About this Course

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In this course, you will learn all of the major principles of microeconomics normally taught in a quarter or semester course to college undergraduates or MBA students.  

Perhaps more importantly, you will also learn how to apply these principles to a wide variety of real world situations in both your personal and professional lives.  In this way, the Power of Microeconomics will help you prosper in an increasingly competitive environment.

Note that this course is a companion to the Power of Macroeconomics.  If you take both courses, you will learn all of the major principles normally taught in a year-long introductory economics college course.

Learner Career Outcomes

30%

started a new career after completing these courses

21%

got a tangible career benefit from this course

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Approx. 22 hours to complete

Suggested: 11 hours of videos and quizzes...

English

Subtitles: English, Ukrainian, Chinese (Simplified)

Learner Career Outcomes

30%

started a new career after completing these courses

21%

got a tangible career benefit from this course

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Approx. 22 hours to complete

Suggested: 11 hours of videos and quizzes...

English

Subtitles: English, Ukrainian, Chinese (Simplified)

Syllabus - What you will learn from this course

Week

1

1 hour to complete

Welcome

1 video (Total 7 min), 1 reading, 1 quiz

1 video

An Introduction to Microeconomics 7m

1 reading

Syllabus10m

1 practice exercise

Check Your Economics Knowledge (Ungraded)1h

Week

2

1 hour to complete

An Introduction to Microeconomics

5 videos (Total 24 min), 1 reading, 1 quiz

5 videos

Microeconomics Defined and Three Questions Every Economy Must Answer 7m

The Production Possibility Frontier and Opportunity Costs 6m

The Fundamental Concepts of Microeconomics and Course Overview 5m

Other Reasons for Government Regulation3m

An Overview of Land, Labor, and Capital Markets; Externalities and Public Goods 2m

1 reading

Module Overview10m

1 practice exercise

An Introduction to Microeconomics48m

Week

3

1 hour to complete

Supply, Demand and Equilibrium

4 videos (Total 27 min), 1 reading, 1 quiz

4 videos

The Law of Demand, Income/Substitution Effects, and Shift Factors6m

Change in Demand vs. Change in Quantity Demanded; The Market Demand and Supply Curves; Supply Curve Shift Factors 5m

Equilibrium; Price Effects of Supply and Demand Curve Shifts; Price Controls and Floors 5m

The Market Allocates Goods & Resources- What, For Whom, and How; Some Cool Examples 10m

1 reading

Module Overview10m

1 practice exercise

Supply, Demand and Equilibrium36m

Week

4

2 hours to complete

Demand and Consumer Behavior

4 videos (Total 35 min), 1 reading, 1 quiz

4 videos

Consumer Choice and Utility Theory7m

Consumer Optimization and the Equimarginal Principle; Income and Substitution Effects 7m

Demand Price Elasticity and its Determinants11m

Price Elasticity and Total Revenue8m

1 reading

Module Overview10m

1 practice exercise

Demand and Consumer Behavior50m

Week

5

1 hour to complete

Supply and Production Theory

6 videos (Total 33 min), 1 reading, 1 quiz

6 videos

Overview of Production Theory and the Production Function5m

Average, Marginal, Variable, and Total Costs; The Marginal Product and Law of Diminishing Return5m

Marginal Cost and Marginal Cost Pricing; The AFC, ATC, and AVC Curves3m

Long Run Cost Analysis and Economies of Scale4m

Diseconomies of Scale, Minimum Efficient Scale, and Natural Monopoly; The Structure-Conduct-Performance Paradigm5m

Accounting Versus Economic Profits; The Price Elasticity of Supply 7m

1 reading

Module Overview10m

1 practice exercise

Supply and Production Theory34m

Week

6

2 hours to complete

Perfect Competition

6 videos (Total 39 min), 1 reading, 1 quiz

6 videos

Overview of Industry Structure, Conduct, and Performance 3m

Assumptions of Perfect Competition; the P=MR Condition 6m

Market Failures that Lead to Imperfect Competition; Externalities and the Public Goods Problem3m

Pricing and Production Rules; P=MR=MC; The Shutdown Rule 7m

Long Run Equilibrium; Normal or Zero Economic Profits 6m

Allocative vs. Productive Efficiency; Pareto Optimality; Consumer and Producer Surplus and Deadweight Loss 11m

1 reading

Module Overview10m

1 practice exercise

Perfect Competition1h 14m

Week

7

2 hours to complete

Monopoly and Monopolistic Competition

4 videos (Total 38 min), 1 reading, 1 quiz

4 videos

Why Study Imperfect Competition; Monopoly’s Pricing Rule 9m

Regulating Monopolies and the P=AC Rule; X-efficiency Under Cost-Plus Pricing; Schumpeter Argument for Monopoly 7m

