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Economics: Mastering Microeconomics 101 by Udemy
A comprehensive study aid for anyone studying economics
Course Highlights
- 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
Skills you will learn!
Curriculum
3 Topics
What is Microeconomics?
Economic Theories Models and Assumptions
Normative versus Positive Economics
8 Topics
Introduction
The Production Possibilities Curve
The Law of Increasing Opportunity Costs
Marginal Cost (Deriving the MC Curve)
Marginal Benefit and Allocative Efficiency
Illustrating Economic Growth on a PPF: Consumption Now vs. Future Growth
Summary + Defense versus Civilian Goods and Services
Section 2: Test your knowledge quiz
13 Topics
Introduction
What is Demand?
Deriving the Individual Demand Curve
Deriving Market Demand Curves
The Difference Between a Shift in Demand and Change in the Quantity Demanded
What is Supply?
Deriving the Individual Firm Supply Curve
Deriving the Market Supply Curve
The Difference Between a Shift in Supply and a Change in the Quantity Supplied
Finding the Market Equilibrium
The Market Mechanisms Towards Equilibrium
Summary + Solving the Rhino Poaching Problem
Section 3: Test your knowledge
7 Topics
Introduction
Calculating Consumer Surplus
Calculating Producer Surplus
Combining Consumer and Producer Surplus
Illustrating Market Efficiency or Inefficiency (Deadweight Loss)
Summary + Assessing Government Intervention and Power of Industries
Section 4: Test your knowledge
10 Topics
Introduction
Calculating Revenue from Demand Curves
Calculating Price Elasticity of Demand
How to interpret Price Elasticity of Demand Values
The Relationship Between Elasticity and Total Revenue
Other Factors that Influence Elasticity of Demand
Calculating Cross Price Elasticity of Demand
Calculating Income Elasticity of Demand
Summary + Why a Bumper Crop is Bad for Farmers
Section 5: Test your knowledge
15 Topics
Introduction
Introduction to the Budget Line
Constructing a Budget Line
The Budget Line Slope
Shifting Budget Line - Changing Prices and Income
Introduction to Indifference Curves
Drawing and Interpreting Indifference Curves
The Marginal Rate of Substitution (MRS)
Maximizing Satisfaction - Indifference Curves and Budget Lines
Maximizing Satisfaction with Changing Prices and Income
Calculating the Substitution Effect
Calculating the Income Effect
Normal and Inferior Goods
Summary + Individual Budgets
Section 6: Test Your Knowledge
14 Topics
Introduction
Introduction to Output Curves
Drawing the Total Product Curve
Deriving and Understanding Marginal Product
Comparing Marginal and Average Product
Introduction to Cost Curves
Deriving The Short-Run Variable Cost Curve
Variable Total and Fixed Cost Curves
Average Cost Curves
Marginal and Average Cost Curves
Comparing Short-Run Production and Costs
The Long-Run Cost Curve and Economies of Scale
Summary + The Economies of Scale in the Mining Industry
Section 7: Test Your Knowledge
11 Topics
Defining a Perfectly Competitive market
Foundation graphs for an individual firm in a perfectly competitive market
Total cost and revenue in perfect competition - calculating economic profit
Maximizing Short Run Profit in Perfect Competition: MR =MC
The three short-run profit scenarios in a perfectly competitive market
The short-run individual firm supply curve in a perfectly competitive market
The short-run market supply curve in a perfectly competitive market
Short-run market equilibrium in a perfectly competitive market
Deriving the perfectly competitive long-run average cost curve
Market mechanisms in perfect competition: A decrease in market demand
Market mechanisms in perfect competition: An increase in market demand
Economics: Mastering Microeconomics 101
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