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If you complete the course successfully, your electronic Course Certificate will be added to your Accomplishments page - from there, you can print your Course Certificate or add it to your LinkedIn profile.

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This course is currently available only to learners who have paid or received financial aid, when available.

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Consumer Choice

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Consumer Choice

This course is part of Principles of Microeconomics Specialization

Instructor: Pearson

Included with Learn more

1 module

Gain insight into a topic and learn the fundamentals.

Beginner level

Recommended experience

4 hours to complete

Flexible schedule

Learn at your own pace

1 module

Gain insight into a topic and learn the fundamentals.

Beginner level

Recommended experience

4 hours to complete

Flexible schedule

Learn at your own pace

What you'll learn

Analyze consumer choices and demand by applying marginal utility theory and indifference curves.
Evaluate a firm's short-run and long-run costs to explain its production and profit-maximizing decisions.

Skills you'll gain

Details to know

Shareable certificate

Add to your LinkedIn profile

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Build your subject-matter expertise

This course is part of the Principles of Microeconomics Specialization

When you enroll in this course, you'll also be enrolled in this Specialization.

Learn new concepts from industry experts
Gain a foundational understanding of a subject or tool
Develop job-relevant skills with hands-on projects
Earn a shareable career certificate

There is 1 module in this course

This course provides the essential tools to analyze consumer behavior and a firm's production strategy. You will learn to apply marginal utility theory to explain consumer choices and derive demand curves, while also calculating the explicit and implicit costs that drive a firm's output decisions. Mastering these core microeconomic concepts will empower you to understand how prices are determined and how businesses model profitability.

In this course, we will learn about consumer decision-making and market forces. It kicks off by examining the factors that shape budget constraints and defining the limits of consumer choices. You will then grasp the concept of deriving marginal revenue from total revenue, gaining insights into the nuances of firms' incomes. The course further delves into production aspects, covering average and marginal products, as well as increasing and decreasing returns. Finally, it provides an in-depth analysis of various costs, such as average, marginal, total, explicit, and implicit costs, explaining their direct impact on pricing and profitability.

What's included

1 video2 assignments2 app items4 plugins

1 videoTotal 3 minutes

Production & Efficiency3 minutes

2 assignmentsTotal 120 minutes

Graded Quiz60 minutes
Practice Quiz60 minutes

2 app itemsTotal 100 minutes

Reading: Consumer Choice and Demand pp. 321-34850 minutes
Reading: Production and Cost pp. 349-37550 minutes

4 pluginsTotal 20 minutes

Interactive: Shifters/Determinants of the Budget Constraint5 minutes
Interactive: Examining Product5 minutes
Interactive: Measuring Product5 minutes
Interactive: Measuring Costs5 minutes

Earn a career certificate

Add this credential to your LinkedIn profile, resume, or CV. Share it on social media and in your performance review.

Instructor

Pearson

154 Courses8,092 learners

Offered by

Pearson

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Frequently asked questions

Yes, you can preview the first video and view the syllabus before you enroll. You must purchase the course to access content not included in the preview.

If you decide to enroll in the course before the session start date, you will have access to all of the lecture videos and readings for the course. You’ll be able to submit assignments once the session starts.

Once you enroll and your session begins, you will have access to all videos and other resources, including reading items and the course discussion forum. You’ll be able to view and submit practice assessments, and complete required graded assignments to earn a grade and a Course Certificate.