9. Foundations of Demand Basics

In this video, I demonstrate how to derive a demand curve using indifference curves and budget constraints. The treatment shows the graphical intuition for how to relate demand curves to indifference curves and budget constraints.
In Lecture 9A, I demonstrate how to do this generally using calculus.
Check out a description of my teaching activities here:
www.tonycookson.com/teaching
Check out a list of the videos in this series (organized by topic) here:
blog.thisyounge...

[@alyssawaldschmidt1247]

This video took a 45 min Econ 301 lecture, and helped it make sense in under 8 min. Thank you!

[@zF15z]

Really great videos, I am a second year Economics student and these are really helping me out with my course. Thanks so much, good luck with the PhD!

[@intromediateecon]

@ubberjig Thanks for the feedback. As far as other topics, I might do a video on risk versus reward in investing, the saving versus borrowing decision, and the labor-leisure tradeoff in consumer theory.

[@salvaph]

Duuuude, I was incredibly lost on how to do this. I truly thank you. You have made this easier on me :)

[@wmk1975]

I'm so glad I found your videos. I was having a hard time with the budget demand curve. I knew price was one half of the x,y coordinate. I had a suspicion that the quantity was the other... Thanks.

[@scoza]

great video, im taking econ 311 right now, and this help me out alot, thanks!

[@MikeV1ck]

Great videos, I would really like to see a video showing how to derive demand curves from linear utility functions and cobb douglass utility functions. Any idea where I can find one?

[@intromediateecon]

@MikeV1ck Yes, my video 9b is on Cobb Douglas Utility, and I am not sure if this is what you mean, but my video 9c is on Quasilinear Utility.

[@intromediateecon]

@xbigd1987x That's a common misconception. Diminishing marginal utility is often used as an intuitive justification for downward sloping demand, but it isn't quite right. When that explanation resonates, we are actually thinking about diminishing marginal rate of substitution. In my video #12, I try to explain why diminishing MU (though a nice intuition) is not precisely the reason for demand to slow downward.

[@intromediateecon]

@flightfreak28 Thanks for the feedback. My more recent videos (since around 17 or 18) use a tripod.

[@ubberjig]

Great job with the videos! Now if only my professor would give simple cases like these and not messed up things like addictive goods and non-essential goods. Can you do a video on how to go about thinking about deriving things like derving demand curves and the compensation variable etc. for more complex cases?

[@flightfreak28]

Great stuff. I like what you're doing. Some constructive stuff: Maybe mount the camera on a tripod and bring some variation to the voice, and you're good to go! Thanks a lot. This topic had been troubling me..

[@claus11212]

Had no idea you go to UC. Im actually studying for the econ 200 midterm at the college... thanks for the help!

[@richardsanchez6984]

I'm studying econ at FIU and would like to know more bout the book... could u please tell me the ISBN or the author so that i can order it. Ur derivation lectures saved me... please continue this!!!

[@coxistheman]

you just saved my life!!!

[@tompcd1189]

great videos, thank you very much

[@assasinskux]

you are a life saver!!!!

[@boyfromeden]

great vid... helped alot...

[@shyan042688]

Just wondering... Do you not discuss intertemporal choice?

[@oopure00]

I'm getting a bit confused with my essay, I have been given a set of data on spending on vegetables in 5 different cities, however the Demand Curve doesn't look quite right, P Q 60 17.54166667 63 16.9784127 68 15.80882353 69 15.14492754 81 13.61925926 Not sure what I might be doing wrong, or if the data is just insufficient :/ any ideas?

[@intromediateecon]

I am the author. Just search "J. Anthony Cookson" or "intromediate microeconomics" to find it.

[@KamilOttoman]

good video but your editing could be better. Your lectures are very very helpful thank you !