This video explains the cobweb model and its importance.
In this video I explore what monopolistic competition is with examples of it, characteristics required to achieve this, diagrams of it in the short-run and long-run. A supplementary booklet can be found below.
This video explores economies and diseconomies of scale for Alevel Microeconomics.
In this video I look at what is a monopoly? what characteristics does it have? Why might a firm want to be one? How does it do its pricing? What does a monopoly diagram look like? What efficiencies are associated with a monopoly? What are the costs and benefits to consumers?
Also, there is a supporting booklet to the video attached below.
In this video I go through the definitions and formulas of the economic key terms total cost, variable cost, fixed cost, average cost,average variable cost, average fixed cost,marginal cost, marginal revenue, total revenue, average revenue, normal profit and supernormal profit.