Introduction to Microeconomics

Principles, Demand Elasticity, Supply, Consumer & Producer Surplus, Gains from Trade, Market Structure and Externalities

Created byAdnan Bashir

Last updated 4/2023

English

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What you'll learn

Principles of Microeconomics, Market Structure, Demand and Supply, International trade application
Competitive Market, Monopoly
Consumer and producer surplus
Representation of demand and supply

Course content

9 sections • 46 lectures • 3h 34m total length

Introduction4:36

What is Micro Economics, Principles and Scarcity5:00
Explore microeconomics as the study of individual choices under scarcity, the principles of decision making and interaction, and how prices and quantities emerge in markets.
Tradeoff, Rationality, Opportunity Cost (Principles of Economics)5:00
Explore how tradeoffs link efficiency, equality, and environment, apply rationality at the margin, and assess opportunity cost in daily decisions.
What is Tradeoff?
People Respond to the Incentives5:00
People Respond to Incentives
The principles of How people Interact5:00
Role of Markets, Role of Government and how Economy work as a Whole5:00
Explore how markets and government interact to improve outcomes, address externalities and market failure, protect property rights, and connect productivity to living standards and inflation.
How Protect Market Failure (Role of Government)4:52

Role of Economists like The Economist as Scientist5:00
Roles of Assumptions, Model and Circular Flow Diagram5:00
Illustrate how assumptions yield simple models like the circular flow diagram, showing households and firms exchanging factor inputs and goods in two markets, and introduce the production possibilities frontier.
Production Possibility Frontier (PPF)2:23
PPF
Opportunity Cost5:00
Opportunity cost is what you give up to obtain a good, shown by the slope of the production possibilities frontier between England and France, and growth shifts the PPF right.
The Economist as Policy Advisor3:54

Markets and Competition, Law of demand5:00
Market Demand versus Individual Demand and Demand Curve Shifters5:00
Shift Factors of the Demand and Examples5:00
Supply, Law of Supply and The Supply Schedule5:00
Law of Supply
Market Supply versus Individual Supply and Supply Curve Shifters5:00
Market Equilibrium, Surplus and Shortage5:00
Explain how price changes move the quantity demanded and supplied for tax preparation software, illustrating market equilibrium, surplus, and shortage.

Welfare economics and willingness to pay5:00
Demand Curve5:00
Consumer Surplus5:00
consumer surplus
Supply Curve5:00
Producer Surplus5:00
The Market allocation of Resources4:42
The market allocates resources via decentralized buyer-seller interactions, maximizing total surplus for efficient allocation. Equilibrium occurs at price 30 and quantity 15,000, creating consumer and producer surplus.
Efficiency, Laissez faire, an invisible hand3:33

Effects of Taxation, Welfare Economics & Tax Revenue5:00
Effect of taxation on Consumer and producer surplus
How a Tax Affects Welfare5:00
Deadweight Losses and the Gains from Trade
DETERMINANTS OF THE DEADWEIGHT LOSS, Tax Distortions and Elasticities5:00
Tax Distortions and Elasticities
Dead Weight Loss
Laffer Curve & Deadweight Loss and Tax Revenue5:00
•The Laffer curve depicts the relationship between tax rates and tax revenue.
How Deadweight Loss and Tax Revenue Vary with the Size of a Tax

comparative advantage & Countries can gain from trade5:00
§A country has a comparative advantage in a good if it produces the good at lower opportunity cost than other countries.
Countries can gain from trade if each exports the goods in which it has a comparative advantage.
Small Economy Assumption, Without trade, Under free trade & Exports5:00
. A small economy is a price taker in world markets: Its actions have no effect on PW.
. Not always true – especially for the U.S. – but simplifies the analysis without changing its lessons.
Analysis of trade, World price Low than Local price5:00
Other Benefits of International Trade2:26
. Consumers enjoy an increased variety of goods.
. Producers sell to a larger market and may achieve lower costs through economies of scale.
. Competition from abroad may reduce the market power of some firms, which would increase total welfare.
Trade Restriction, Tariff & import quota5:00
Consumers must pay $30 for an imported shirt.
So, domestic producers can charge $30 per shirt
Arguments for Restricting Trade3:39
Trade destroys jobs in industries that compete with imports.

What is Externality5:00
What is Externality and types of externalities
Negative Externality3:49
Examine negative externalities and social costs from gasoline use. See how internalizing external costs via a tax raises price and lowers quantity toward a social optimum.
Positive Externality5:00
Internalization of Externalities5:00
Apply market-based tools to internalize externalities by using taxes, subsidies, and tradable pollution permits, aligning private decisions with social costs and benefits.
Corrective Tax and Regulation Method5:00
Tradeable Permits3:39
Tradable permits reduce total costs by allowing firms with lower abatement costs to sell permits to higher-cost firms, achieving emissions reductions efficiently.

Requirements

No
This course is for beginner so everyone can attend this course for the sake of knowledge.

Description

The Course intends to provide a sound microeconomic foundation for students wishing to become proficient economists, policy experts, or analysts in the field of micro-economy. It will equip the students with a thorough understanding of the microeconomics theory and thus enable them to understand and analyze socio-economic processes and relationships as driven by economic behavior at the micro-level. Throughout the course, specific micro-level issues will be studied with the objective to motivate and demonstrate the pertinence of economic analysis for sound microeconomics policy.

Ten Principles of economics, Demand Elasticity, and all Micro Topics.

Interference: Gains from Trade, Market structure, Externalities,

Market Structure is a very important area of microeconomics, so this course is covering perfect competition which includes the free market where sellers and buyers are price takers, not price makers. There is a total of ten principles of Economics, which relate to the three main areas, such as consumer side economy, producer side economy, and the whole economy.

Demand and price have an inverse relationship like when prices increase the demand of goods decreases at a different rate that is called demand elasticity. we can say if one percent change in price then how much change in demand that is called elasticity.

Who this course is for:

Everyone who want to learn Economics at Micro level

Introduction to Microeconomics

What you'll learn

Explore related topics

Course content

Introduction1 lecture • 5min

Principles of Economics6 lectures • 30min

Thinking Like An Economist5 lectures • 21min

Interdependence and the Gains from Trade5 lectures • 22min

The Market Forces of Supply and Demand6 lectures • 30min

Consumers Surplus, Producers Surplus, and the Efficiency of Markets7 lectures • 33min

Cost of Taxation: Consumer & Producer Surplus after Government Involvement4 lectures • 20min

Application: International Trade, Who benefits from trade? , Tariff6 lectures • 26min

Externalities6 lectures • 27min

Requirements

Description

Who this course is for: