About this course: In order to maximize profits, firms must ensure that any given output level is produced at least cost and then select the price-output combination that results in total revenue exceeding total cost by the greatest amount possible. With this in mind, this second module of the Power of Markets course addresses how firms can most effectively convert inputs into final output and then covers determining the best price-output combination for a firm and how this varies depending on whether the firm is operating in a perfectly competitive or imperfectly competitive market setting.

Created by: University of Rochester

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

Commitment	3-5 hours/week
Language	English
How To Pass	Pass all graded assignments to complete the course.
User Ratings	4.6 stars Average User Rating 4.6See what learners said

Syllabus

WEEK 1

Week 5 - Production

The Production Process: How Firms Convert Inputs into Final Outputs.

8 videos

Graded: Week 5 Quiz

WEEK 2

Week 6 - Cost Minimization

How Firms Minimize the Cost of Producing Output.

9 videos

Graded: Week 6 Quiz

WEEK 3

Week 7 - Profit Maximization in Perfectly Competitive Markets

How Firms Maximize Profits in Perfectly Competitive Markets.

10 videos

Graded: Week 7 Quiz

WEEK 4

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

The Sources and Uses of Monopoly Power.

10 videos

Graded: Week 8 Quiz

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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 24 ratings

The course that changes way of thinking. Thank you a lot for this.