Micro Unit 2- Practice Questions #2

This video tutorial covers various microeconomic concepts, focusing on elasticity, demand, and supply. It explains the law of demand, types of elasticity, and the impact of price changes on total revenue. The tutorial also delves into welfare economics, consumer surplus, and the effects of taxes on market equilibrium. Additionally, it discusses consumer choice and utility, providing examples and practice questions to reinforce understanding.

What new insight or understanding did you gain from this video?