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Microeconomics Principles

Approx. 27 hours to complete

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Course Summary

This course teaches the principles of microeconomics, including supply and demand, consumer and producer behavior, market structures, and government intervention.

Key Learning Points

Learn the fundamentals of microeconomics and how they apply to real-world scenarios
Understand how supply and demand affect pricing and market outcomes
Explore different market structures and the role of government intervention

Learning Outcomes

Understand how markets work and how they affect the economy
Analyze market outcomes and predict changes based on supply and demand
Evaluate the impact of government policies on market outcomes

Prerequisites or good to have knowledge before taking this course

Basic knowledge of algebra and graphs
Interest in economics and its real-world applications

Course Difficulty Level

Intermediate

Course Format

Online Course
Self-paced
Video Lectures

Similar Courses

Macroeconomics
Game Theory
Behavioral Economics

Related Education Paths

Related Books

Description

Most people make the incorrect assumption that economics is ONLY the study of money. My primary goal in this course is to shatter this belief. During this course, we will be addressing the above questions as well as many more relating to:

-the environment -love and marriage -crime -labor markets -education -politics -sports -business My main goal is to show you the way economists think and how to use this analytical system to answer questions related not only to these and other important human issues but to anything you end up doing with your life after this class. After all, as you will quickly find out, I believe that everything is economics!

Knowledge

Identifying hidden costs of anything

Outline

Course Orientation
Microeconomic Principles at a Glance
Syllabus
About the Discussion Forums
Updating Your Profile
Social Media
Orientation Quiz

Introduction and Basic Principles
1.1. Welcome to Principles of Microeconomics
2.1. What is Economics?
2.2. Opportunity Costs
2.3. Net Marginal Benefit Principle
2.4. The Invisible Hand Principle
2.5. Trade
Week 1 Overview
Week 1 Quiz

Supply and Demand
1.1. What is a Market?
1.2. The Market for Romantic Relationships
2.1. The Determinants of Demand
2.2. The Demand Function, Schedule, and Curve
2.3. Introducing Comparative Statistics: Changes in the Price
2.4. A Change in Demand, Part 1
2.5. A Change in Demand, Part 2
3.1. The Determinants of Supply
3.2. The Supply Equation, Schedule, and Curve
3.3. Price of an Input Changes
3.4. A Change in Technology
4.1. Supply Surplus, Supply Shortage, and Equilibrium Price
5.1. Changes in Demand: Price of Related Goods
5.2. Changes in Demand: Consumer Preferences
5.3. A Change in Supply
5.4. Simultaneous Change in Supply and Demand
6.1. Demand and Supply Conclusion
Week 2 Overview
Week 2 Quiz

Market Efficiency and Government Policies
1.1. Do We Need Silly Products?
2.1. What is Consumer Surplus?
2.2. Consumer Surplus and the Demand Curve
3.1. What is Producer Surplus?
3.2. Producer Surplus and the Supply Curve
4.1. Total Surplus: The Graphical Argument for Free Markets
5.1. Price Ceilings
5.2. Price Floors
6.1. Could We Reduce the Shortage of Human Organs?
6.2. Application: Playoff Tickets and Scalping Laws
Week 3 Overview
Week 3 Quiz

Elasticities
1.1. Introduction to Elasticity
2.1. Definition and Classifying Price Elasticities of Demand
2.2. Price Elasticity of Demand and Revenue
2.3. Determinants of Price Elasticity of Demand
2.4. Price Elasticities of Demand and the Linear Demand Curve
3.1. Income Elasticity of Demand
3.2. Cross-Price Elasticity of Demand
4.1. Definition of Price Elasticity of Supply
4.2. Determinants of Price Elasticity of Supply
5.1. Introduction to Per-Unit Taxes
5.2. The Distributional Effects of Tax
5.3. Taxes and Surplus
6.1. Should Black Dog Increase the Price of Their Sandwiches?
6.2. Other Applications of Price Elasticity
Week 4 Overview
Week 4 Quiz

Production and Costs
1.1. Introduction to Production
2.1. Demonstration: The Production of Tennis Balls
2.2. The Production Process at a Glance
2.3. A Numerical Example: Cooks in the Kitchen
3.1. Fixed, Variable, and Total Costs
3.2. Marginal Costs
3.3. Cost Curves
4.1. Back to Black Dog
4.2. Applications
Week 5 Overview
Week 5 Quiz

Competitive Output
1.1. Introduction to Competitive Output
2.1. The Maximizing Profit Assumption
2.2. The Profit Equation
2.3. The Profit Maximizing Rule
3.1. Perfect Competition
4.1. The Short-run Decision
4.2. Long-run Competitive Output
4.3. Using the Long-run Equilibrium Model
4.4. The Long-run Supply Curve
5.1. Conclusion to Competitive Output
Week 6 Overview
Week 6 Quiz

Firms with Market Power
1.1. Pricing with Market Power: An Introduction
2.1. Market Structures With Pricing Power
2.2. Sources of Market Power
3.1. When Marginal Revenue is Less than Price
3.2. Marginal Revenue and the Price Elasticity of Demand
4.1. Perfect Price Discrimination
4.2. Imperfect Price Discrimination
4.3. Other Pricing Strategies
5.1. The Social Cost of Market Power
6.1. Pricing with Market Power: Conclusion
Week 7 Overview
Week 7 Quiz

Public Goods, Common Resources, and Externalities
1.1. Introduction to Public Goods, Common Resources, and Externalities
2.1. How to Classify Goods
2.2. What Type of Good is This?
3.1. The Public Goods Game
3.2. Public Goods
3.3. Solving the Free Rider
4.1. The Tragedy of the Commons
4.2. How to Deal with the Tragedy of the Commons
5.1. Negative Externalities
5.2. Positive Externalities
5.3. Private Solutions
5.4. Governmental Solutions
6.1. Conclusion to Public Goods, Common Resources, and Externalities
Week 8 Overview
Week 8 Quiz

Summary of User Reviews

This microeconomics course on Coursera has received positive reviews from many users. Students have praised the course for its engaging content and knowledgeable instructor. Overall, this course seems to be a great option for those looking to improve their understanding of microeconomics.

Key Aspect Users Liked About This Course

The instructor is knowledgeable and presents the material in an engaging way.

Pros from User Reviews

Course content is comprehensive and informative.
Instructor is knowledgeable and engaging.
Course is well-structured and easy to follow.
Assignments and quizzes help reinforce learning.
Course is a great value for the price.

Cons from User Reviews

Some users found the course to be too basic.
Course material can be dry and difficult to understand at times.
Some users experienced technical difficulties with the platform.
Course does not provide a certificate upon completion.
Course may not be suitable for those without a background in economics.

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