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Listen "3. The Determination of Prices"
Episode Synopsis
Price is determined by the equilibrium price and the equilibrium quantity. If your good is not selling, you lower the price. If your goods fly off the shelves you are selling too cheaply and you raise prices. Demand changes constantly, e.g. the shift to white wines away from dark hard liquor. Prices will fall when demand falls.Part 3 of 14. Presented in 1986 at New York Polytechnic University.
More episodes of the podcast Introduction to Microeconomics
1. Intro to Micro: Demand and Supply
21/01/2010
2. Value
21/01/2010
4. Price Controls in the Oil Industry
11/02/2010
5. Minimum Price Controls
11/02/2010
8. The Firm
11/02/2010
9. Monopoly and Competition
11/02/2010
10. Government Cartels
11/02/2010
11. The Structure of Production
12/02/2010
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