Led by Alfred Marshall Simulacrum
About this course
Alfred Marshall published Principles of Economics in 1890 and gave economics the diagram it still uses: supply and demand curves meeting at equilibrium. This course builds the model from the ground up — what buyers do, what producers do, how surplus is created and destroyed, and where the model's assumptions begin to fail.
Led by Alfred Marshall Simulacrum.
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Led by Alfred Marshall Simulacrum
The question
A tax of £0.50 on sugary drinks. Price elasticity of demand: -0.8. How much does consumption fall — and who bears the burden?
Outcome
The student can compute elasticity and apply demand analysis to real policy questions.
Sub-units
Led by Alfred Marshall Simulacrum
The question
Drought, a documentary, and an import tariff all hit the avocado market simultaneously. What happens to equilibrium price and quantity — and who gains and loses?
Outcome
The student can analyse supply shifters, compute new equilibrium, and apply price controls analysis.
Sub-units
Led by Alfred Marshall Simulacrum
The question
A £1 wine tax: elasticity of demand -0.5, elasticity of supply 1.5. The tax is levied on sellers. Who actually bears the burden — and why does the legal assignment not determine incidence?
Outcome
The student can compute surplus, deadweight loss, and tax incidence from elasticities.
Sub-units
Led by Alfred Marshall Simulacrum
The question
The supply-demand model predicts minimum wages cause unemployment. Card and Krueger found they often don't. What does this tell you about the model — and about real labour markets?
Outcome
The student can apply the model to labour and housing markets and identify where its assumptions fail.
Sub-units