Enrolled: 139 students
Lectures: 137
Level: Beginner

Course Description:

Microeconomics is a fundamental course designed to provide students with a comprehensive understanding of the principles governing individual economic agents’ behavior and their interactions within markets. This course explores the foundational concepts of supply and demand, market structures, and the role of government intervention in shaping economic outcomes.

Throughout this course, students will delve into the intricacies of how consumers, firms, and government entities make decisions in the face of scarcity and how these decisions collectively shape the allocation of resources in society.

Course Objectives:

  1. Understanding Supply and Demand: Students will gain a firm grasp of the core principles of supply and demand, including the determinants of both individual and market-level supply and demand curves. They will analyze how changes in these factors influence equilibrium prices and quantities.
  2. Market Structures: Students will explore the various market structures, ranging from perfect competition to monopoly. By analyzing the characteristics and behaviors of firms in each market structure, students will understand the implications for pricing, output, and overall market efficiency.
  3. Consumer Behavior: This section of the course focuses on consumer decision-making processes, including utility maximization, budget constraints, and the concept of consumer surplus. Students will examine the effects of price changes and income changes on consumer choices.
  4. Producer Behavior: Students will investigate the decision-making process of firms, such as cost analysis, profit maximization, and the effects of changes in input prices on production decisions.
  5. Market Efficiency and Welfare: The course will discuss the efficiency of market outcomes and the potential market failures, such as externalities and public goods. Students will examine the role of government intervention to correct market failures and promote overall societal welfare.
  6. Government Intervention: Students will explore various forms of government intervention, including price controls, taxes, subsidies, and regulations. They will critically assess the intended and unintended consequences of these policies on market efficiency and individual welfare.
  7. Game Theory and Strategic Behavior: An introduction to game theory will provide students with insights into strategic interactions among economic agents, such as duopolies and oligopolies. They will learn how to analyze and predict behavior in these competitive settings.
  8. Economics of Information: This section will focus on the impact of asymmetric information on market outcomes, exploring adverse selection and moral hazard problems and how they can be mitigated.
  9. Labor Markets: Students will examine the determination of wages and employment levels, the implications of labor unions, and the role of government in labor market regulation.
  10. International Trade: The course will conclude with an overview of international trade and its effects on domestic economies, including gains from trade, tariffs, and trade policies.

By the end of the course, students will have gained a strong understanding of microeconomic principles and their applications in real-world scenarios. They will be equipped to analyze economic situations, make informed decisions, and comprehend the role of government in shaping market outcomes for the betterment of society.

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