We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us.
This course is an introduction to the microeconomic theory of markets: why we have them, how they work, what they accomplish. We will start with the concept of scarcity and how specialization according to comparative advantage helps us achieve more than we could alone. Next we model a marked using the tools of Supply and Demand and learn what well working markets accomplish and what their limit are. We end by exploring the impact of government intervention on perfect markets. 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.
Microeconomics: The Power of Markets
proposé par
Université de Pennsylvanie
À propos de ce cours
4.7
590 notes
Compétences que vous acquerrez
EconomicsMicroeconomicsEconomic AnalysisMarket (Economics)
Programme du cours : ce que vous apprendrez dans ce cours
Semaine
12 heures pour terminer
The Concept of Scarcity
Where do markets come from? We will start with understanding the constraint of scarcity that we face and the concept of opportunity cost that reflects the true cost of any decision we make. We will learn to model scarcity using the Production Possibilities Frontier that allows us to visualize tradeoffs, distinguish between efficient, inefficient and unattainable points. We will also discuss how economic growth affects our options and allows us to achieve the previously unattainable.
17 vidéos (Total 54 min), 3 lectures, 3 quiz
17 vidéos
1.1.1 Opportunity Cost: Introduction2 min
1.1.2 Opportunity Cost: The Cost of Education2 min
1.1.3 Opportunity Cost: Numeric Example 13 min
1.1.4 Opportunity Cost: Numeric Example 22 min
1.1.5 Opportunity Cost: Numeric Example33 min
1.1.6 Opportunity Cost: Numeric Example 42 min
1.2.1 Scarcity: Introduction2 min
1.2.2 Production Possibilities Frontier: Definition2 min
1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit3 min
1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit1 min
1.2.5 Production Possibilities Frontier: Graphical Approach4 min
1.2.6 Production Possibilities Frontier: Numerical Example4 min
1.2.7 Production Possibilities Frontier: Understanding the Slope2 min
1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth2 min
1.2.9 Allocative Efficiency: Graphical Approach 13 min
1.2.10 Allocative Efficiency: Graphical Approach 27 min
3 lectures
Additional Readings: General Suggestions10 min
Participate in a Purdue Research Project (Optional)10 min
Additional Readings: Week 110 min
3 exercices pour s'entraîner
Opportunity Cost6 min
Production Possibility Frontier (PPF)6 min
Production Possibilities Frontier and Growth8 min
Semaine
21 heure pour terminer
Specialization & Trade
Trade allows us to achieve the unattainable- we can consume more than we can produce on our own. We will introduce the concept of Comparative Advantage and discuss how gains from specialization allow us to use our resources efficiently. We will apply these concepts to a simple model of trade, showing that now the Consumption Possibilities Frontier allows points outside the Production Possibilities Frontier.
14 vidéos (Total 39 min), 1 lecture, 2 quiz
14 vidéos
2.2.1 Comparative Advantage: Numerical Example 1 - Set up1 min
2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs3 min
2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF2 min
2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed3 min
2.3.2 Comparative Advantage: Definition57s
2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization4 min
2.2.6 Comparative Advantage: Numerical Example 61 min
2.2.7 Comparative Advantage: Numerical Example 72 min
2.3.1 Absolute Advantage: Definition42s
2.4.1 Gaining from Specialization Through Trade3 min
2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier4 min
2.4.3 Gaining from Specialization: General Graphical Approach5 min
2.4.4 Gaining from Specialization: Imports and Exports3 min
1 lecture
Additional Readings: Week 210 min
2 exercices pour s'entraîner
Comparative Advantage10 min
Trade4 min
Semaine
31 heure pour terminer
Supply and Demand
We will introduce the central model of Supply & Demand. This will allow you to communicate with other economists and finally understand those business pages and market updates. We will distinguish between a movement along and a movement of the supply & demand curves. We will define market equilibrium as understand that at an equilibrium price there is neither excess demand nor excess supply. We will end by a few scenarios where exogenous changes affect supply and/or demand and analyze the impact on equilibrium price and quantity.
