Sir's Economic Thought: Microeconomics

This page is devoted to articles on Microeconomics which can be used specifically with the IB sections listed. The page will be updated every few months.

1.0 Foundations of Economics

http://economix.blogs.nytimes.com/2012/12/04/degree-inflation-jobs-that-newly-require-b-a-s/?ref=business
signaling in the market for jobs

A Primer on Correlation vs. Causation

Falling in Love will cost you friends

1.1 Competitive Markets/ Supply and Demand
http://santamonica.patch.com/articles/furor-may-be-brewing-over-feather-fashion
Demand for feathers as fashion

http://www.nytimes.com/2012/11/19/business/opportunists-stockpile-twinkies-for-big-payday.html?ref=business Article on the last of the twinkies and the people who are hoarding for a profit

http://www.nytimes.com/2012/10/31/dining/carrots-gain-bigger-roles-at-some-restaurants.html?src=dayp popularity of carrots soars

Complementary Goods, kindles and apps http://www.bbc.co.uk/news/technology-19907546

Chinese over supply solar panels and suffer consequences http://www.nytimes.com/2012/10/05/business/global/glut-of-solar-panels-is-a-new-test-for-china.html?hp

Corn and Wheat, how input prices are shifting supply http://www.mysteinbach.ca/newsblog/17177.htmlF:\

Pig Farmers Face Pressure on the Size of the Sty - NYTimes.com.html Technology causes shift in supply curve DECREASE

http://www.bbc.co.uk/news/uk-19890250
article and graphic on food prices having to do with bad weather in 2012

http://www.nytimes.com/2012/12/04/business/automakers-report-strong-november-sales.html?ref=business
buying cars picks up dramatically after hurricane Sandy

http://www.nytimes.com/2012/12/07/business/developers-of-new-housing-aim-for-renters-not-buyers.html?hp&_r=0in Houston builders are putting up apartment blocks in response to rising prices.

Video Files

Rise in demand for workers puts a strain on the local community

Audio Files Metal Prices Lead to Odd Crime Wave podcast on rising demand causing crime wave (determinants of demand, shift of supply, etc.) Scrap Metal prices Driven by Chinese Demand Chinese demand drops, scrap metal yards left holding their...scrap.

1.1 Market Equilibrium and Elasticity
http://articles.latimes.com/2012/feb/03/business/la-fi-super-bowl-tvs-20120204 price of tvs drop before superbowl. Weird.

http://live.wsj.com/video/china-raises-ceiling-on-fuel-prices/D0A746C5-7323-4DD9-B210-35FDF39BA1AF.html#!D0A746C5-7323-4DD9-B210-35FDF39BA1AF
video on China raising the price ceiling

http://economix.blogs.nytimes.com/2012/11/07/gas-lines-are-unnecessary/?ref=business&pagewanted=print
directly talks about letting market forces work to ration gas after hurricane Sandy

http://www.nytimes.com/2012/11/06/business/travel-managers-brace-for-an-upturn-in-lodging-rates.html?ref=businessrates for hotel rooms.
Recession causes fall in demand, less hotels are built, demand comes back but not enough rooms. Etc.

Minimum prices for alcohol
http://www.thesun.co.uk/sol/homepage/news/2688173/Boozers-can-exceed-the-drink-drive-limit-for-just-27-pence.html

Shifting equilibrium for lamb prices http://usatoday30.usatoday.com/money/industries/food/2011-04-22-lamb-prices-demand.htm?loc=interstitialskip#

Scalpers at the London Olympics http://www.bbc.co.uk/news/business-12870448http://news.bbc.co.uk/2/hi/business/7487157.stm

Grain Production in China http://www.nytimes.com/2012/11/02/nyregion/gasoline-shortages-disrupting-recovery-from-hurricane.html?hp&_r=0rationing at the pump in ny

