14.01SC Principles of Microeconomics
14.01SC Principles of Microeconomics (Fall 2011, MIT OCW). Instructor: Professor Jonathan Gruber. 14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester. (from ocw.mit.edu)
| Lecture 13 - Principles of Welfare Economics |
When changes occur in a market - whether they are shifts in demand, shifts in supply, or government policies that interfere in the market's workings - they affect the welfare that market participants gain by virtue of being in the market. We can understand these changes by analyzing producer and consumer surplus, and this is the focus of this lecture.
| References |
| Principles of Welfare Economics Session Activities: Readings; Lecture Videos. Check Yourself: Concept Quiz. Further Study: Textbook Study Materials. |
Go to the Course Home or watch other lectures: