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Microeconomics: The Power of Markets
  • Level Foundation
  • Duration 15 hours
  • Course by University of Pennsylvania
  • Offered by

About

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.

Modules

Introduction

    • 1 Videos
    • 1 Readings
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1 Videos

  • The Power of Markets: Introduction

1 Readings

  • Additional Readings: General Suggestions

Opportunity Cost

    • 6 Videos
    • 1 Quiz
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6 Videos

  • 1.1.1 Opportunity Cost: Introduction
  • 1.1.2 Opportunity Cost: The Cost of Education
  • 1.1.3 Opportunity Cost: Numeric Example 1
  • 1.1.4 Opportunity Cost: Numeric Example 2
  • 1.1.5 Opportunity Cost: Numeric Example3
  • 1.1.6 Opportunity Cost: Numeric Example 4

1 Quiz

  • Opportunity Cost

Production Possibility Frontier

    • 7 Videos
    • 1 Quiz
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7 Videos

  • 1.2.1 Scarcity: Introduction
  • 1.2.2 Production Possibilities Frontier: Definition
  • 1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit
  • 1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit
  • 1.2.5 Production Possibilities Frontier: Graphical Approach
  • 1.2.6 Production Possibilities Frontier: Numerical Example
  • 1.2.7 Production Possibilities Frontier: Understanding the Slope

1 Quiz

  • Production Possibility Frontier (PPF)

Production Possibilities Frontier and Growth

    • 3 Videos
    • 1 Quiz
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3 Videos

  • 1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth
  • 1.2.9 Allocative Efficiency: Graphical Approach 1
  • 1.2.10 Allocative Efficiency: Graphical Approach 2

1 Quiz

  • Production Possibilities Frontier and Growth

Further Study

    • 1 Readings
    • 1 Discussion
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1 Discussions

  • Production Possibilities Frontier in Your Local Area

1 Readings

  • Additional Readings: Week 1

Introduction

    • 1 Videos
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1 Videos

  • 2.1.1 Markets and Trade: Introduction

Comparative Advantage

    • 8 Videos
    • 1 Quiz
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8 Videos

  • 2.2.1 Comparative Advantage: Numerical Example 1 - Set up
  • 2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs
  • 2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF
  • 2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed
  • 2.3.2 Comparative Advantage: Definition
  • 2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization
  • 2.2.6 Comparative Advantage: Numerical Example 6
  • 2.2.7 Comparative Advantage: Numerical Example 7

1 Quiz

  • Comparative Advantage

Trade

    • 5 Videos
    • 1 Quiz
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5 Videos

  • 2.3.1 Absolute Advantage: Definition
  • 2.4.1 Gaining from Specialization Through Trade
  • 2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier
  • 2.4.3 Gaining from Specialization: General Graphical Approach
  • 2.4.4 Gaining from Specialization: Imports and Exports

1 Quiz

  • Trade

Further Study

    • 1 Readings
    • 1 Discussion
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1 Discussions

  • Comparative Advantage of Your Local Area

1 Readings

  • Additional Readings: Week 2

The Demand Curve

    • 4 Videos
    • 1 Quiz
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4 Videos

  • 3.1.1 Supply & Demand: Introduction
  • 3.1.2 The Demand Curve
  • 3.1.3 Shifts of Demand: Part 1
  • 3.1.4 Shifts of Demand: Part 2

1 Quiz

  • The Demand Curve

The Supply Curve

    • 3 Videos
    • 1 Quiz
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3 Videos

  • 3.1.5 The Supply Curve
  • 3.1.6 Shifts of Supply: Part 1
  • 3.1.7 Shifts of Supply: Part 2

1 Quiz

  • The Supply Curve

Market Equilibrium

    • 2 Videos
    • 1 Quiz
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2 Videos

  • 3.1.8 Market Equilibrium: Definition
  • 3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells

1 Quiz

  • Market Equilibrium

A Change in Market Equilibrium

    • 6 Videos
    • 1 Quiz
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6 Videos

  • 3.1.10 The Invisible Hand: Part 1
  • 3.1.11 The Invisible Hand: Part 2
  • 3.1.12 Changes in Demand: Effect on Market Equilibrium
  • 3.1.13 Changes in Supply: Effect on Market Equilibrium
  • 3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium
  • 3.1.15 Supply & Demand: Conclusion

1 Quiz

  • A Change in Market Equilibrium

Review and Further Study

    • 1 Readings
    • 1 Discussion
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1 Discussions

  • Model the Supply & Demand of a Good or Service

1 Readings

  • Additional Readings: Week 3

Elasticity of Demand

    • 5 Videos
    • 1 Quiz
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5 Videos

