Chapter 07 Consumer Choice and Elasticity

chapter Materials

Here are the reading assignments for this chapter:

Required

Microeconomics: Private and Public Choice, 17th edition. Gwartney, Stroup, Sobel & Macpherson.
Cengage.com: https://www.cengage.com/c/microeconomics-private-public-choice-17e-gwartney-stroup-sobel-macpherson/9780357134016/
Microeconomics: Private and Public Choice, 16th edition. Gwartney, Stroup, Sobel & Macpherson.
Cengage.com: https://www.cengage.com/c/economics-private-and-public-choice-16e-gwartney/9781305506725PF/

Optional

Videos

The Gus A. Stavros Center for the Advancement of Free Enterprise and Economic Education at Florida State University is pleased to offer these resources. They were created by Teaching Professor Joe Calhoun.

The captions were created by a computer program so sometimes they may be inaccurate or contain spelling or grammatical errors.

You may alternate the views by clicking on the white icon on the top-right corner of the screen.

The videos should not be downloaded or distributed beyond this site.

The videos were created using the 16th edition slides. The content for this chapter is nearly identical for the 17th edition so the videos are equally applicable and relevant.

7-1: Fundamentals of Consumer Choice

7-2: Marginal Utility, Consumer Choice, and the Demand Curve of an Individual

7-2d: Market Demand Reflects the Demand of Individual Consumers

7-3: Elasticity of Demand

7-4: How Demand Elasticity and Price Changes Affect Total Expenditures (or Revenues) on a Product

7-5: Income Elasticity

7-6: Price Elasticity of Supply