H2: Real useful YouTube videos on market structure diagrams!

Richard McKenzie (author of Microeconomics for MBAs) made several YouTube videos on market structures, especially explaining the important diagrams in your lecture notes. If you’re unsure of any diagram, do watch the appropriate YouTube video below. During term time, it’s best to watch the specific video you need as all the videos together take about 1 hour. Make sure you draw along with the video to practise.

Perfect competition Part 1 [9:33]
http://www.youtube.com/watch?v=YLK3emHpkdk

Perfect competition Part 2 [5:21]
http://www.youtube.com/watch?v=LlLbPNZDkDQ

Monopoly Part 1 [6:38]

http://www.youtube.com/watch?v=lBsyxvJrCO4

Monopoly Part 2 [4:52]
http://www.youtube.com/watch?v=gyQlOBKSSh8

Monopoly Part 3 (Comparing monopoly and perfect competition) [7:38]
http://www.youtube.com/watch?v=fqN3Ok6PhfM

1st degree price discrimination [7:34]
http://www.youtube.com/watch?v=9T9TN3OuTjc

3rd degree price discrimination [7:57]

http://www.youtube.com/watch?v=Q7cKAmkhgto

Monopolistic competition [4:36]
http://www.youtube.com/watch?v=Xlpo4F6MdbM

To add to the fun, I've also made my own Scratch animation on how a monopolist maximises profit (MR=MC):

http://scratch.mit.edu/projects/MrHueAtAJC/241703
[Click green flag to restart!]


Enjoy!

H2: Oligopoly: Indonesia to leave OPEC

In H2, towards the end of term 3 we'll begin our study of oligopoly - a market structure characterised by a few large firms (with a high concentration ratio), high barriers to entry, and a large degree of mutual interdependence.
One type of oligopoly is the cartel - for example, the OPEC cartel for petroleum. This video from BBC explains why Indonesia is leaving the OPEC cartel:
http://news.bbc.co.uk/1/hi/business/7424903.stm