Economics: Mastering Microeconomics 101

Name: Economics: Mastering Microeconomics 101
Rating: 4.4 (523 reviews)

A comprehensive study aid for anyone studying economics

Created byJef Jacobs

Last updated 3/2018

English

What you'll learn

Key foundation concepts and definitions
How investing in capital leads to economic growth
How prices are determined by markets
How to anticipate market outcomes
How to analyse productivity
All the important graphs in foundation microeconomics
How consumers make purchasing decisions
The laws of demand and supply
How to visually illustrate economic growth

Course content

8 sections • 75 lectures • 9h 8m total length

What is Microeconomics?3:07
Economic Theories, Models and Assumptions4:21
Normative versus Positive Economics2:04

Introduction2:05
What is Demand?2:43
Deriving the Individual Demand Curve11:39
Deriving Market Demand Curves8:54
The Difference Between a Shift in Demand and Change in the Quantity Demanded11:38
What is Supply?2:07
Deriving the Individual Firm Supply Curve7:58
Deriving the Market Supply Curve6:00
The Difference Between a Shift in Supply and a Change in the Quantity Supplied11:12
Finding the Market Equilibrium17:19
The Market Mechanisms Towards Equilibrium14:23
Summary + Solving the Rhino Poaching Problem5:15
Section 3: Test your knowledge

Introduction1:32
Calculating Revenue from Demand Curves6:04
Calculating Price Elasticity of Demand13:36
How to interpret Price Elasticity of Demand Values11:33
The Relationship Between Elasticity and Total Revenue12:57
Other Factors that Influence Elasticity of Demand3:06
Calculating Cross Price Elasticity of Demand13:27
Calculating Income Elasticity of Demand8:13
Summary + Why a Bumper Crop is Bad for Farmers2:49
Section 5: Test your knowledge

Introduction3:33
Introduction to the Budget Line8:03
Constructing a Budget Line6:55
The Budget Line Slope4:38
Shifting Budget Line - Changing Prices and Income12:12
Introduction to Indifference Curves3:24
Drawing and Interpreting Indifference Curves7:19
The Marginal Rate of Substitution (MRS)10:05
Maximizing Satisfaction - Indifference Curves and Budget Lines7:07
Maximizing Satisfaction with Changing Prices and Income8:20
Calculating the Substitution Effect9:18
Calculating the Income Effect5:33
Normal and Inferior Goods7:13
Summary + Individual Budgets2:16
Section 6: Test Your Knowledge

Introduction1:01
Introduction to Output Curves3:17
Drawing the Total Product Curve8:08
Deriving and Understanding Marginal Product9:43
Comparing Marginal and Average Product4:32
Introduction to Cost Curves3:14
Deriving The Short-Run Variable Cost Curve7:08
Variable, Total and Fixed Cost Curves5:59
Average Cost Curves5:48
Marginal and Average Cost Curves6:18
Comparing Short-Run Production and Costs4:47
The Long-Run Cost Curve and Economies of Scale10:18
Summary + The Economies of Scale in the Mining Industry3:49
Section 7: Test Your Knowledge

Defining a Perfectly Competitive market6:37
Foundation graphs for an individual firm in a perfectly competitive market10:10
Total cost and revenue in perfect competition - calculating economic profit6:01
Maximizing Short Run Profit in Perfect Competition: MR =MC8:07
The three short-run profit scenarios in a perfectly competitive market12:13
The short-run individual firm supply curve in a perfectly competitive market11:30
The short-run market supply curve in a perfectly competitive market4:21
Short-run market equilibrium in a perfectly competitive market8:49
Deriving the perfectly competitive long-run average cost curve6:11
Market mechanisms in perfect competition: A decrease in market demand13:50
Market mechanisms in perfect competition: An increase in market demand10:38

Requirements

Students should understand straight line graphs and be able to complete some basic arithmetic

Description

This course covers the most important foundation concepts in microeconomics necessary for application in more advanced models. Principles and theories discussed in this course can also be applied in real life decision making. All the important theories, models, graphs and laws are discussed using high-quality sound and animation. No live recordings of lectures or boring screen-shots of textbook pages!

Mastering Foundations in Microeconomics is a great resource for exam, lecture or test preparation. Students can go through all the material chapter by chapter, or simply complete selected chapters in which they feel they need additional support.

Examples from everyday life are provided at the end of each chapter as well as multiple choice quizzes to further enhance each student’s learning experience, regardless of capability.

Who this course is for:

Undergraduate students wanting additional learning or studying support
Part-time or home based students who have enrolled in economics modules
CFA, MBA or other postgraduate students who need additional 24/7 support

Economics: Mastering Microeconomics 101

What you'll learn

Explore related topics

Course content

Chapter 1: Introduction to Microeconomics3 lectures • 10min

Introduction to possibilities, trade-offs and marginal analysis7 lectures • 53min

Supply and Demand12 lectures • 1hr 41min

Consumer and Producer Surplus6 lectures • 43min

Measuring Elasticity - The Magnitude of Response9 lectures • 1hr 13min

Consumer Theory and Behavior14 lectures • 1hr 36min

Production in the Short and Long Run13 lectures • 1hr 14min

Perfect Competition11 lectures • 1hr 38min

Requirements

Description

Who this course is for: