About this Course
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Approx. 14 hours to complete

Suggested: 5 weeks of study, 4-7 hours/week...

English

Subtitles: English, Mongolian

Skills you will gain

EconomicsMicroeconomicsEconomic AnalysisMarket (Economics)

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Approx. 14 hours to complete

Suggested: 5 weeks of study, 4-7 hours/week...

English

Subtitles: English, Mongolian

Syllabus - What you will learn from this course

Week
1
2 hours to complete

The Concept of Scarcity

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
1 hour to complete

Specialization & Trade

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
1 hour to complete

Supply and Demand

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
2 hours to complete

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

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
4.7
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Top reviews from Microeconomics: The Power of Markets

By ASJan 14th 2017

I really enjoyed the clarity with which the concepts were taught. I loved the examples and I thought they were very helpful and made the concepts so much easier to understand.

By LYApr 11th 2016

Thanks for the professional details of this course. And I think the numerical examples provided by Professor Rebecca give me good understanding about the power of markets.

Instructor

Avatar

Rebecca Stein

Senior Lecturer
Economics

About University of Pennsylvania

The University of Pennsylvania (commonly referred to as Penn) is a private university, located in Philadelphia, Pennsylvania, United States. A member of the Ivy League, Penn is the fourth-oldest institution of higher education in the United States, and considers itself to be the first university in the United States with both undergraduate and graduate studies. ...

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