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Firm Level Economics: Markets and Allocations

Approx. 18 hours to complete

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Course Summary

This course explores how firms operate in markets and how they can improve their performance. It covers various topics such as pricing strategies, market structure, and competition.

Key Learning Points

Learn about the different types of markets and how firms operate within them
Understand pricing strategies and how they affect a firm's performance
Examine the impact of market structure on a firm's behavior and performance

Learning Outcomes

Understand the different types of markets and their characteristics
Develop pricing strategies that will maximize a firm's profits
Analyze market data to determine a firm's position within its industry

Prerequisites or good to have knowledge before taking this course

Basic knowledge of microeconomics
Familiarity with Excel or a similar spreadsheet program

Course Difficulty Level

Intermediate

Course Format

Online self-paced
Video lectures
Quizzes and assignments

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Description

In markets, prices act as rationing devices, encouraging or discouraging production and consumption to find an equilibrium. In this course, you will learn to construct demand curves to capture consumer behavior and supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. Additionally, the course examines the ways in which markets are subject government intervention and the impacts of these interventions.

You will be able to: • Explain how different market structures result in different resource allocations • Model the impact of external shocks to a particular market structure and demonstrate the new equilibrium price and quantity after the impact of this external shock has played out • Evaluate the efficiency of an equilibrium • Explain when and why the government might intervene with regulatory authority or antitrust litigation to lessen inefficiencies in some markets • Describe how information problems can cause inefficient outcomes • Understand externalities and consider optimal government response to these market failures This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/.

Outline

Course Orientation
Welcome to Firm Level Economics: Markets and Allocations!
Learn on Your Terms
Syllabus
ePub
About the Discussion Forums
Glossary
Learn More About Flexible Learning Paths
Updating Your Profile
Orientation Quiz

Module 1: Perfect Competition
1-1.1. Markets and Allocations - Part 1
1-1.2. Markets and Allocations - Part 2
1-1.3. Market Structure - Part 1
1-1.4. Market Structure - Part 2
1-1.5. Market Structure - Part 3
1-1.6. Perfect Competition in Reality - as Told by an Economist
1-1.7. Firm Supply Curve in a Perfectly Competitive Industry - Part 1
1-1.8. Firm Supply Curve in a Perfectly Competitive Industry - Part 2
1-2.1. Build Short Run Equilibrium Framework
1-2.2. Long Run Equilibrium - Part 1
1-2.3. Long Run Equilibrium - Part 2
1-2.4. External Shock and Movement to New Equilibrium
Module 1 Overview
Module 1 Readings
Lesson 1-1 Practice Quiz
Lesson 1-2 Practice Quiz
Module 1 Quiz

Module 2: Monopoly Markets and Efficiency
2-1.1. Consumer Surplus - Part 1
2-1.2. Consumer Surplus - Part 2
2-1.3. Producer Surplus
2-1.4. The Benevolent Dictator - Part 1
2-1.5. The Benevolent Dictator - Part 2
2-2.1. Monopoly Equilibrium - Part 1
2-2.2. Monopoly Equilibrium - Part 2
2-2.3. Marginal Revenue Curve in Monopoly
2-2.4. Social Costs of Monopoly
2-2.5. Governments Intervene in Monopoly
Module 2 Overview
Module 2 Readings
Lesson 2-1 Practice Quiz
Lesson 2-2 Practice Quiz
Module 2 Quiz

Module 3: Oligopoly and Game Theory
3-1.1. Introducing Oligopoly - Part 1
3-1.2. Introducing Oligopoly - Part 2
3-1.3. Collusion - Part 1
3-1.4. Collusion - Part 2
3-1.5. Collusion - Part 3
3-1.6. Efficiency, Social Costs, and Antitrust Enforcement - Part 1
3-1.7. Efficiency, Social Costs, and Antitrust Enforcement - Part 2
3-2.1. Simple Game Theory
3-2.2. Computer Chess - Part 1
3-2.3. Computer Chess - Part 2
3-2.4. The Prisoner's Dilemma - Part 1
3-2.5. The Prisoner's Dilemma - Part 2
3-2.6. The Prisoner's Dilemma - Part 3
3-2.7. The Nash Equilibrium to a Non-Cooperative Game - Part 1
3-2.8. The Nash Equilibrium to a Non-Cooperative Game - Part 2
Module 3 Overview
Module 3 Readings
Lesson 3-1 Practice Quiz
Lesson 3-2 Practice Quiz
Module 3 Quiz

Module 4: Market Failures
4-1.1. The Winner's Curse - Part 1
4-1.2. The Winner's Curse - Part 2
4-1.3. Information Asymmetries
4-1.4. Adverse Selection: Unraveling Insurance Markets
4-2.1. Positive and Negative Externalities - Part 1
4-2.2. Positive and Negative Externalities - Part 2
4-2.3. Measure the Gains from Positive Externality
4-2.4. Measure the Costs Caused by Negative Externality - Part 1
4-2.5. Measure the Costs Caused by Negative Externality - Part 2
Gies Online Programs
Module 4 Overview
Module 4 Readings
Module 4 Peer Review Explanation
Congratulations!
Get Your Course Certificate
Lesson 4-1 Practice Quiz
Lesson 4-2 Practice Quiz
Module 4 Quiz

Summary of User Reviews

Discover Firm-Level Economics: Markets and gain an in-depth understanding of how companies make decisions in competitive environments. This course is highly recommended for anyone who wants to learn about economics at the firm level and its practical applications.

Key Aspect Users Liked About This Course

Many users found the course content to be highly engaging and well-structured.

Pros from User Reviews

The content is highly relevant and applicable to real-world scenarios.
The instructor is knowledgeable and presents the material in an engaging manner.
The course is well-structured and easy to follow.
The quizzes and assignments help reinforce the concepts learned in the lectures.
The course provides a comprehensive understanding of firm-level economics.

Cons from User Reviews

Some users found the course to be too basic and not challenging enough.
The course is heavily focused on microeconomics and may not be suitable for those looking for macroeconomic insights.
The course may not be suitable for beginners with no prior knowledge of economics.
There are no live sessions or opportunities for interaction with the instructor or other learners.
The course may be too time-consuming for some learners.

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Firm Level Economics: Markets and Allocations

In markets, prices act as rationing devices, encouraging or discouraging production and consumption to find an equilibrium. The resulting equilibrium price “rations” the scarce commodity....

Save Course