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Kevin Corkran-Itagaki

Northwestern University

Biography

Kevin has not yet added a biography.

Education

BS Social Policy; Economics
Northwestern University

Topics Covered

Markets and Welfare
The Real Economy in the Long Run
Short-Run Economic Fluctuations
The Data of Macroeconomics
The Macroeconomics of Open Economies
The Language of Algebra
How Markets Work
Markets and Welfare
Introduction

Kevin's Textbook Answer Videos

03:34
Macroeconomics

What do economists mean by scarcity? Can you think of anything that is not scarce according to the economic definition?

Chapter 2: Trade-offs, Comparative Advantage, and the Market System
Section 1: Production Possibilities Frontiers and Opportunity costs
Kevin Corkran-Itagaki
02:39
Macroeconomics

What does increasing marginal opportunity costs mean? What are the implications of this idea for the shape of the production possibilities frontier?

Chapter 2: Trade-offs, Comparative Advantage, and the Market System
Section 1: Production Possibilities Frontiers and Opportunity costs
Kevin Corkran-Itagaki
02:01
Macroeconomics

Related to the Chapter Opener on page 41 ) One of the trade-offs Tesla faces is between safety and the maximum range someone can drive an all-electric car before having to recharge it. For example, adding steel to a car makes it safer but also heavier, which results in fewer miles between recharges. Draw a hypothetical production possibilities frontier that Tesla engineers face that shows this trade-off.

Chapter 2: Trade-offs, Comparative Advantage, and the Market System
Section 1: Production Possibilities Frontiers and Opportunity costs
Kevin Corkran-Itagaki
03:26
Macroeconomics

An economist remarks that "the cost of consuming a book is the combination of the retail price and the opportunity cost of the time spent reading." Isn't the cost of consuming a book just the price you pay to buy the book? Why include the cost of the time spent reading the book in the cost of consuming the book?

Chapter 2: Trade-offs, Comparative Advantage, and the Market System
Section 1: Production Possibilities Frontiers and Opportunity costs
Kevin Corkran-Itagaki
02:51
Macroeconomics

Use the following production possibilities frontier for a country to answer the questions.
a. Which point or points are unattainable? Briefly explain why.
b. Which point or points are efficient? Briefly explain why.
c. Which point or points are inefficient? Briefly explain why.
d At which point is the country's future growth rate likely to be the highest? Briefly explain why.

Chapter 2: Trade-offs, Comparative Advantage, and the Market System
Section 1: Production Possibilities Frontiers and Opportunity costs
Kevin Corkran-Itagaki
04:13
Macroeconomics

On a shopping trip, Melanie decided to buy a light blue coat made from woven fabric. A tag on the coat stated that the price was $\$ 79.95 .$ When she brought the coat to the store's sales clerk, Melanie was told that the coat was on sale, and she would pay 20 percent less than the price on the tag. After the discount was applied, Melanie paid $\$ 63.96, \$ 15.99$ less than the original price. Was the value of Melanie's consumer surplus from this purchase $\$ 79.95 ?$ $\$ 63.96 ? \$ 15.99 ?$ Or some other amount? Briefly explain.

Chapter 4: Economic Efficiency, Government Price Setting, and Taxes
Section 1: Consumer Surplus and Producer Surplus
Kevin Corkran-Itagaki
1 2 3 4 5 ... 7

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