Friday, November 8, 2013

Teaching Economics: Long-Run Equilibrium Adjustments in Perfectly Competitive Markets

I just made these videos for some students in my class and figured I would share with the world.  They cover what happens when there is an increase in demand (my constant-cost industry example) or a decrease in demand (my increasing-cost industry example) for a perfectly competitive market that begins in long-run equilibrium.

The videos go over how to make a long-run supply curve.  I think it is particularly useful to see these graphs drawn out as a process instead of seeing the finished product on the page because the snapshot does not give as good of an idea of the process that generates the graph.

Constant-Cost Industry:

Increasing-Cost Industry:

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