15 vidéos (Total 44 min), 1 lecture, 4 quiz
15 vidéos
3.1.2 The Demand Curve3 min
3.1.3 Shifts of Demand: Part 13 min
3.1.4 Shifts of Demand: Part 24 min
3.1.5 The Supply Curve4 min
3.1.6 Shifts of Supply: Part 12 min
3.1.7 Shifts of Supply: Part 23 min
3.1.8 Market Equilibrium: Definition2 min
3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells2 min
3.1.10 The Invisible Hand: Part 13 min
3.1.11 The Invisible Hand: Part 22 min
3.1.12 Changes in Demand: Effect on Market Equilibrium3 min
3.1.13 Changes in Supply: Effect on Market Equilibrium2 min
3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium2 min
3.1.15 Supply & Demand: Conclusion1 min
1 lecture
Additional Readings: Week 310 min
4 exercices pour s'entraîner
The Demand Curve8 min
The Supply Curve4 min
Market Equilibrium8 min
A Change in Market Equilibrium6 min
Semaine
42 heures pour terminer
Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity
There is a lot of terminology this week. We will introduce of the concept of elasticity of demand that measures the responsiveness of quantity demanded to a change in the price of a good. We will explore the relationship between change in price and revenue or sales and how elasticities can help us predict whether a decrease in price will increase or decrease revenue. We then introduce other elasticities of note: cross price elasticity, income elasticity and elasticity of supply. We end the week by exploring the great accomplishment of markets: maximizing the size of the pie or the total benefit to society.
23 vidéos (Total 82 min), 1 lecture, 4 quiz
23 vidéos
4.1.2 Elasticity of Demand4 min
4.1.3 What Affects Elasticity of Demand4 min
4.1.4 Perfectly Inelastic and Perfectly Elastic Demand4 min
4.1.5 Elasticity Along a Straight Line Demand Curve3 min
4.1.6 Elasticity and Revenue: Part 13 min
4.1.7 Elasticity and Revenue: Part 21 min
4.1.8 Unit Elastic Demand Curve2 min
4.1.9 Cross Price Elasticity: Complements vs. Substitutes2 min
4.1.10 Income Elasticity: Normal vs. Inferior Goods2 min
4.1.11 Elasticity of Supply3 min
4.1.12 Elasticity: Summary1 min
4.2.1 Efficiency & Equity: Introduction2 min
4.2.2 Consumer Surplus5 min
4.2.3 Producer Surplus4 min
4.2.4 Maximizing Total Surplus1 min
4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity4 min
4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity4 min
4.2.7 Efficiency & Equity: Conclusion1 min
4.2.8 Price Ceiling5 min
4.2.9 Price Floors: The Case of Minimum Wage5 min
4.2.10 Calculating Total Surplus: Numerical Example4 min
4.2.11 Price Ceilings: A Numerical Example5 min
1 lecture
Additional Readings: Week 410 min
4 exercices pour s'entraîner
Elasticity of Demand10 min
Elasticity of Demand & Revenue4 min
Other Elasticity Terms6 min
Consumer and Producer Surplus8 min
4.7
104 avis25%
a commencé une nouvelle carrière après avoir terminé ces cours
38%
a bénéficié d'un avantage concret dans sa carrière grâce à ce cours
20%
a obtenu une augmentation de salaire ou une promotion
Meilleurs avis
I really enjoyed the clarity with which the concepts were taught. I loved the examples and I thought they were very helpful and made the concepts so much easier to understand.
Thanks for the professional details of this course. And I think the numerical examples provided by Professor Rebecca give me good understanding about the power of markets.
Enseignant
Rebecca Stein
Senior LecturerEconomics
À propos de Université de Pennsylvanie
The University of Pennsylvania (commonly referred to as Penn) is a private university, located in Philadelphia, Pennsylvania, United States. A member of the Ivy League, Penn is the fourth-oldest institution of higher education in the United States, and considers itself to be the first university in the United States with both undergraduate and graduate studies.
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