Video Files

Audio Files 1.2 Elasticity

Elasticity of Supply http://cityroom.blogs.nytimes.com/2011/10/20/2-taxi-medallions-sell-for-1-million-each/

elasticity of supply, ny taxi medallions.
http://www.bloomberg.com/news/2011-08-31/ny-cab-medallions-worth-more-than-gold-chart-of-the-day.html

http://www.dailymail.co.uk/money/news/article-2144727/Euro-2012-rooms-rip-Hotels-Ukraine-Poland-hike-rates-1-000.html rates for rooms for euro 2012

http://www.guardian.co.uk/business/andrew-clark-on-america/2009/jul/20/fooddrinks-marketingandpr supply elasticity, whiskey runs out due to inability of supply Elasticity of Demand

http://www.dailymail.co.uk/money/article-1201954/Diamonds-arent-girls-best-friend-De-Beers-profits-slump-99.html price elasticity of demand, diamonds sales down 99%!!

http://economix.blogs.nytimes.com/2009/05/22/does-lowering-the-price-of-broadband-increase-its-use/ price elasticity of broadband, no correlation? Funny. And a great follow up at freakonomics

http://www.freakonomics.com/2009/05/27/why-supply-and-demand-are-hard-to-measure/

http://www.nytimes.com/2009/09/17/business/17soda.htmlgreat as it points out exactly what the impact of a tax would be on sales

http://www.freakonomics.com/2011/07/01/the-price-elasticity-of-heroin/ price elasticity of heroin

http://www.freakonomics.com/2008/05/14/the-rich-drink-better-beer-not-more/ price elasticity as explained through inferior goods and time.

http://www.freakonomics.com/2011/10/06/immigration-elasticity-and-why-americans-wont-pick-onions-yet/ elasticity of migrant farm workers

http://www.nytimes.com/2012/09/05/dining/restaurant-prices-can-vary-by-reservation-time.html?pagewanted=all reservation times at restaurants and varying elasticities

http://www.nytimes.com/2012/08/10/business/supermarkets-try-customizing-prices-for-shoppers.html?pagewanted=all elasticity,… but kind of weird, more like price discrimination in reverse? Cross Price Elasticity

http://www.nytimes.com/2008/05/10/business/10transit.html?partner=rssuserland&emc=rss&pagewanted=all Could be used for income elasticity of demand and for cross price elasticity

http://www.nytimes.com/2005/07/28/technology/28scene.html used books/e readers? cross price

http://www.economist.com/node/14710635?story_id=14710635 cross price elasticity, beer and vodka

http://www.uncg.edu/bae/people/courtemanche/documents/silver_lining.pdfcross price elasticity, gasoline and obesity, mmm… maybe?

Are Diamonds still a girls best friend? Knob Creek Runs Dry Mountains of Butter Euro 2012 Rooms Rip

Video Files Hot dogs have a long shelf life, elasticity of supply

Twinkies, believe it or not, do not last forever. Elasticity of supply.

Believe it or not, twinkies will not survive the end of the world.

Audio Files How elastic is the baby market?

1.3 Government Intervention

http://www.theatlantic.com/business/archive/2012/09/why-does-canada-have-a-strategic-maple-syrup-reserve/261869/
Buffer stocks keeping floors and ceilings in place.

http://www.guardian.co.uk/business/2009/nov/08/high-street-retail-vat-20
indirect tax

http://www.ft.com/intl/cms/s/0/eb0c45ae-247e-11de-9a01-00144feabdc0.html#axzz2CYaq9nQR subsidy on cars in UK

http://www.tutor2u.net/blog/index.php/economics/comments/unit-2-macro-will-a-youth-jobs-subsidy-work Subsidizing businesses to hire younger workers.

Very interesting Video Files On the EU common ag. subsidy

http://www.bbc.co.uk/news/technology-11993882
Subsidy on electric cars, 3min vid

Audio Files How Fear Turned Surplus Into Scarcity (or how governments muck things up) 1.4

Market Failure

Common resource

http://www.nytimes.com/2012/01/25/science/earth/in-mackerels-plunder-hints-of-epic-fish-collapse.html?scp=1&sq=fisheries%20mackerel&st=cse