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Behavioural Economics Presentation – download.

April 2, 2017 Leave a comment

Below is a pdf download of a presentation on consumer behaviour that I did for our Yr12 and Yr 13 students last week. It focuses on the following:

Hedonic Treadmil – Paradox of Choice – Algorithms and Choice – Happy Money – Well-being around the world.

Click here to download. I particularly like these images.

Hedonic-TreadmillTV - paradox

Economics website for IGCSE AS A2 and IB courses

April 2, 2017 Leave a comment

Want to learn or need assistance with Economics? Are you studying or teaching A Level Economics, Advanced Placement, or International Baccalaureate (IB)?

Help is at hand, elearnEconomics assists individuals studying Economics. This site covers a wide range of courses and individuals have the ability to customise their course or do extension work. It’s simple, easy to use and very cost effective.

eLearnEconomics is a comprehensive online economics learning resource. It is for both students AND teachers. Students study the concepts of each topic with the key notes, then review those concepts with the audio/video and flash card sections and finally test themselves in the written answer and multi-choice sections. The multi-choice section records student scores enabling them to track their progress and build their confidence leading into exams.

Teachers have the ability to monitor students progess within the teachers’ administration section. Students can be arranged into class groups and full reports generated to quickly identify problem areas. These high quality PDF reports can also be presented at parent/teacher evenings. Click the link below to access the site.

elearneconomics

Screen Shot 2015-10-07 at 9.00.18 PM

A2 Worksheets – Perfect and Imperfect Labour Market

August 24, 2016 Leave a comment

Currently covering Labour Markets with my A2 level classes and put together an exercise which tests them on calculating MCL, MRPL etc and also showing why MCL = MRPL is the number of workers a firm should employ. There is an exercise for both Perfect and Imperfect Labour markets – see ‘Word’ document. The excel document is a model answer showing the data in a table and a graphical format. Hope it is of use.

Imperfect Competition in the Labour Market
ACL MCL of Labour

Categories: Labour Market, Teaching visuals Tags:

Great economics revision videos from Tutor2u

April 27, 2016 Leave a comment

Here is a great set of revision videos by Geoff Riley of Tutor2u. They cover a range of macro and micro topics for AS and A2 Level economics. Most of them are around 8 minutes long and he uses the powerpoint slides very effectively so you get his oral contribution plus the key points on the presentation slides. Well worth a look and you are bound to find them very useful as exams approach. Below is the video on the Circular Flow.

 

 

 

Categories: Teaching visuals Tags:

A2 Revision – Oligopoly and the kinked demand curve – download

October 2, 2015 Leave a comment

I alluded to in a previous post that one model of oligopoly revolves around how a firm perceives its demand curve. The model relates to an oligopoly in which firms try to anticipate the reactions of rivals to their actions. As the firm cannot readily observe its demand curve with any degree of certainty, it has got to estimate how consumers will react to price changes.

In the graph below the price is set at P1 and it is selling Q1. The firm has to decide whether to alter the price. It knows that the degree of its price change will depend upon whether or not the other firms in the market will follow its lead. The graph shows the the two extremes for the demand curve which the firm perceives that it faces. Suppose that an oligopolist, for whatever reason, produces at output Q1 and price P1, determined by point X on the graph. The firm perceives that demand will be relatively elastic in response to an increase in price, because they expects its rivals to react to the price rise by keeping their prices stable, thereby gaining customers at the firm’s expense. Conversely, the oligopolist expects rivals to react to a decrease in price by cutting their prices by an equivalent amount; the firm therefore expects demand to be relatively inelastic in response to a price fall, since it cannot hope to lure many customers away from their rivals. In other words, the oligopolist’s initial position is at the junction of the two demand curves of different relative elasticity, each reflecting a different assumption about how the rivals are expected to react to a change in price. If the firm’s expectations are correct, sales revenue will be lost whether the price is raised or cut. The best policy may be to leave the price unchanged.

With this price rigidity a discontinuity exists along a vertical line above output Q1 between the two marginal revenue curves associated with the relatively elastic and inelastic demand curves. Costs can rise or fall within a certain range without causing a profit-maximising oligopolist to change either the price or output. At output Q1 and price P1 MC=MR as long as the MC curve is between an upper limit of MC2 and a lower limit of MC1.

Criticisms of the kinked demand curve theory.
Although it is a plausible explanation of price rigidity it doesn’t explain how and why an oligopolist chooses to be a point X in the first place. Research casts doubt on whether oligopolists respond to price changes in the manner assumed. Oligopolistic markets often display evidence of price leadership, which provides an alternative explanation of orderly price behaviour. Firms come the conclusion that price-cutting is self-defeating and decide that it may be advantageous to follow the firm which takes the first steps in raising the price. If all firms follow, the price rise will be sustained to the benefit of all firms.

If you want to gradually build the kinked demand curve model download the powerpoint by clicking below.
Oligopoly

The Globe of Economic Complexity

August 26, 2015 Leave a comment

Here is a link to a brilliant interactive site from Harvard University. This site visualizes the economies of each country as told by the products they export. Click the link below:

The Globe of Economic Complexity

Below is a video that introduces you to the site.

Categories: Teaching visuals, Trade

Inflation – Hungary 1941 – House and Jelly Bean

August 6, 2015 Leave a comment

Here is a very useful video on Inflation from The School of Life. It discusses the causes of inflation and why it is seen as big problem in countries. They use the example of Hungary in 1941 and explain how inflation erodes the purchasing power of the income of citizens – a good example of a house and a jelly bean. Mention of Keynesian and Monetarist schools of thought – useful for IGCSE courses and above

HT: Grant McKibbin

Categories: Inflation, Teaching visuals Tags:
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