Principles of Microeconomics|My course tutor

Posted: March 13th, 2023

-Review Demand, Supply and Market Equilibrium: Read the Textbook -Chapter 4

-Review the Indiana Jones Econmovie

Analyze and write a 3 paragraphs summary of what you learned from this video.

https://www.youtube.com/watch?v=N-2mF0rGgUQ

SOLUTION

In the Indiana Jones Econmovie, the concept of market equilibrium is explained through the story of Indiana Jones’ search for the Holy Grail. The Holy Grail is a highly sought-after item with a limited supply, which creates a high demand among buyers. As a result, the price of the Holy Grail is also high. However, as the story progresses, the supply of the Holy Grail increases, which leads to a decrease in its price. This decrease in price eventually reaches a point where the demand and supply for the Holy Grail are equal, and a market equilibrium is reached.