  • 4.1.1 Elasticity: Introduction
  • 4.1.2 Elasticity of Demand
  • 4.1.3 What Affects Elasticity of Demand
  • 4.1.4 Perfectly Inelastic and Perfectly Elastic Demand
  • 4.1.5 Elasticity Along a Straight Line Demand Curve

1 Quiz

  • Elasticity of Demand

Elasticity of Demand and Revenue

    • 7 Videos
    • 1 Quiz
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7 Videos

  • 4.1.6 Elasticity and Revenue: Part 1
  • 4.1.7 Elasticity and Revenue: Part 2
  • 4.1.8 Unit Elastic Demand Curve
  • 4.1.9 Cross Price Elasticity: Complements vs. Substitutes
  • 4.1.10 Income Elasticity: Normal vs. Inferior Goods
  • 4.1.11 Elasticity of Supply
  • 4.1.12 Elasticity: Summary

1 Quiz

  • Elasticity of Demand & Revenue

Other Elasticity Terms

    • 4 Videos
    • 1 Readings
    • 1 Quiz
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4 Videos

  • 4.2.1 Efficiency & Equity: Introduction
  • 4.2.2 Consumer Surplus
  • 4.2.3 Producer Surplus
  • 4.2.4 Maximizing Total Surplus

1 Readings

  • Additional Readings: Week 4

1 Quiz

  • Other Elasticity Terms

Consumer and Producer Surplus

    • 7 Videos
    • 1 Discussion
    • 1 Quiz
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1 Discussions

  • Order Goods by Decreasing Elasticity

7 Videos

  • 4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity
  • 4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity
  • 4.2.7 Efficiency & Equity: Conclusion
  • 4.2.8 Price Ceiling
  • 4.2.9 Price Floors: The Case of Minimum Wage
  • 4.2.10 Calculating Total Surplus: Numerical Example
  • 4.2.11 Price Ceilings: A Numerical Example

1 Quiz

  • Consumer and Producer Surplus

Price Intervention

    • 6 Videos
    • 1 Quiz
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6 Videos

  • 5.1.1 Government Intervention: Introduction
  • 5.1.2 Modeling a Tax
  • 5.1.3 Modeling a Tax: Graphically Interpretation
  • 5.1.4 Consequence of a Tax on Consumer and Producer Surplus
  • 5.1.5 Consequence of a Tax on Total Surplus
  • 5.1.6 Dead Weight Loss

1 Quiz

  • Price Intervention

Taxes

    • 4 Videos
    • 1 Quiz
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4 Videos

  • 5.1.7 Tax Incidence
  • 5.1.8 Tax in Extreme Cases of Demand Elasticity
  • 5.1.9 Tax in Extreme Cases of Elasticity of Supply
  • 5.1.10 Taxes: Summary

1 Quiz

  • Taxes

Subsidies

    • 3 Videos
    • 1 Quiz
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3 Videos

  • 5.1.11 Modeling a Subsidy
  • 5.1.12 Consequence of a Subsidy on Total Surplus
  • 5.1.13 Subsidy: Summary

1 Quiz

  • Subsidies

Government Intervention

    • 2 Videos
    • 1 Quiz
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2 Videos

  • 5.1.14 Taxes: Numerical Example Part 1
  • 5.1.15 Taxes: Numerical Example Part 2

1 Quiz

  • Government Intervention

Conclusion

    • 1 Videos
    • 1 Readings
    • 1 Discussion
    • 1 Quiz
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1 Discussions

  • Analyze a Price Regulation or Intervention

1 Videos

  • The Power of Markets: Conclusion

1 Readings

  • Additional Readings: Week 5

1 Quiz

  • Final Exam

Auto Summary

"Microeconomics: The Power of Markets" is a foundational course in the Business & Management domain designed to introduce learners to the fundamental principles of microeconomic theory. Led by expert instructors on the Coursera platform, this course delves into the importance and functionality of markets in our daily lives. Participants will explore the concept of scarcity, the benefits of specialization through comparative advantage, and the dynamics of supply and demand. The course also examines the achievements and limitations of well-functioning markets and the effects of government interventions. Real-life examples and current events are integrated into weekly exercises to help learners apply theoretical knowledge to practical situations. With a comprehensive duration of 900 minutes, this course is available through Coursera's Starter and Professional subscription plans. It is ideal for individuals seeking to become informed, analytical thinkers capable of critically evaluating market outcomes. Whether you're a student, professional, or anyone interested in understanding the economic forces shaping our world, this course offers the essential insights needed to navigate and comprehend market mechanisms effectively.

Rebecca Stein
Instructor

Rebecca Stein