Table of contents

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1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

3. Supply and Demand

Big Daddy Shift Summary

Macroeconomics

3. Supply and Demand

Big Daddy Shift Summary

Previous problem

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Multiple Choice

What happens in the market for corn if producers expect a future price increase, and begin to put production into storage?

Demand shifts to the left

Demand shifts to the right

Supply shifts to the left

Supply shifts to the right

Previous problem

Verified step by step guidance

Understand the scenario: Producers expect a future price increase for corn, which influences their current production decisions.

Recognize the producer's behavior: When producers anticipate higher future prices, they may choose to store their current production rather than sell it immediately.

Analyze the supply side: By storing corn, producers effectively reduce the current supply available in the market, as less corn is being sold.

Determine the supply curve shift: A reduction in current supply due to storage leads to a leftward shift in the supply curve, as there is less corn available at each price level.

Conclude the market impact: The leftward shift in the supply curve indicates a decrease in supply, which can lead to higher prices in the present market if demand remains constant.