Microeconomics Principles

University of Illinois at Urbana-Champaign

About this Course

253,283 recent views

Most people make the incorrect assumption that economics is ONLY the study of money. My primary goal in this course is to shatter this belief. During this course, we will be addressing the above questions as well as many more relating to:
-the environment
-love and marriage
-crime
-labor markets
-education
-politics
-sports
-business

My main goal is to show you the way economists think and how to use this analytical system to answer questions related not only to these and other important human issues but to anything you end up doing with your life after this class. After all, as you will quickly find out, I believe that everything is economics!

Learner Career Outcomes

25%

started a new career after completing these courses

42%

got a tangible career benefit from this course

33%

got a pay increase or promotion

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.

Beginner Level

None

Approx. 27 hours to complete

English

Subtitles: English, Spanish, Chinese (Simplified)

What you will learn

Identifying hidden costs of anything

Skills you will gain

EconomicsCritical ThinkingMicroeconomicsEconomic Analysis

Learner Career Outcomes

25%

started a new career after completing these courses

42%

got a tangible career benefit from this course

33%

got a pay increase or promotion

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.

Beginner Level

None

Approx. 27 hours to complete

English

Subtitles: English, Spanish, Chinese (Simplified)

Instructor

Instructor rating

4.81/5 (168 Ratings)

Dr. José J. Vázquez-Cognet

Clinical Professor

Department of Economics

85,709 Learners

1 Course

Offered by

University of Illinois at Urbana-Champaign

The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.

Syllabus - What you will learn from this course

Content Rating97%(10,516 ratings)

Week

Week 1

2 hours to complete

Course Orientation

You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.

2 hours to complete

1 video (Total 3 min), 4 readings, 1 quiz

1 video

Microeconomic Principles at a Glance2m

4 readings

Syllabus30m

About the Discussion Forums15m

Updating Your Profile15m

Social Media15m

1 practice exercise

Orientation Quiz10m

3 hours to complete

Introduction and Basic Principles

Welcome to your first week in Microeconomics Principles! As you will quickly see, the things you learn in this class will probably help you see the world in a different way. Economics is not just about money, as you may have incorrectly assumed. On the contrary, as you will learn in this lesson, economics is about how society distributes scarce resources. And, since almost anything in the world is a scarce resource, from fossil fuels to nice guys, we can apply the rules of economics to pretty much anything.

3 hours to complete

6 videos (Total 52 min), 1 reading, 1 quiz

6 videos

1.1. Welcome to Principles of Microeconomics5m

2.1. What is Economics?9m

2.2. Opportunity Costs6m

2.3. Net Marginal Benefit Principle8m

2.4. The Invisible Hand Principle9m

2.5. Trade13m

1 reading

Week 1 Overview15m

1 practice exercise

Week 1 Quiz30m

Week

Week 2

4 hours to complete

Supply and Demand

Welcome to your second week in Microeconomics Principles! This module we will cover the hallmark framework of the field: the supply and demand model. I am sure that if you knew any economics words before enrolling in this course those two words were supply and demand. This module you will finally learn what all the fuss is about.

4 hours to complete

17 videos (Total 122 min), 1 reading, 1 quiz

17 videos

1.1. What is a Market?1m

1.2. The Market for Romantic Relationships7m

2.1. The Determinants of Demand4m

2.2. The Demand Function, Schedule, and Curve7m

2.3. Introducing Comparative Statistics: Changes in the Price4m

2.4. A Change in Demand, Part 113m

2.5. A Change in Demand, Part 210m

3.1. The Determinants of Supply4m

3.2. The Supply Equation, Schedule, and Curve7m

3.3. Price of an Input Changes5m

3.4. A Change in Technology4m

4.1. Supply Surplus, Supply Shortage, and Equilibrium Price12m

5.1. Changes in Demand: Price of Related Goods10m

5.2. Changes in Demand: Consumer Preferences4m

5.3. A Change in Supply7m

5.4. Simultaneous Change in Supply and Demand6m

6.1. Demand and Supply Conclusion8m

1 reading

Week 2 Overview15m

1 practice exercise

Week 2 Quiz30m

Week

Week 3

3 hours to complete

Market Efficiency and Government Policies

Welcome to Week 3! Last module we introduced the supply and demand model to explain how free markets work. One of the main concepts we learned about free markets was that they tend to gravitate toward an “equilibrium” price and quantity. This module we will use the same conceptual model to answer one important question: Are free markets the best way to distribute society’s resources?

3 hours to complete

10 videos (Total 67 min), 1 reading, 1 quiz

10 videos

1.1. Do We Need Silly Products?8m

2.1. What is Consumer Surplus?8m

2.2. Consumer Surplus and the Demand Curve3m

3.1. What is Producer Surplus?3m

3.2. Producer Surplus and the Supply Curve3m

4.1. Total Surplus: The Graphical Argument for Free Markets9m

5.1. Price Ceilings8m

5.2. Price Floors11m

6.1. Could We Reduce the Shortage of Human Organs?7m

6.2. Application: Playoff Tickets and Scalping Laws3m

1 reading

Week 3 Overview15m

1 practice exercise

Week 3 Quiz30m

Week

Week 4

3 hours to complete

Elasticities

Welcome to the fourth week! This module we will cover one of my favorite economics concepts: elasticity. It is one of my favorites because of how useful it is to analyze policy implications, as well as its usefulness for business managers. This will be obvious to you when you read one of the discussion topics for this module: Should we legalize marijuana?

