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Welcome to 'Basics of Microeconomics : Theory of Producer Behavior'
In this course , you will understand how a producer :
1) Maximizes his profit
2) Decides what to produce and how much to produce
3) Decides what all inputs to use and in what proportion
In this course, we will discuss the following:
What is microeconomics?
What is the difference between fixed factors of production and variable factors of production?
How do we differentiate between short run and long run?
How is the meaning of cost in economics different from meaning of cost in accountancy?
What is the difference between fixed cost and variable cost?
What do we mean by Perfect competition and Monopoly market type?
What is the difference in the behavior of revenue curves in these two market types?
How does a monopoly or perfectly competitive firm decides how much to produce to maximize his profit?
Some concepts that we will use while discussing the topics mentioned above -
Production Function, Returns to a factor, Law of variable proportions, Total cost, Marginal Cost, Average Cost, Total Product, Marginal Product, Average Product, Total Revenue, Marginal Revenue, Average Revenue.
This course has 16 video lectures and 1 hour of content.
How will this course benefit you?
If you are an economics student - This will help you in gaining better clarity of concepts.
If you are someone who has a desire to learn economics - This course is the first step that you need to take to fulfill your desire, it starts from the scratch and covers all the concepts in detail.
All that said, if you would like to discuss something while you are learning, please feel free to start a discussion or PM me.
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|Section 1: Introduction|
In this lecture, I will introduce you to the meaning and components of microeconomics.
|Section 2: Production function and Returns to a factor|
In this lecture, we will study the meaning of Production Function.
In this lecture, we will study the following :
1) Meaning of fixed and variable factors of production
2) Difference between short run and long run
3) Concept of short run production function
In this lecture, we will study the meaning of Total product, Marginal product and Average product. We need to understand these terms to understand the concept of returns to a factor.
In this lecture, we will study the meaning of returns to a factor and then we will take an example to understand the concept of Law of variable proportions.
In this lecture, we will study the 3 phases of law of variable proportion using a numerical example and graphic presentation.
|Section 3: Concept of Costs|
In this lecture, we will study the meaning of cost in economics and how is it different from the definition of cost in accounting.
In this lecture, we will study the difference between fixed cost and variable cost.
In this lecture, we will study the meaning of total cost and marginal cost.
|Section 4: Concept of Revenue|
In this lecture, we will discuss the meaning of Total revenue, Marginal revenue and Average revenue.
In this lecture, we will discuss the meaning of perfect competition and its characteristics.
In this lecture, we will discuss the behavior of total revenue,marginal revenue and average revenue when the market is perfectly competitive.
In this lecture, we will study the meaning of monopoly.
In this lecture, we will discuss the behavior of total revenue, marginal revenue and average revenue of a monopolist firm.
|Section 5: Producer's Equilibrium|
In this lecture, we will study how a firm decides how much to produce to maximize its profit in a perfectly competitive market.
In this lecture, we will study how a monopolist firm decides its profit maximizing output level.
M.A. Economics, Business Analyst, Certified Financial Planner (CFP)
Shubham Kalra has a Masters in Economics from Delhi School of Economics and has worked as a Business Analyst in one of the largest banking and financial services organizations in the world.
He has done research projects in Education and Infrastructure Sector in India involving field work and analysis of data. He holds a diploma in Financial Planning and has good understanding of Risk Management concepts and Financial Instruments as well.
He loves teaching and has been teaching since his college days in one way or another. It was in 2015, when he started teaching full time and is now teaching Economics and Statistics to many students online.His areas of specialization include Economics, Statistics, Finance and Game theory.