Course Summary
This course is the second part of a two-part microeconomics series that provides a comprehensive introduction to microeconomics. You will learn about market equilibrium, market failures, externalities, public goods, and more.Key Learning Points
- Understand the functioning of markets and how they allocate resources efficiently
- Analyze how government intervention can affect market outcomes
- Identify different types of market failures and their causes
Related Topics for further study
Learning Outcomes
- Understand the principles of microeconomics
- Apply microeconomic theory to real-world situations
- Analyze and evaluate market outcomes
Prerequisites or good to have knowledge before taking this course
- Completion of Microeconomics Part 1
- Basic understanding of algebra and calculus
Course Difficulty Level
IntermediateCourse Format
- Online Course
- Video Lectures
- Assignments
- Quizzes
- Discussion Forums
Similar Courses
- Principles of Microeconomics
- Microeconomics: The Power of Markets
Related Education Paths
Notable People in This Field
- Paul Krugman
- Joseph Stiglitz
Related Books
Description
Perfect markets achieve efficiency: maximizing total surplus generated. But real markets are imperfect. In this course we will explore a set of market imperfections to understand why they fail and to explore possible remedies including as antitrust policy, regulation, government intervention. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes.
Outline
- Costs and Profits + Perfect Competition
- 1.1.0: When Markets Fail: Introduction
- 1.1.1: Defining Profits
- 1.1.2: Defining Fixed Costs and Variable Costs
- 1.1.3: Marginal Productivity
- 1.1.4: Marginal Productivity: Definition
- 1.1.5: Marginal Cost
- 1.1.6: Average Cost
- 1.1.7: Graph of Marginal and Average Cost Curves
- 1.2.1: Perfect Competition: Definition
- 1.2.2: Profit Maximization Perfect Competition
- 1.2.3: Profit Maximization: MR=MC
- 1.2.4: Profit Maximizations vs. Making Profits
- 1.2.5: Profit Maximization: The Case of Losses
- 1.2.6: Perfect Competition: The Firm's Supply Curve REPLACE
- 1.2.7: Definition of Short Run vs. Long Run
- 1.3.1: Perfect Competition: Firm Entry When Profits are Positive
- 1.3.2: Perfect Competition: Firm Entry When Profits are Negative
- 1.3.3: Perfect Competition: An Efficient Outcome
- 1.3.4: Perfect Competition: In The Long Run
- 1.3.5: Perfect Competition: An Efficient Outcome Pt 2
- Participate in a Purdue Research Project (Optional)
- 1.1: Costs and Profits
- 1.2: Perfect Competition: Definition and Output
- 1.3: Perfect Competition: Implications for Efficiency
- Monopoly
- 2.1.1 Monopoly: Definition
- 2.1.2: The Monopoly as a Price Setter
- 2.1.3 Marginal Revenue vs Price: Numerical Example
- 2.1.4 Marginal Revenue vs Price: Graphical Example
- 2.1.5 Marginal Revenue vs Price: Example Using Calculus
- 2.1.6 Profit Maximization in a Monopoly
- 2.1.7 Profit Maximization in a Monopoly: Numerical Example
- 2.2.1 Monopoly vs Perfect Competition
- 2.2.2 Efficiency loss under a Monopoly
- 2.2.3 Monopoly vs Perfect Competition: Numerical Example
- 2.2.4 Monopoly vs Perfect Competition: Example of Dead Weight Loss
- 2.2.5 Monopoly vs Perfect Competition: Summary
- 2.2.6 Why do we allow monoplies?
- 2.1: Monopoly definition
- 2.2: Monopoly vs. Perfect Competition Numerical example
- Monopoly Continued
- 3.1.1 Natural Monopoly: Definition
- 3.1.2 Government Regulation and Antitrust Law
- 3.1.3 Natural Monopoly: Implications for the Average Total Cost
- 3.1.4 Natural Monopoly: Graphical Presentation
- 3.1.5 Natural Monopoly: Profit Maximizing Outcome
- 3.1.6 Natural Monopoly: Regulation though Marginal Cost Pricing
- 3.1.7 Natural Monopoly: Regulation though Average Cost Pricing
- 3.2.1 Price Discrimination: Definition
- 3.2.2 Price Discrimination: Graphical Example
- 3.3.1 Monopolistic Competition: Definiton
- 3.3.2 Monopolistic Competition: Core Results
- 3.3.3 Monopolistic Competition: Graphical Presentation in the Short Run
- 3.3.4 Monopolistic Competition: Graphical Presentation in the Long Run
- 3.3.5 Monopolistic Competition: Mark up and Excess Capacity
- 3.1: Natural Monopoly
- 3.2: Price Discriminating Monopoly
- 3.3 Monopolistic Competition
- Externalities + Public Goods
- 4.1.1: Externalities: Definition
- 4.1.2: Externalities: Allocative Efficiency: Refresher
- 4.1.3: Negative Externalities: Implications for Efficiency
- 4.1.4: Positive Externalities: Implications for Efficiency
- 4.1.5: The Coase Theorem
- 4.1.6: Interalizing a Negative Externality via a Per Unit Tax
- 4.1.7: Interalizing a Positive Externality via a Per Unit Subsidy
- 4.2.1: Externalities: A Numerical Example
- 4.2.2: Interalizing a Negative Externality via Tax: A Numerical Example
- 4.2.3 Government Intervention in the Case of Externalities
- 4.2.4 Externality: Conclusion
- 4.3.1 Pure Public Goods: Nonexcludable and Nonrival
- 4.3.2: Examples of Different Types of Goods
- 4.3.3: Implications of Nonexcludability
- 4.3.4: Free Riding
- 4.3.5: Implications of Nonrivalness
- 4.4.1: The Role of the Government in Providing Public Goods
- 4.4.2: Provision of Public Good by the Government
- 4.4.3: Free Riding as a Prisoners' Dilemma
- 4.4.4: Public Goods Conclusion
- 4.1: Externalities
- 4.2: Solutions to Externalities
- 4.3: Public Goods
- 4.4: Solutions to Public Goods
- Asymetric Information and Inequlity
- 5.1.1 Adverse Selection
- 5.1.2 Adverse Selection: Consequences and Solutions
- 5.1.3 Adverse Selection: A Numerical Example
- 5.1.4 Adverse Selection: A Numerical Example with Private Information
- 5.1.5 Adverse Selection: Possible Solutions
- 5.1.6 Moral Hazard
- 5.1.7 Moral Hazard: Consequences and Solutions
- 5.2.1 Inequality
- 5.2.2 Poverty
- 5.2.3 Income Redistribution
- 5.1: Asymmetric Information
- 5.2: Poverty and Inequality
- Final Exam
Summary of User Reviews
This microeconomics course is highly recommended by users for its comprehensive coverage of advanced microeconomic concepts. Many users praise the course for its clear explanations and engaging lectures.Key Aspect Users Liked About This Course
Clear explanationsPros from User Reviews
- Comprehensive coverage of advanced microeconomic concepts
- Engaging lectures with real-world examples
- In-depth explanations of complex concepts
- Well-organized and easy to follow course structure
Cons from User Reviews
- Some users find the course content challenging and may require additional resources
- Limited interaction with the course instructor
- Some users find the quizzes and assessments difficult
Rebecca Stein
4.8 Raiting
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