3 hours to complete

14 videos (Total 89 min), 1 reading, 1 quiz

14 videos

1.1. Introduction to Elasticity4m

2.1. Definition and Classifying Price Elasticities of Demand10m

2.2. Price Elasticity of Demand and Revenue4m

2.3. Determinants of Price Elasticity of Demand10m

2.4. Price Elasticities of Demand and the Linear Demand Curve5m

3.1. Income Elasticity of Demand5m

3.2. Cross-Price Elasticity of Demand8m

4.1. Definition of Price Elasticity of Supply2m

4.2. Determinants of Price Elasticity of Supply2m

5.1. Introduction to Per-Unit Taxes4m

5.2. The Distributional Effects of Tax13m

5.3. Taxes and Surplus4m

6.1. Should Black Dog Increase the Price of Their Sandwiches?2m

6.2. Other Applications of Price Elasticity8m

1 reading

Week 4 Overview15m

1 practice exercise

Week 4 Quiz30m

Week

Week 5

3 hours to complete

Production and Costs

Welcome to your fifth week! This module we will begin covering the theory of the firm, which will take us basically three modules to finish. Economists call this section of the course, "The Economics of the Lemonade Stand." And that title makes perfect sense, since the concepts we cover can be used by anyone, from someone owning a lemonade stand, to a car manufacturing company, to a hair salon, to a burrito stand, etc.

3 hours to complete

9 videos (Total 64 min), 1 reading, 1 quiz

9 videos

1.1. Introduction to Production4m

2.1. Demonstration: The Production of Tennis Balls7m

2.2. The Production Process at a Glance8m

2.3. A Numerical Example: Cooks in the Kitchen7m

3.1. Fixed, Variable, and Total Costs6m

3.2. Marginal Costs5m

3.3. Cost Curves9m

4.1. Back to Black Dog4m

4.2. Applications9m

1 reading

Week 5 Overview15m

1 practice exercise

Week 5 Quiz30m

Week

Week 6

3 hours to complete

Competitive Output

Welcome to your sixth week! This module we continue our discussion of the firm by focusing on those firms working in a perfectly competitive (or competitive) environment.

3 hours to complete

10 videos (Total 75 min), 1 reading, 1 quiz

10 videos

1.1. Introduction to Competitive Output2m

2.1. The Maximizing Profit Assumption3m

2.2. The Profit Equation7m

2.3. The Profit Maximizing Rule10m

3.1. Perfect Competition6m

4.1. The Short-run Decision8m

4.2. Long-run Competitive Output11m

4.3. Using the Long-run Equilibrium Model10m

4.4. The Long-run Supply Curve11m

5.1. Conclusion to Competitive Output3m

1 reading

Week 6 Overview15m

1 practice exercise

Week 6 Quiz30m

Week

Week 7

3 hours to complete

Firms with Market Power

So, why is it that when you fly the person sitting next to you in the plane probably paid a different price for the ticket than what you paid for it? And why does Starbucks charge so much for its coffee even though you can buy coffee at Dunkin’ Donuts for almost half of that price? This module we are finishing our discussion of the firm by focusing on cases that should be more familiar to you than the perfect competition examples we have been using.

3 hours to complete

10 videos (Total 79 min), 1 reading, 1 quiz

10 videos

1.1. Pricing with Market Power: An Introduction3m

2.1. Market Structures With Pricing Power7m

2.2. Sources of Market Power12m

3.1. When Marginal Revenue is Less than Price9m

3.2. Marginal Revenue and the Price Elasticity of Demand6m

4.1. Perfect Price Discrimination9m

4.2. Imperfect Price Discrimination10m

4.3. Other Pricing Strategies8m

5.1. The Social Cost of Market Power7m

6.1. Pricing with Market Power: Conclusion4m

1 reading

Week 7 Overview15m

1 practice exercise

Week 7 Quiz30m

Week

Week 8

4 hours to complete

Public Goods, Common Resources, and Externalities

And so we have arrived at the last week. This course has gone too fast! This module we will be discussing market failures. A market failure is a situation when the market does not do a good job of distributing resources among members of society. In fact, in all of these cases the market IS the problem.

4 hours to complete

13 videos (Total 96 min), 1 reading, 1 quiz

13 videos

1.1. Introduction to Public Goods, Common Resources, and Externalities3m

2.1. How to Classify Goods10m

2.2. What Type of Good is This?5m

3.1. The Public Goods Game13m

3.2. Public Goods4m

3.3. Solving the Free Rider8m

4.1. The Tragedy of the Commons8m

4.2. How to Deal with the Tragedy of the Commons4m

5.1. Negative Externalities10m

5.2. Positive Externalities5m

5.3. Private Solutions8m

5.4. Governmental Solutions10m

6.1. Conclusion to Public Goods, Common Resources, and Externalities4m

1 reading

Week 8 Overview15m

1 practice exercise

Week 8 Quiz30m

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Microeconomics Principles