University of Pennsylvania
Microeconomics: The Power of Markets
University of Pennsylvania

Microeconomics: The Power of Markets

Taught in English

Some content may not be translated

73,488 already enrolled

Course

Gain insight into a topic and learn the fundamentals

Rebecca Stein

Instructor: Rebecca Stein

4.7

(1,474 reviews)

15 hours to complete
3 weeks at 5 hours a week
Flexible schedule
Learn at your own pace

Details to know

Shareable certificate

Add to your LinkedIn profile

Assessments

18 quizzes

See how employees at top companies are mastering in-demand skills

Placeholder
Placeholder

Earn a career certificate

Add this credential to your LinkedIn profile, resume, or CV

Share it on social media and in your performance review

Placeholder

There are 5 modules in this course

Where do markets come from? We will start with understanding the constraint of scarcity that we face and the concept of opportunity cost that reflects the true cost of any decision we make. We will learn to model scarcity using the Production Possibilities Frontier that allows us to visualize tradeoffs, distinguish between efficient, inefficient and unattainable points. We will also discuss how economic growth affects our options and allows us to achieve the previously unattainable.

What's included

17 videos2 readings3 quizzes1 discussion prompt

Trade allows us to achieve the unattainable- we can consume more than we can produce on our own. We will introduce the concept of Comparative Advantage and discuss how gains from specialization allow us to use our resources efficiently. We will apply these concepts to a simple model of trade, showing that now the Consumption Possibilities Frontier allows points outside the Production Possibilities Frontier.

What's included

14 videos1 reading2 quizzes1 discussion prompt

We will introduce the central model of Supply & Demand. This will allow you to communicate with other economists and finally understand those business pages and market updates. We will distinguish between a movement along and a movement of the supply & demand curves. We will define market equilibrium as understand that at an equilibrium price there is neither excess demand nor excess supply. We will end by a few scenarios where exogenous changes affect supply and/or demand and analyze the impact on equilibrium price and quantity.

What's included

15 videos1 reading4 quizzes1 discussion prompt

There is a lot of terminology this week. We will introduce of the concept of elasticity of demand that measures the responsiveness of quantity demanded to a change in the price of a good. We will explore the relationship between change in price and revenue or sales and how elasticities can help us predict whether a decrease in price will increase or decrease revenue. We then introduce other elasticities of note: cross price elasticity, income elasticity and elasticity of supply. We end the week by exploring the great accomplishment of markets: maximizing the size of the pie or the total benefit to society.

What's included

23 videos1 reading4 quizzes1 discussion prompt

In week four we learnt that the markets maximize the surplus that can be generated. So what happens if the government steps in and intervenes in the market? This week we will analyze price floors and ceilings, taxes and subsidies and learn how the best intentions sometimes lead to very unfortunate results.

What's included

16 videos1 reading5 quizzes1 discussion prompt

Instructor

Instructor ratings
4.8 (276 ratings)
Rebecca Stein
University of Pennsylvania
3 Courses97,256 learners

Offered by

Recommended if you're interested in Economics

Why people choose Coursera for their career

Felipe M.
Learner since 2018
"To be able to take courses at my own pace and rhythm has been an amazing experience. I can learn whenever it fits my schedule and mood."
Jennifer J.
Learner since 2020
"I directly applied the concepts and skills I learned from my courses to an exciting new project at work."
Larry W.
Learner since 2021
"When I need courses on topics that my university doesn't offer, Coursera is one of the best places to go."
Chaitanya A.
"Learning isn't just about being better at your job: it's so much more than that. Coursera allows me to learn without limits."

Learner reviews

Showing 3 of 1474

4.7

1,474 reviews

  • 5 stars

    79.05%

  • 4 stars

    17.49%

  • 3 stars

    2.64%

  • 2 stars

    0.47%

  • 1 star

    0.33%

WW
5

Reviewed on Mar 4, 2020

YG
5

Reviewed on Mar 2, 2016

MP
5

Reviewed on Apr 6, 2020

Placeholder

Open new doors with Coursera Plus

Unlimited access to 7,000+ world-class courses, hands-on projects, and job-ready certificate programs - all included in your subscription

Advance your career with an online degree

Earn a degree from world-class universities - 100% online

Join over 3,400 global companies that choose Coursera for Business

Upskill your employees to excel in the digital economy

Frequently asked questions