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Microeconomics: When Markets Fail
  • Level Foundation
  • Duration 12 hours
  • Course by University of Pennsylvania
  • Offered by

About

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.

Modules

Introduction

    • 1 Videos
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1 Videos

  • 1.1.0: When Markets Fail: Introduction

Cost and Profits

    • 7 Videos
    • 1 Assignment
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1 Assignment

  • 1.1: Costs and Profits

7 Videos

  • 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

Perfect Competition: Definition and Output

    • 7 Videos
    • 1 Assignment
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1 Assignment

  • 1.2: Perfect Competition: Definition and Output

7 Videos

  • 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

Perfect Competition: Implications for Efficiency

    • 5 Videos
    • 1 Assignment
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1 Assignment

  • 1.3: Perfect Competition: Implications for Efficiency

5 Videos

  • 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

Further Study

    • 1 Discussion
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1 Discussions

  • Firm and Profit Maximization

Monopoly

    • 7 Videos
    • 1 Assignment
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1 Assignment

  • 2.1: Monopoly definition

7 Videos

  • 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

Monopoly vs. Perfect Competition

    • 6 Videos
    • 1 Assignment
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1 Assignment

  • 2.2: Monopoly vs. Perfect Competition Numerical example

6 Videos

  • 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?

Further Study

    • 1 Discussion
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1 Discussions

  • Monopoly in Real Life

Natural Monopoly

    • 7 Videos
    • 1 Assignment
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1 Assignment

  • 3.1: Natural Monopoly

7 Videos

  • 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

Price Discriminating Monopoly

    • 7 Videos
    • 2 Assignment
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2 Assignment

  • 3.2: Price Discriminating Monopoly
  • 3.3 Monopolistic Competition

7 Videos

  • 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

Further Study

    • 1 Discussion
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1 Discussions

  • Different Market Structures and Government Intervention

Externalities

    • 7 Videos
    • 1 Assignment
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1 Assignment

  • 4.1: Externalities

7 Videos

  • 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

Solutions to Externalities

    • 4 Videos
    • 1 Assignment
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1 Assignment

  • 4.2: Solutions to Externalities

4 Videos

  • 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

Public Goods

    • 5 Videos
    • 1 Assignment
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1 Assignment

  • 4.3: Public Goods

5 Videos

  • 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

Solutions to Public Goods

    • 4 Videos
    • 1 Assignment
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1 Assignment

  • 4.4: Solutions to Public Goods

4 Videos

  • 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

Further Study

    • 1 Discussion
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1 Discussions

  • Externality and Government Intervention

Asymmetric Information

    • 7 Videos
    • 1 Assignment
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1 Assignment

  • 5.1: Asymmetric Information

7 Videos

  • 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

Inequality and Poverty

    • 3 Videos
    • 1 Assignment
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1 Assignment

  • 5.2: Poverty and Inequality

3 Videos

  • 5.2.1 Inequality
  • 5.2.2 Poverty
  • 5.2.3 Income Redistribution

Further Study

    • 1 Discussion
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1 Discussions

  • Measuring Poverty

Conclusion

    • 1 Assignment
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1 Assignment

  • Final Exam

Auto Summary

Explore the fascinating world of market imperfections with "Microeconomics: When Markets Fail." This foundational course in Business & Management, led by Coursera, delves into why real markets fall short of perfect efficiency and examines remedies such as antitrust policy, regulation, and government intervention. Through everyday examples and current events, you'll gain critical thinking skills to analyze and evaluate market outcomes. The course spans 720 minutes and offers both Starter and Professional subscription options, making it ideal for those seeking to understand and address market failures.

Rebecca Stein
Instructor

Rebecca Stein