CourseHES 202

Week4 of 16

SemesterII

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This week’s topics

Market equilibrium

Where supply meets demand
Drawing the diagram

What you will be able to do

1.2 Illustrate market equilibrium using a simple diagram.

Activity

Find the equilibrium price on a supply and demand diagram.

Study materials

Further resources

Principles of Economics 3e, ch. 3.1: Equilibrium – where demand and supply intersect · PDF · OpenStax (2022); pp. 52–53 · for registered students
Principles of Economics 3e, ch. 3.3: Changes in equilibrium – the four-step process · PDF · OpenStax (2022), drawing the diagram; pp. 64–69 · for registered students
Marshallian Cross Diagrams and Their Uses before Alfred Marshall · Open-access article · Humphrey (1992), Federal Reserve Bank of Richmond Economic Review. History of the supply-and-demand diagram and how to read where the curves meet. · for registered students

Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.

Week 3 Week 5

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Course plan

Week 1: What is economics? Scarcity and choice
Week 2: Demand: how buyers behave
Week 3: Supply: how sellers behave
Week 4: Market equilibrium
Week 5: When demand or supply changes
Week 6: Price elasticity of demand
Week 7: Calculating elasticity
Midterm: Midterm evaluation
Week 9: Measuring the economy: GDP
Week 10: Inflation and unemployment
Week 11: Reading economic data
Week 12: Perfect competition
Week 13: Monopoly
Week 14: Markets in real life
Week 15: Review and coursework completion
Final: Final assessment and submission

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