharya]

28:50 and the different class exercises of consumer's surplus calculation

[zakaryjaynicholls]

JD Salinger presents MIT open courseware stars and celebrities, what do they know? Do they know things? Lets find out!

[jay-rathod-]

How Spanx being such a trivial company made billions for no legit reason.
Why honest company even exist.
Why always celebrities create fragrance, cosmetics and fitness businesses. 14:11

[pavanalva]

44:42 can anyone explain how efficient producers have higher producer surplus?

[marybuford]

What if the demand remains the same but the supplier wants more money and charges more? Will people buy less gas and hell stagnate so he reduces his supply and cost goes up etc. He'll reach equilibrium again when only a few consumers buy at a very high rate. He doesn't really care because he's making more money for less work. That's how u make a third world huh? There is a philosophy behind a good market.

[andyprompt]

Great job but he didn't address what happens when a CEO just decides to raise prices and blame inflation

[RayonManui]

That's nice to watch how he explained it's process

[nikolaypetrov]

Substitute/alternative for higher gas price is switching to electric vehicles

[jftsang]

Is LR demand always more elastic than SR demand?

[siphilipe]

I am able to summarize the 47:49 in just 49 seconds: The solution, based on what’s going on in the entire world is: females close your legs, and males zip your pants, starting by mine. In 2000 we were 6 billions, 20 years later we are roughly 8 billions.