The Power of Markets

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Overview

The Power of Markets is designed to arm you with the fundamental tools of microeconomic analysis and to show how the tools can be used to explain and predict the behavior of individuals, organizations, and markets. We will cover the basic principles of microeconomics in a clear and through way, using numerous applications to illustrate the use of theory and to reinforce your understanding of it.

Microeconomics is the most important course in any undergraduate economics curriculum. Understanding microeconomics also provides an essential foundation to any bachelor’s or master’s degree business student. As a result, this course is designed so that both economics and business students will learn microeconomic theory and how to use it effectively. The course, of course, is beneficial to even a broader demographic that includes high school students to professionals drawn from fields such as finance, entrepreneurship, marketing, consulting, pricing, health care, public policy, education, and law. Indeed, the course is of relevance to all who seek a better understanding of the way in which markets affect our lives and livelihoods.


Syllabus

Module 1

Week 1:   Supply and Demand

Week 2:  Supply and Demand

Week 3:  Consumer Choice 

Week 4:  Consumer Choice and the Benefits of Exchange


Module 2

Week 5:  Production

Week 6:  Cost Minimization

Week 7:  Profit Maximization in Perfectly Competitive Markets

Week 8: Monopoly Power:  Its Sources and How to Use It


Module 3

Week 9:   Product Pricing With Monopoly Power

Week 10:   Monopolistic Competition and Oligopoly

Week 11:   The Market for Inputs

Week 12:   Can Government Intervention Improve Market Outcomes?


NOTE - This course will provides students with a break from November 24-November 30 and from December 22-January 4.