IN 500 WORDS OR LESS, please discuss how your understanding of markets is rooted in one or more of the philosophies introduced in the VIDEOS below.
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Get Help Now!I. Please watch videos in one or more of the following sections A, B, C, D.
II. Discuss how what you have learned in chapters 3 to 6, listed below, about the market has been influenced by one or more of the below philosophical currents described in the videos.
- supply, and factors that affect it,
- demand, and factors that affect it,
- market equilibrium price and quantity,
- efficiency in generation of consumer and producer surplus,
- demand and supply elasticities of price, cross price or income,
- variations in consumer and producer surplus for elastic versus inelastic demand or supply conditions,
- government interventions in the form of
- price controls (ceilings or floors), when price controls are binding or not,
- taxes (ad valorem, per unit) on demand or supply, and
- subsidies (ad valorem, per unit) on demand or supply
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