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.
proposé par
Université de Pennsylvanie
À propos de ce cours
10,321 consultations récentes
Compétences que vous acquerrez
ExternalityEconomicsMicroeconomicsMarket (Economics)
Programme du cours : ce que vous apprendrez dans ce cours
Semaine
11 heure pour terminer
Costs and Profits + Perfect Competition
In the first part of the course we learnt that if we allow market forces to work we reach an efficient outcome: the maximum benefit that can be generated by a market. The second part of the course explores cases where the markets fail to accomplish our goals. This week sets up the benchmark case of the perfectly competitive market: a model we will modify in the next few weeks. We define Perfect Competition, learn to model it graphically and discuss some key results in terms of long run profits and implications for efficiency.
20 vidéos (Total 45 min), 1 lecture, 3 quiz
20 vidéos
1.1.3: Marginal Productivity2 min
1.1.4: Marginal Productivity: Definition1 min
1.1.5: Marginal Cost1 min
1.1.6: Average Cost2 min
1.1.7: Graph of Marginal and Average Cost Curves1 min
1.2.1: Perfect Competition: Definition5 min
1.2.2: Profit Maximization Perfect Competition2 min
1.2.3: Profit Maximization: MR=MC3 min
1.2.4: Profit Maximizations vs. Making Profits2 min
1.2.5: Profit Maximization: The Case of Losses2 min
1.2.6: Perfect Competition: The Firm's Supply Curve REPLACE1 min
1.2.7: Definition of Short Run vs. Long Run1 min
1.3.1: Perfect Competition: Firm Entry When Profits are Positive2 min
1.3.2: Perfect Competition: Firm Entry When Profits are Negative1 min
1.3.3: Perfect Competition: An Efficient Outcome2 min
1.3.4: Perfect Competition: In The Long Run2 min
1.3.5: Perfect Competition: An Efficient Outcome Pt 21 min
1 lecture
Participate in a Purdue Research Project (Optional)10 min
3 exercices pour s'entraîner
1.1: Costs and Profits10 min
1.2: Perfect Competition: Definition and Output12 min
1.3: Perfect Competition: Implications for Efficiency6 min
Semaine
21 heure pour terminer
Monopoly
A monopoly is a case where there is only one firm in the market. We will define and model this case and explain why market power is good for the firm, bad for consumers. We will also show that society as a whole suffers from the lack of competition.
13 vidéos (Total 39 min), 2 quiz
13 vidéos
2.1.4 Marginal Revenue vs Price: Graphical Example2 min
2.1.5 Marginal Revenue vs Price: Example Using Calculus1 min
2.1.6 Profit Maximization in a Monopoly2 min
2.1.7 Profit Maximization in a Monopoly: Numerical Example4 min
2.2.1 Monopoly vs Perfect Competition6 min
2.2.2 Efficiency loss under a Monopoly2 min
2.2.3 Monopoly vs Perfect Competition: Numerical Example5 min
2.2.4 Monopoly vs Perfect Competition: Example of Dead Weight Loss2 min
2.2.5 Monopoly vs Perfect Competition: Summary1 min
2.2.6 Why do we allow monoplies?3 min
2 exercices pour s'entraîner
2.1: Monopoly definition8 min
2.2: Monopoly vs. Perfect Competition Numerical example14 min
Semaine
31 heure pour terminer
Monopoly Continued
Monopolies come in various types: one price monopoly, natural monopoly, price discrimination and monopolistic competition. This week we will expand the basic monopoly model to cover these cases and then explore market outcomes in each case. We will also discuss how government may intervene in such cases to benefit society as a whole and increase the surplus generated by the market.
14 vidéos (Total 39 min), 3 quiz
14 vidéos
3.1.4 Natural Monopoly: Graphical Presentation1 min
3.1.5 Natural Monopoly: Profit Maximizing Outcome4 min
3.1.6 Natural Monopoly: Regulation though Marginal Cost Pricing3 min
3.1.7 Natural Monopoly: Regulation though Average Cost Pricing3 min
3.2.1 Price Discrimination: Definition3 min
3.2.2 Price Discrimination: Graphical Example4 min
3.3.1 Monopolistic Competition: Definiton2 min
3.3.2 Monopolistic Competition: Core Results1 min
3.3.3 Monopolistic Competition: Graphical Presentation in the Short Run3 min
3.3.4 Monopolistic Competition: Graphical Presentation in the Long Run1 min
3.3.5 Monopolistic Competition: Mark up and Excess Capacity2 min
3 exercices pour s'entraîner
3.1: Natural Monopoly14 min
3.2: Price Discriminating Monopoly10 min
3.3 Monopolistic Competition8 min
Semaine
42 heures pour terminer
Externalities + Public Goods
Two classic cases of market failure will be defined and explored: externalities and public goods. We will define each case, demonstrate why the market fails to provide the efficient outcome and suggest interventions through either marked design or regulation.
20 vidéos (Total 52 min), 4 quiz
20 vidéos
4.1.4: Positive Externalities: Implications for Efficiency3 min
4.1.5: The Coase Theorem2 min
4.1.6: Interalizing a Negative Externality via a Per Unit Tax2 min
4.1.7: Interalizing a Positive Externality via a Per Unit Subsidy1 min
4.2.1: Externalities: A Numerical Example2 min
4.2.2: Interalizing a Negative Externality via Tax: A Numerical Example4 min
4.2.3 Government Intervention in the Case of Externalities2 min
4.2.4 Externality: Conclusion1 min
4.3.1 Pure Public Goods: Nonexcludable and Nonrival2 min
4.3.2: Examples of Different Types of Goods4 min
4.3.3: Implications of Nonexcludability2 min
4.3.4: Free Riding1 min
4.3.5: Implications of Nonrivalness1 min
4.4.1: The Role of the Government in Providing Public Goods1 min
4.4.2: Provision of Public Good by the Government2 min
4.4.3: Free Riding as a Prisoners' Dilemma3 min
4.4.4: Public Goods Conclusion1 min
4 exercices pour s'entraîner
4.1: Externalities10 min
4.2: Solutions to Externalities12 min
4.3: Public Goods10 min
4.4: Solutions to Public Goods10 min
4.8
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25%
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14%
a obtenu une augmentation de salaire ou une promotion
Principaux examens pour Microeconomics: When Markets Fail
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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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