Microeconomics, Public Economics
Market Failures, Externalities, and Public Goods Markets are amazing — but sometimes they get it spectacularly wrong Markets don’t always work perfectly In your textbook, markets sound like a beautiful, self-correcting machine. Supply meets demand, price...
Mathematical Economics, Microeconomics
Partial Derivatives in Economics: Marginal Products, Multivariable Optimisation and the Chain RuleA firm chooses labour and capital. A consumer eats many goods. Demand depends on price, income and substitutes at once. The ordinary derivative handles one variable;...
Mathematical Economics, Microeconomics
The Cobb-Douglas Production Function: Returns to Scale, Elasticity and Cost MinimisationIn 1927 a future US senator and a mathematician noticed that labour’s share of American income had barely moved in decades. The equation they wrote to explain it — output...
Game Theory, Microeconomics
Game Theory and Nash Equilibrium When your best move depends on what everyone else does This isn’t just about games You’ve probably played a game where your move depends entirely on what your opponent does. Chess, poker, even rock-paper-scissors. But...
Mathematical Economics, Microeconomics
Consumer Surplus and Producer Surplus: Integration, Welfare Triangles and Deadweight LossEvery time you would have happily paid more for something than you actually did, you pocketed the difference. Economists have a name for that quiet windfall — consumer surplus —...
