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The Power of Markets II: Market Structure and Firm Behavior

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The Power of Markets II: Market Structure and Firm Behavior

Instructor: Mark Zupan

8,678 already enrolled

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4 modules

Gain insight into a topic and learn the fundamentals.

128 reviews

Intermediate level

Some related experience required

8 hours to complete

Flexible schedule

Learn at your own pace

4 modules

Gain insight into a topic and learn the fundamentals.

128 reviews

Intermediate level

Some related experience required

8 hours to complete

Flexible schedule

Learn at your own pace

What you'll learn

Students will be able to explain how firms select price-output levels in order to maximize revenue.

Skills you'll gain

Details to know

Shareable certificate

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Assessments

4 assignments

Taught in English

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There are 4 modules in 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.

Module details

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

What's included

8 videos1 assignment

8 videosTotal 57 minutes

Production in the Short Run7 minutes
Total, Average, and Marginal Product Curves 8 minutes
The Law of Diminishing Marginal Returns 5 minutes
Production in the Long Run 6 minutes
Trading Off Inputs in Production 6 minutes
Returns to Scale 7 minutes
Short-run Cost of Production7 minutes
The Relationship Between Cost Curves 11 minutes

1 assignmentTotal 30 minutes

Week 5 Quiz30 minutes

How Firms Minimize the Cost of Producing Output.

What's included

9 videos1 assignment

9 videosTotal 87 minutes

Marginal-Average Cost Relationships10 minutes
The Golden Rule of Cost Minimization 12 minutes
Applying the Golden Rule of Cost Minimization14 minutes
Long Run Cost Curves13 minutes
The Importance of Cost Curves to Market Structure and Efforts to Abate Pollution 9 minutes
Perfect Competition: Key Assumptions6 minutes
Short-run Profit Maximization 4 minutes
The Competitive Firm’s Short-Run Supply Curve and the Shutdown Condition 13 minutes
Output Response to Input Price Changes6 minutes