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The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior

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The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior

University of Rochester

About this course: This opening module of the Power of Markets course covers the basic assumptions about market participants made by economists, the concept of opportunity cost, and the key determinants of supply and demand. We will then learn how to use the supply-demand framework to explain and predict market outcomes and to show how government policies affect those market outcomes. We will look at how quantity demanded and supplied respond to their key determinants in quantitative (elasticity) as well as qualitative terms. The last two weeks of the first module will investigate consumer behavior more closely and show how consumer choices are driven by the interplay of preferences and budget constraints. We will employ the consumer choice framework to examine investor choice as well as policies such as ObamaCare and school choice. Finally, we will also address the concept of how to distribute a given amount of goods across a society’s consumers in the most efficient manner.


Created by:  University of Rochester
University of Rochester

  • Mark Zupan

    Taught by:  Mark Zupan, Professor of Economics and Public Policy

    Simon School of Business
Commitment3-5 hours/week
Language
English
How To PassPass all graded assignments to complete the course.
User Ratings
4.6 stars
Average User Rating 4.6See what learners said
Syllabus
WEEK 1
Week 1 - Supply and Demand
Basic Assumptions About Market Participants and the Concept of Opportunity Cost. The Determinants of Demand and Supply.
9 videos, 1 reading
  1. Video: Course Materials and General Advice
  2. Video: Some Preliminaries About Microeconomics
  3. Video: Basic Assumptions About Market Participants
  4. Video: Opportunity Cost
  5. Reading: Syllabus
  6. Video: Sunk Costs/Benefits
  7. Video: Production Possibility Frontier (PPF)
  8. Video: The Determinants of Demand
  9. Video: The Determinants of Supply
  10. Video: Market Equilibrium
Graded: Week 1 Quiz
WEEK 2
Week 2 - Supply and Demand
Using the Supply-Demand Framework to Predict and Explain Market Outcomes as well as to Show the Impacts of Government Intervention. Some Key Elasticities of Demand and Supply.
8 videos
  1. Video: Intro to Week 2
  2. Video: Predicting and Explaining Market Outcomes
  3. Video: Government Intervention in Markets: Price Ceilings
  4. Video: Price Elasticity of Demand and it's Relationship to Total Expenditure
  5. Video: Calculating and Applying Price Elasticity of Demand
  6. Video: Determinants of Elasticity of Demand
  7. Video: Three Other Elasticities
  8. Video: Sharpening your Understanding of Price Elasticity of Demand and Supply
Graded: Week 2 Quiz
WEEK 3
Week 3 - Consumer Choice
Explaining Consumer Choice Through Analyzing Consumer Preferences and Budget Constraints.
9 videos
  1. Video: Intro to Week 3
  2. Video: Consumer Preferences
  3. Video: Sharpening Your Understanding of Indifference Curves
  4. Video: The Budget Constraint
  5. Video: The Consumer’s Optimal Choice
  6. Video: Changes in Income and Consumption Choices
  7. Video: Accounting for Altruism
  8. Video: Price Changes and Consumption Choices
  9. Video: From Individual to Market Demand
Graded: Week 3 Quiz
WEEK 4
Week 4 - Consumer Choice and the Benefits of Exchange
Using Consumer Choice Theory to Analyze Investor Choice as well as Policies Such as ObamaCare and School Choice. Promoting Efficiency in the Distribution of Goods.
9 videos
  1. Video: Intro and Consumer Surplus
  2. Video: The Price-Consumption Curve and Elasticity of Demand
  3. Video: Excise Subsidies - Health Care and Consumer Welfare
  4. Video: Analyzing ObamaCare I
  5. Video: Analyzing ObamaCare II
  6. Video: Analyzing School Choice I
  7. Video: Analyzing School Choice II
  8. Video: Investor Choice
  9. Video: Efficiency in the Distribution of Goods
Graded: Week 4 Quiz

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Creators
University of Rochester
The University of Rochester is one of the nation's leading private universities. Located in Rochester, N.Y., the University provides exceptional opportunities for interdisciplinary study and close collaboration with faculty through its unique cluster-based curriculum. Its College, School of Arts and Sciences, and Hajim School of Engineering and Applied Sciences are complemented by its Eastman School of Music, Simon School of Business, Warner School of Education, Laboratory for Laser Energetics, School of Medicine and Dentistry, School of Nursing, Eastman Institute for Oral Health, and the Memorial Art Gallery.
Ratings and Reviews
Rated 4.6 out of 5 of 70 ratings

A

The instructor was very nice. He explained every topic with real world examples which made the course easier to understand and interesting.

NK

Very instructive.

李

excellent professor,nice teaching style

Martin Ihnatco

Easy to follow, clear explanation



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