Mediaspace scheduled maintenance: Aug 25, 2026 07:00 - 12:00 AM. During this time, videos will be temporarily unavailable. Check status updates.

Lecture

Basics of Supply and Demand

In course

ENV-610: Ecological economics

This course is an introduction to economic theory applied to environmental issues. It presents the methods used to assess environmental impacts and natural resources as well as environmental regulation instruments. It then broadens the analysis to ecologic ...

Description

This lecture covers the basics of supply and demand in economics, focusing on the relationship between the number of floors in a building and the profit generated. It explains how profit is maximized by analyzing the cost of production, willingness to accept, and factors influencing supply. The instructor discusses the determinants of willingness to accept, production costs, supply curves, and profit maximization in a competitive market.

This video is available exclusively on Mediaspace for a restricted audience. Please log in to MediaSpace to access it if you have the necessary permissions.

Watch on Mediaspace

Official source

Ontological neighbourhood

Economics

Macroeconomics: Markets, Competition

Related concepts (32)

Price

A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, the price of production has a different name. If the product is a "good" in the commercial exchange, the payment for this product will likely be called its "price". However, if the product is "service", there will be other possible names for this product's name.

Supply and demand

In microeconomics, supply and demand is an economic model of price determination in a market. It postulates that, holding all else equal, in a competitive market, the unit price for a particular good, or other traded item such as labor or liquid financial assets, will vary until it settles at a point where the quantity demanded (at the current price) will equal the quantity supplied (at the current price), resulting in an economic equilibrium for price and quantity transacted.

Price discrimination

Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are sold at different prices by the same provider in different market segments. Price discrimination is distinguished from product differentiation by the more substantial difference in production cost for the differently priced products involved in the latter strategy. Price differentiation essentially relies on the variation in the customers' willingness to pay and in the elasticity of their demand.

Price fixing

Price fixing is an anticompetitive agreement between participants on the same side in a market to buy or sell a product, service, or commodity only at a fixed price, or maintain the market conditions such that the price is maintained at a given level by controlling supply and demand. The intent of price fixing may be to push the price of a product as high as possible, generally leading to profits for all sellers but may also have the goal to fix, peg, discount, or stabilize prices.

Price ceiling

A price ceiling is a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service. Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive. Such conditions can occur during periods of high inflation, in the event of an investment bubble, or in the event of monopoly ownership of a product, all of which can cause problems if imposed for a long period without controlled rationing, leading to shortages.

Related lectures (56)

Economic Innovations

Explores the economic impact of innovations, focusing on valuation, consumer surplus, and welfare effects.

Real Estate Market Dynamics

Explores real estate market dynamics, including supply, demand, equilibrium, and market disruptions.

Producer Profit Maximization in Microeconomics Log in to Mediaspace to watch this video

Explores profit maximization conditions, resource variation effects, expansion paths, and state interventions in microeconomics.

Monopsony and Imperfect Competition Log in to Mediaspace to watch this video

Discusses monopsony, labor market dynamics, and various market structures' impact on pricing and production decisions.