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.
Offered By
The Power of Markets II: Market Structure and Firm Behavior
University of RochesterAbout this Course
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Approx. 8 hours to complete
English
Subtitles: English
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Flexible deadlines
Reset deadlines in accordance to your schedule.
Approx. 8 hours to complete
English
Subtitles: English
Offered by
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.
Syllabus - What you will learn from this course
2 hours to complete
Week 5 - Production
The Production Process: How Firms Convert Inputs into Final Outputs.
2 hours to complete
8 videos (Total 57 min)
8 videos
Total, Average, and Marginal Product Curves 7m
The Law of Diminishing Marginal Returns 4m
Production in the Long Run 5m
Trading Off Inputs in Production 5m
Returns to Scale 7m
Short-run Cost of Production7m
The Relationship Between Cost Curves 11m
1 practice exercise
Week 5 Quiz40m
2 hours to complete
Week 6 - Cost Minimization
How Firms Minimize the Cost of Producing Output.
2 hours to complete
9 videos (Total 87 min)
9 videos
The Golden Rule of Cost Minimization 11m
Applying the Golden Rule of Cost Minimization14m
Long Run Cost Curves13m
The Importance of Cost Curves to Market Structure and Efforts to Abate Pollution 8m
Perfect Competition: Key Assumptions6m
Short-run Profit Maximization 4m
The Competitive Firm’s Short-Run Supply Curve and the Shutdown Condition 12m
Output Response to Input Price Changes5m
1 practice exercise
Week 6 Quiz40m
2 hours to complete
Week 7 - Profit Maximization in Perfectly Competitive Markets
How Firms Maximize Profits in Perfectly Competitive Markets.
2 hours to complete
10 videos (Total 92 min)
10 videos
Long-run Competitive Equilibrium 10m
The Long-run Industry Supply Curve 12m
Key Points About the Long-run Industry Supply Curve 9m
Producer Surplus 3m
Competition Maximizes Total Surplus 9m
Who Bears the Burden of Excise Taxes?14m
The Deadweight Loss of Excise Taxes 5m
City Taxicab Markets 7m
The Net Gains From Trade 11m
1 practice exercise
Week 7 Quiz40m
2 hours to complete
Week 8 - Monopoly Power: Its Sources and How to Use It
The Sources and Uses of Monopoly Power.
2 hours to complete
10 videos (Total 95 min)
10 videos
Monopoly and Profit Maximization 5m
Monopoly Price and Its Relationship to Elasticity of Demand 8m
Further Implications of Monopoly Analysis 11m
The Measurement and Sources of Monopoly Power 5m
The Sources of Monopoly Power 11m
The Efficiency Effects of Monopoly8m
Public Policy Toward Monopoly 11m
Price Discrimination 12m
Three Necessary Conditions for Price Discrimination 12m
1 practice exercise
Week 8 Quiz40m
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