Economics: Mastering Microeconomics 101
4.3 (273 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,644 students enrolled

Economics: Mastering Microeconomics 101

A comprehensive study aid for anyone studying economics
Bestseller
4.3 (273 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,644 students enrolled
Created by Jef Jacobs
Last updated 2/2018
English
English [Auto]
Current price: $34.99 Original price: $49.99 Discount: 30% off
5 hours left at this price!
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This course includes
  • 9 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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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
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
Course content
Expand all 75 lectures 09:08:49
+ Introduction to possibilities, trade-offs and marginal analysis
7 lectures 53:25
Introduction
01:22
The Production Possibilities Curve
08:44
The Law of Increasing Opportunity Costs
09:49
Marginal Cost (Deriving the MC Curve)
09:23
Marginal Benefit and Allocative Efficiency
13:43
Illustrating Economic Growth on a PPF: Consumption Now vs. Future Growth
07:40
Summary + Defense versus Civilian Goods and Services
02:44
Section 2: Test your knowledge quiz
8 questions
+ Supply and Demand
12 lectures 01:41:13
Introduction
02:05
What is Demand?
02:43
Deriving the Individual Demand Curve
11:39
Deriving Market Demand Curves
08:54
The Difference Between a Shift in Demand and Change in the Quantity Demanded
11:38
What is Supply?
02:07
Deriving the Individual Firm Supply Curve
07:58
Deriving the Market Supply Curve
06:00
The Difference Between a Shift in Supply and a Change in the Quantity Supplied
11:12
Finding the Market Equilibrium
17:19
The Market Mechanisms Towards Equilibrium
14:23
Section 3: Test your knowledge
8 questions
+ Consumer and Producer Surplus
6 lectures 42:57
Introduction
01:19
Calculating Consumer Surplus
12:08
Calculating Producer Surplus
11:58
Combining Consumer and Producer Surplus
02:59
Illustrating Market Efficiency or Inefficiency (Deadweight Loss)
13:01
Summary + Assessing Government Intervention and Power of Industries
01:32
Section 4: Test your knowledge
8 questions
+ Measuring Elasticity - The Magnitude of Response
9 lectures 01:13:17
Introduction
01:32
Calculating Revenue from Demand Curves
06:04
Calculating Price Elasticity of Demand
13:36
How to interpret Price Elasticity of Demand Values
11:33
The Relationship Between Elasticity and Total Revenue
12:57
Other Factors that Influence Elasticity of Demand
03:06
Calculating Cross Price Elasticity of Demand
13:27
Calculating Income Elasticity of Demand
08:13
Summary + Why a Bumper Crop is Bad for Farmers
02:49
Section 5: Test your knowledge
8 questions
+ Consumer Theory and Behavior
14 lectures 01:35:56
Introduction
03:33
Introduction to the Budget Line
08:03
Constructing a Budget Line
06:55
The Budget Line Slope
04:38
Introduction to Indifference Curves
03:24
Drawing and Interpreting Indifference Curves
07:19
The Marginal Rate of Substitution (MRS)
10:05
Maximizing Satisfaction - Indifference Curves and Budget Lines
07:07
Maximizing Satisfaction with Changing Prices and Income
08:20
Calculating the Substitution Effect
09:18
Calculating the Income Effect
05:33
Normal and Inferior Goods
07:13
Summary + Individual Budgets
02:16
Section 6: Test Your Knowledge
2 questions
+ Production in the Short and Long Run
13 lectures 01:14:02
Introduction
01:01
Introduction to Output Curves
03:17
Drawing the Total Product Curve
08:08
Deriving and Understanding Marginal Product
09:43
Comparing Marginal and Average Product
04:32
Introduction to Cost Curves
03:14
Deriving The Short-Run Variable Cost Curve
07:08
Variable, Total and Fixed Cost Curves
05:59
Average Cost Curves
05:48
Marginal and Average Cost Curves
06:18
Comparing Short-Run Production and Costs
04:47
The Long-Run Cost Curve and Economies of Scale
10:18
Summary + The Economies of Scale in the Mining Industry
03:49
Section 7: Test Your Knowledge
9 questions
+ Perfect Competition
11 lectures 01:38:27
Foundation graphs for an individual firm in a perfectly competitive market
10:10
Total cost and revenue in perfect competition - calculating economic profit
06:01
Maximizing Short Run Profit in Perfect Competition: MR =MC
08:07
The three short-run profit scenarios in a perfectly competitive market
12:13
The short-run individual firm supply curve in a perfectly competitive market
11:30
The short-run market supply curve in a perfectly competitive market
04:21
Short-run market equilibrium in a perfectly competitive market
08:49
Deriving the perfectly competitive long-run average cost curve
06:11
Market mechanisms in perfect competition: A decrease in market demand
13:50