Monopolistic Competition; Concentration Ratios; Mutual Dependence Recognized and Collusion6m

Comparing Monopolistic and Perfect Competition; Non-Price Competition and Product Differentiation14m

1 reading

Module Overview10m

1 practice exercise

Monopoly and Monopolistic Competition44m

Week

8

2 hours to complete

Oligopoly and Strategic Behavior

6 videos (Total 41 min), 1 reading, 1 quiz

6 videos

Oligopoly Defined and Sources of Oligopoly9m

Market Power and Strategic Interaction; Cooperative Versus Non-Cooperative Behavior; Explicit Collusion6m

Tacit Versus Explicit Collusion; Forms of Tacit Collusion; Models of Oligopoly Conduct 3m

Joint Profit Maximization Model; Why Cartels Can Fail4m

The Price Leadership Model; The Kinked Demand Curve Model 5m

Game Theory and the Prisoner’s Dilemma; The Nash Equilibrium10m

1 reading

Module Overview10m

1 practice exercise

Oligopoly and Strategic Behavior1h 10m

Week

9

1 hour to complete

Land and Rent

5 videos (Total 29 min), 1 reading, 1 quiz

5 videos

Introduction to Land and Rent; Factor Prices 5m

How Land is Priced; Rent Versus Economic Rent 4m

The “Corn Wars” and Theory of Ricardian Rents; Property Rights 7m

Henry George’s Single Tax Movement; Efficiency of a Land Tax 5m

Determinants of the Price of Land and Rents; Rent Seeking 7m

1 reading

Module Overview10m

1 practice exercise

Land and Rent38m

Week

10

2 hours to complete

The Labor Market and Wage Determination

6 videos (Total 37 min), 1 reading, 1 quiz

6 videos

What Determines the Wage Rate? Unions and “Company Towns” 4m

The Derived Demand For Labor; The Marginal Productivity Theory of Resource Demand; The Profit Maximizing Rule; MRC=W8m

Productivity, Wages and Product Prices 2m

Issues in Labor Force Participation; Substitution and Income Effects and the Backward Bending Curve; Immigration 3m

Wages Under Differing Market Structures; Monopoly, Monopsony, and Labor Unions; Labor Immobility; Role of Unions 11m

Factors Affecting Wage Differentials; Compensating Differentials; Quasi-Rents; Human Capital; Immobilities;, Non-Competing Groups7m

1 reading

Module Overview10m

1 practice exercise

The Labor Market and Wage Determination50m

Week

11

2 hours to complete

The Capital Market, Interest, and Profits

6 videos (Total 32 min), 1 reading, 1 quiz

6 videos

Capital Analysis in the Real World; Three Categories of Capital Goods; Interest Rate Defined; Rate of Return 7m

Depreciation; Theory of Loanable Funds; Two Interest Rate Functions 5m

How Shifts in Demand and Supply Affect Interest Rates; Investment Analysis Over Time; Net Present Value; Perpetuities6m

NPV In the Real World; NPV Equation 4m

Real World Applications of NPV 4m

Interest Rates In The Real World; Factors Determining Interest Rates 3m

1 reading

Module Overview10m

1 practice exercise

The Capital Market, Interest, and Profits50m

Week

12

2 hours to complete

Public Goods and Externalities

7 videos (Total 41 min), 1 reading, 1 quiz

7 videos

Why Markets Fail and Government’s Role4m

Public Vs. Private Goods; Non-rival Consumption; Non-excludability; Free Rider Problem 6m

Economic Efficiency and Public Goods; Market Demand for Public Goods5m

Benefit-Cost Analysis and the Decision Rule 3m

Negative and Positive Externalities 3m

Graphical Analysis of Externalities; Coase Theorem and Property Rights; Tort System 11m

Direct Government Intervention; Pigouvian Taxes and Subsidies; Internalizing Externalities 7m

1 reading

Module Overview10m

1 practice exercise

Public Goods and Externalities56m

Week

13

2 hours to complete

Final Exam

1 reading, 1 quiz

1 reading

Learning Resources10m

1 practice exercise

Final Exam1h 40m

Instructor

Dr. Peter Navarro

Professor

Paul Merage School of Business

Frequently Asked Questions

When will I have access to the lectures and assignments?
Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). Peer review assignments can only be submitted and reviewed once your session has begun. If you choose to explore the course without purchasing, you may not be able to access certain assignments.
What will I get if I purchase the Certificate?
When you purchase a Certificate you get access to all course materials, including graded assignments. Upon completing the course, your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
What is the refund policy?
Is financial aid available?

More questions? Visit the Learner Help Center.

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The Power of Microeconomics: Economic Principles in the Real World