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 |
Syllabus
WEEK 1
Week 5 - Production
The Production Process: How Firms Convert Inputs into Final Outputs.
8 videos
- Video: Production in the Short Run
- Video: Total, Average, and Marginal Product Curves
- Video: The Law of Diminishing Marginal Returns
- Video: Production in the Long Run
- Video: Trading Off Inputs in Production
- Video: Returns to Scale
- Video: Short-run Cost of Production
- Video: The Relationship Between Cost Curves
Graded: Week 5 Quiz
WEEK 2
Week 6 - Cost Minimization
How Firms Minimize the Cost of Producing Output.
9 videos
- Video: Marginal-Average Cost Relationships
- Video: The Golden Rule of Cost Minimization
- Video: Applying the Golden Rule of Cost Minimization
- Video: Long Run Cost Curves
- Video: The Importance of Cost Curves to Market Structure and Efforts to Abate Pollution
- Video: Perfect Competition: Key Assumptions
- Video: Short-run Profit Maximization
- Video: The Competitive Firm’s Short-Run Supply Curve and the Shutdown Condition
- Video: Output Response to Input Price Changes
Graded: Week 6 Quiz
WEEK 3
Week 7 - Profit Maximization in Perfectly Competitive Markets
How Firms Maximize Profits in Perfectly Competitive Markets.
10 videos
- Video: Short-run Competitive Equilibrium
- Video: Long-run Competitive Equilibrium
- Video: The Long-run Industry Supply Curve
- Video: Key Points About the Long-run Industry Supply Curve
- Video: Producer Surplus
- Video: Competition Maximizes Total Surplus
- Video: Who Bears the Burden of Excise Taxes?
- Video: The Deadweight Loss of Excise Taxes
- Video: City Taxicab Markets
- Video: The Net Gains From Trade
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
- Video: Monopoly: An Introduction
- Video: Monopoly and Profit Maximization
- Video: Monopoly Price and Its Relationship to Elasticity of Demand
- Video: Further Implications of Monopoly Analysis
- Video: The Measurement and Sources of Monopoly Power
- Video: The Sources of Monopoly Power
- Video: The Efficiency Effects of Monopoly
- Video: Public Policy Toward Monopoly
- Video: Price Discrimination
- Video: Three Necessary Conditions for Price Discrimination
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
good
It opens your eyes to the world fo supply and demand...a very clear explanation.
Excellent course. Well worth the effort Looking forward to Part III.
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RB
The course that changes way of thinking. Thank you a lot for this.