About this Course

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Learner Career Outcomes

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started a new career after completing these courses

33%

got a tangible career benefit from this course

20%

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

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Approx. 9 hours to complete

English

Subtitles: English, Mongolian

Skills you will gain

EconomicsMicroeconomicsEconomic AnalysisMarket (Economics)

Learner Career Outcomes

20%

started a new career after completing these courses

33%

got a tangible career benefit from this course

20%

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.

Approx. 9 hours to complete

English

Subtitles: English, Mongolian

Instructor

Offered by

University of Pennsylvania logo

University of Pennsylvania

Syllabus - What you will learn from this course

Content RatingThumbs Up94%(2,982 ratings)Info
Week
1

Week 1

2 hours to complete

The Concept of Scarcity

2 hours to complete
17 videos (Total 54 min), 3 readings, 3 quizzes
17 videos
1.1.1 Opportunity Cost: Introduction2m
1.1.2 Opportunity Cost: The Cost of Education2m
1.1.3 Opportunity Cost: Numeric Example 13m
1.1.4 Opportunity Cost: Numeric Example 22m
1.1.5 Opportunity Cost: Numeric Example33m
1.1.6 Opportunity Cost: Numeric Example 42m
1.2.1 Scarcity: Introduction2m
1.2.2 Production Possibilities Frontier: Definition2m
1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit3m
1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit1m
1.2.5 Production Possibilities Frontier: Graphical Approach4m
1.2.6 Production Possibilities Frontier: Numerical Example4m
1.2.7 Production Possibilities Frontier: Understanding the Slope2m
1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth2m
1.2.9 Allocative Efficiency: Graphical Approach 13m
1.2.10 Allocative Efficiency: Graphical Approach 27m
3 readings
Additional Readings: General Suggestions10m
Participate in a Purdue Research Project (Optional)10m
Additional Readings: Week 110m
3 practice exercises
Opportunity Cost6m
Production Possibility Frontier (PPF)6m
Production Possibilities Frontier and Growth8m
Week
2

Week 2

1 hour to complete

Specialization & Trade

1 hour to complete
14 videos (Total 39 min), 1 reading, 2 quizzes
14 videos
2.2.1 Comparative Advantage: Numerical Example 1 - Set up1m
2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs3m
2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF2m
2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed3m
2.3.2 Comparative Advantage: Definition57s
2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization4m
2.2.6 Comparative Advantage: Numerical Example 61m
2.2.7 Comparative Advantage: Numerical Example 72m
2.3.1 Absolute Advantage: Definition42s
2.4.1 Gaining from Specialization Through Trade3m
2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier4m
2.4.3 Gaining from Specialization: General Graphical Approach5m
2.4.4 Gaining from Specialization: Imports and Exports3m
1 reading
Additional Readings: Week 210m
2 practice exercises
Comparative Advantage10m
Trade4m
Week
3

Week 3

1 hour to complete

Supply and Demand

1 hour to complete
15 videos (Total 44 min), 1 reading, 4 quizzes
15 videos
3.1.2 The Demand Curve3m
3.1.3 Shifts of Demand: Part 13m
3.1.4 Shifts of Demand: Part 24m
3.1.5 The Supply Curve4m
3.1.6 Shifts of Supply: Part 12m
3.1.7 Shifts of Supply: Part 23m
3.1.8 Market Equilibrium: Definition2m
3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells2m
3.1.10 The Invisible Hand: Part 13m
3.1.11 The Invisible Hand: Part 22m
3.1.12 Changes in Demand: Effect on Market Equilibrium3m
3.1.13 Changes in Supply: Effect on Market Equilibrium2m
3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium2m
3.1.15 Supply & Demand: Conclusion1m
1 reading
Additional Readings: Week 310m
4 practice exercises
The Demand Curve8m
The Supply Curve4m
Market Equilibrium8m
A Change in Market Equilibrium6m
Week
4

Week 4

2 hours to complete

Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity

2 hours to complete
23 videos (Total 82 min), 1 reading, 4 quizzes
23 videos
4.1.2 Elasticity of Demand4m
4.1.3 What Affects Elasticity of Demand4m
4.1.4 Perfectly Inelastic and Perfectly Elastic Demand4m
4.1.5 Elasticity Along a Straight Line Demand Curve3m
4.1.6 Elasticity and Revenue: Part 13m
4.1.7 Elasticity and Revenue: Part 21m
4.1.8 Unit Elastic Demand Curve2m
4.1.9 Cross Price Elasticity: Complements vs. Substitutes2m
4.1.10 Income Elasticity: Normal vs. Inferior Goods2m
4.1.11 Elasticity of Supply3m
4.1.12 Elasticity: Summary1m
4.2.1 Efficiency & Equity: Introduction2m
4.2.2 Consumer Surplus5m
4.2.3 Producer Surplus4m
4.2.4 Maximizing Total Surplus1m
4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity4m
4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity4m
4.2.7 Efficiency & Equity: Conclusion1m
4.2.8 Price Ceiling5m
4.2.9 Price Floors: The Case of Minimum Wage5m
4.2.10 Calculating Total Surplus: Numerical Example4m
4.2.11 Price Ceilings: A Numerical Example5m
1 reading
Additional Readings: Week 410m
4 practice exercises
Elasticity of Demand10m
Elasticity of Demand & Revenue4m
Other Elasticity Terms6m
Consumer and Producer Surplus8m

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