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Economics: Game Theory, Competition, Elasticity

Microeconomics is packed with applications to our everyday life - this course will help you connect the dots
4.1 (9 ratings)
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208 students enrolled
Created by Loony Corn
Last updated 4/2016
English
$15 $50 70% off
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Includes:
  • 6 hours on-demand video
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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Description

This is a zoom-in, zoom-out, connect-the-dots tour of Game Theory, Competition and the Elasticity of Demand andSupply.

Let's parse that

  • 'connect the dots': Economics is deep - even the simplest concepts in Micro-Econ 101 are missed by leaders in business and politics, and commit basic errors in judgment. This course makes sure that won't happen to you.
  • 'zoom in': Getting the details is very important in economics - you really have to understand the nitty-gritty of graphs and intersecting curves and lines. There is a lot of meaning in those details
  • 'zoom out': The real value of economics, particularly microeconomics, is in taking seemingly over-simplified models, and then applying insights from those over-simplified models to the world at large. This course makes sure you can go from the specific to the general.

What's Covered:

  • Game Theory: Discounting and price wars, Prisoner's dilemma and nuclear arms races, Winner-takes-all games and the commercialization of sport.
  • Competition: Perfect competition, monopoly and monopolistic competition
  • Firm Costs: The deep meaning underlying total and marginal costs, and the least-cost principle
  • Utility and Consumer Equilibrium: Indifference curves, and relating price and value. Income effects, and deriving Demand curves from indifference curves
  • Applications of Elasticity: Modeling taxes, the troublesome economics of agriculture, minimum wages. 
  • Elasticity, Demand and Supply: Defining and using elasticity. Linear Demand Curves and a neat trick. Demand and Supply demystified.

Talk to us!

Mail us about anything - anything! - and we will always reply :-)

Who is the target audience?
  • Yep! Business majors and aspiring MBAs
  • Yep! Finance professionals who are rusty on economics, and its role in how firms compete and operate
  • Yep! Strategy professionals looking for a theoretical grounding in concepts like game theory and elasticity
  • Yep! Aspiring entrepreneurs eager to understand how to react to competition
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What Will I Learn?
Apply Game Theory to decide whether to be adversarial or co-operative in real-life situations
Determine how best to price products or services that you are selling
Decide the kind of cost structure a firm or enterprise should have, relative to its competitive landscape
Model demand, supply and the effects of income, government regulations and technology
View Curriculum
Requirements
  • This course assumes no prior knowledge of economics, finance or accounting
Curriculum For This Course
Expand All 42 Lectures Collapse All 42 Lectures 06:01:47
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You, Us & This Course
1 Lecture 02:28

This is a zoom-in, zoom-out, connect-the-dots micro-economics course. It starts with Game Theory, then plunges into Elasticity, Demand, Supply and the theory of costs and competition.

Preview 02:28
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Game Theory
4 Lectures 51:47

The duopoly game has an important lesson - the more loyal your customers are, the less you need to discount. Game Theory shows how.

Discounting & Loyalty
16:20

In the absence of customer loyalty, price becomes the weapon of choice - and leads to a destructive equilibrium.

Preview 10:12

Even enemies should talk, and trust - even if just a little bit. That's rational for both.

Trust and Honor in Organized Crime
11:03

Game Theory addresses the thorny issue of the commercialisation of sport

Winner-Takes-All Games and Sports in Society
14:12
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Demand
6 Lectures 44:52

The more something costs, the less demand there is for it

Preview 06:55

The Law of Demand seems simple enough - why do so many folks lose sight of it? Oh, and they usually live to regret it.

Examples of the Law of Demand
09:12

Sometimes, the demand for luxury goods is self-perpetuating

Veblen Goods
06:33

Inferior goods and luxury goods share one dark similarity

Giffen Goods
06:35

Shifts in the demand curve are different from movements along the demand curve

Preview 07:21

Tea and coffee are substitutes; fish and chips are complements

Complements and Substitutes
08:16
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Supply
4 Lectures 33:54

Higher prices attract more producers

The Law of Supply
06:07

The Law of Supply seems very intuitive, but it is ignored by many - at their own peril! Let's look at home prices, oil prices, and interest rates as examples of the law of supply.

