17 May 2022 3:48 pm
When it came to the graduate level, the students were glorified processors. Absorb information and then regurgitate it at precise times. A week later, ask them what they wrote down and you get the blank stare reminiscent of asking someone how they got somewhere after a long night of drinking and drugs.Skans » 17 May 2022, 3:29 pm » wrote: ↑ Well, first, community college needs to be separated out from graduate level economics. I would expect much more from those who are working toward a masters or PhD in economics. But, ****, even at that level, WITH NO REAL WORLD EXPERIENCE, you are probably expecting too much.
At the community college level, you'd be lucky if they understood what equilibrium is. As for the vertical demand curve, that's more of a philosophical concept than economic modeling. Seriously, how would you define infinite demand? Or, I suppose, demand which simply cannot ever be satisfied?
Community college.. they acted indignant when I wanted them to give me real life examples of stuff. They wanted cookie cutter stuff that they could autopilot through.
A vertical demand curve is one where demand is the same regardless of price. In short, folks will pay any price to acquire the product. This occurs when there is no alternative. Theoretically, one could say this about water, air, or certain medicines. However, the point is that the students in my second year microeconomics were clueless about this. As a result, when given the chance to teach first year microeconomics.. I made the course interactive and not just memorizing. For example, the class would bring 5 random goods per person and then we would have them spend $100 in fake money. We would do this once every week. Each time, letting a different person go first therefore changing what was available.