Fascinating topics for 10-15 minute economics PowerPoint presentation?
Economics itself put great implications on human life
I am trying to point few applications which have good impact, Here it is:
You can make very good presentation on it because it will be interesting.
The Nash equilibrium is a solution concept of a non-cooperative game involving two or more players, in which each player is assumed to know the equilibrium strategies of the other players, and no player has anything to gain by changing only their own strategy.
Suppose;
This can be illustrated by a two-player game in which both players simultaneously choose an integer from 0 to 3 and they both win the smaller of the two numbers in points. In addition, if one player chooses a larger number than the other, then they have to give up two points to the other.
Demand , Supply and Equilibrium-
In this you can show an economic model of price determination in a perfectly competitive market . It concludes that in a perfectly competitive market with no externalities, per unit taxes, or price controls, the unit price for a particular good is the price at which the quantity demanded by consumers equals the quantity supplied by producers. These price results in a stable economic equilibrium
Measurement of elasticities-
Elasticity is the measurement of how responsive an economic variable is to a change in another variable.
Elasticity can be quantified as the ratio of the percentage change in one variable to the percentage change in another variable, when the later variable has a causal influence on the former. It is a tool for measuring the responsiveness of a variable, or of the function that determines it, to changes in causative variables in unitless ways.
Frequently used elasticities include price elasticity of demand, price elasticity of supply income elasticity of demand, elasticity of substitution between factors of production and elasticity of intertemporal substitution.
Marginal optimization under constraints-
In a static environment, it leads to the equation of marginal quantities/first derivatives of functions.
Goods market: marginal revenue equals marginal cost.
Inputs market: marginal revenue product equals marginal reward (rent, wage).
etc. (I left "utility maximization" out of the picture on purpose, because, here first one would have to present what this "utility index" is all about, and how crazy we are (not), by trying to model human "enjoyment" through the concept of utility.
Source: (AK & Q)
