Online Economics Tutor – London, UK – EconTutor
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Best 1-on-1 online economics tutors available on demand. EconTutors matches students and tutors around the globe depending on course needs and student requirements. We have tutors for most economics and finance courses. With digitization of teaching instruments like video enabled online whiteboards, virtual teaching has become increasingly convenient and cost effective.
We have degree level tutors for A levels, IB, undergraduate and graduate courses.
- In a market economy, prices are key to determine the allocation of resources.
–Other mechanisms (central planning) no longer considered viable.
- Much of microeconomics is concerned with how prices are determined within a market (‘price theory’).
- The supply-and-demand model is the most important tool for this.
- Here: a quick introduction to supply-and-demand analysis.
- Rest of the course:
–Understand where demand and supply come from.
–Explore the limits of the basic supply-and-demand model.
- The supply-and-demand model states that prices and quantities are determined by supply and demand.
- Demand for a good (say, bread) depends on
–Prices of related goods (croissants, butter)
–Income (positive or negative influence?)
–Other factors (information, tastes, government regulation …)
- The supply-and-demand model focuses on a good’s price, holding all other factors constant.
–A ‘ceteris paribus’ assumption.
–Exogenous vs endogenous variables.
–Yields a ‘demand schedule’ or ‘demand curve’.
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