Deep Dive into the Theory of Demand- Remote Inspire Lecture with Tads Ciecierski-Holmes (OR 2009-2017)
In his second lecture of the year, Tadeusz Ciecierski-Holmes (OR 2009-2017) explains the theory of demand.
Tads has recently graduated from the University of Cambridge with BA in Economics. He has previously worked on community-level health projects in Tanzania, and performed research with the Camerer behavioural/ neuroeconomics lab group at Caltech. His interests include intersections of behavioural, health and development economics.
During his talk, Tads defined and explained the Theory of Demand and the logic behind the theory.
Ross H (MJK) gives a overview of his lecture:
“Tads gave us a really interesting and insightful look into the theory of demand. By using concepts that A-level economists have already met in the classroom, such as marginal utility, Tads expanded on our knowledge to show a deeper understanding of the theory of demand and consumer behaviour. He introduced the idea of indifference curves, which showed the range of choices that a consumer was ‘indifferent’ towards – they had no preference between each set of goods as they derived the same total utility from each combination.
By combining this with a graphical display of a budget set, showing the feasible options that a consumer can choose to spend their disposable income on, the point at which the two curves intersect shows the most expensive combination of goods that the consumer can afford, which also maximising their own satisfaction and utility derived from consuming them. This satisfies the definition of demand that we have learnt: the amount of a good or service consumers are willing and able to buy at a given price (over a period of time).
Tads also explained the assumptions made using this model, discussing in depth consumer preferences and the different patterns which economists see in real-world markets, as well as rationality (consumers are utility maximisers) and the income/substitution effects. By plotting the relationship between changes in the price of a good and the re-optimisation of the indifference and budget functions, resulting in a different quantity of the good being demanded, Tads demonstrated how this led to the dataset needed to plot a demand curve similar to those that we see in our lessons every day.
To conclude, there was a 10 minutes Q&A where he gave a personal insight into the topic and his experience as an undergraduate student at an internationally competitive university.”
Mr AM Robson (Headmaster) commented:
“It is always a pleasure welcoming back alumni to Reading School as they continue to contribute to the school’s growth in any way they can. Thank you, Tads, for your continuous support and engagement and raising the bar of excellence beyond Reading School.”
A special thank you to Mrs A Cash (Teacher of Economics) and to the Society Office for co-ordinating all online inspire lectures.
If you would like to share your professional expertise, academic specialism or research background with our students through a short talk, master class, tutorial or inspire lecture, please complete the form here: Remote Inspire Lectures
Please bear with us as we work through our list and contact you to arrange dates and times for future talks.
If you have any further queries please contact Piatrice or Jas at firstname.lastname@example.org
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