Examples of the Law of Supply
05:59

Input prices, technological change and government interventions can shift the supply curve quite drastically

Inflation, Technology and Government
12:50

Markets 'clear', i.e. demand and supply curves combine magically, based on the interplay of consumers and producers

Market Equilibrium
08:58
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Elasticity
6 Lectures 46:57

Elasticity measures how sensitive to price the demand for something is

Elasticity and Price Sensitivity
11:06

Perfect competition and predatory producers - let's talk about them both

Horizontal and Vertical Demand Curves
08:30

Young fast-growing firms would do well to remember this: revenue is maximised when elasticity is one.

Revenue Maximisation
07:05

Elasticities for upward-sloping demand curves carry a different sign than usual elasticities.

Elasticity of Veblen and Giffen Goods
03:31

The concept of elasticity is easily and widely generalizable.

Income and Cross-Elasticities
07:39

Linear demand curves are worth discussing in detail for a couple of reasons. 

Elasticity and Linear Demand Curves
09:06
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Applications of Elasticity
4 Lectures 33:28

When the government imposes a tax, who pays - producers or consumers? Elasticity helps answer that question.

Preview 10:26

The economics of agriculture are terrible - understand why.

Agriculture
08:18

Minimum wages usually 'work', i.e. they serve their intended purpose. Elasticity explains why.

Minimum Wages
07:24

Unlike minimum wages, price controls usually don't work, i.e. they do NOT serve their intended purpose. Once again, elasticity explains why

Price Controls
07:20
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Utility
5 Lectures 54:33

There is no such thing as a free lunch - and too much of a good thing is no good. Economics explains

Preview 14:54

Water or diamonds? That depends whom you ask.

The Paradox of Value
10:13

What should we spend our money on? Indifference curves hold a clue

Indifference Curves and Consumer Equilibrium
14:15

Demand curves and income effects can both be modeled using indifference curves.

Deriving Demand Curves and Income Effects from Indifference Curves
10:33

Consumers usually have a pretty sweet deal.

Consumer Surplus
04:38
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Firms
4 Lectures 31:38

Nothing comes from nothing. Land, labor and capital go into making anything worth buying.

Factors of Production
11:44

Bottle-necks in production have an underlying explanation in economics

Preview 10:01

What should a firm spend its money on?

The Least Cost Principle
04:49

Is big beautiful? The answer is - it depends on the returns to scale.

Returns to Scale
05:04
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Costs
3 Lectures 25:18

Business models are driven by cost structures. Understand where these come from.

Total and Marginal Costs
08:44

The intersection of the average and marginal cost curves is the minimum average cost that a firm can operate at. 

Preview 08:07

Horizontal, vertical, backward-bending - let's talk about them all.

Types of Supply Curves
08:27
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Competition
5 Lectures 36:52

In the long run - we are all dead.

Long Run, Short Run
05:46

Perfect competition can be brutal. Understand the take-it-or-leave-it dynamics of such business

Perfect Competition
10:27

The optimal strategy for a firm in a perfectly competitive environment is to tweak its cost structure until P = MC

Preview 06:55

 The prize of perfect competition is to end it and move to monopoly. Not so fast, though - the government has other ideas.

Monopoly
10:04

A Nokia phone is a phone. An Apple iPhone maybe THE phone. 

Monopolistic Competition
03:40
About the Instructor
4.3 Average rating
2,947 Reviews
20,542 Students
63 Courses
A 4-person team;ex-Google; Stanford, IIM Ahmedabad, IIT

Loonycorn is us, Janani Ravi, Vitthal Srinivasan, Swetha Kolalapudi and Navdeep Singh. Between the four of us, we have studied at Stanford, IIM Ahmedabad, the IITs and have spent years (decades, actually) working in tech, in the Bay Area, New York, Singapore and Bangalore.

Janani: 7 years at Google (New York, Singapore); Studied at Stanford; also worked at Flipkart and Microsoft

Vitthal: Also Google (Singapore) and studied at Stanford; Flipkart, Credit Suisse and INSEAD too

Swetha: Early Flipkart employee, IIM Ahmedabad and IIT Madras alum

Navdeep: longtime Flipkart employee too, and IIT Guwahati alum

We think we might have hit upon a neat way of teaching complicated tech courses in a funny, practical, engaging way, which is why we are so excited to be here on Udemy!

We hope you will try our offerings, and think you'll like them :-)

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