Microeconomics Principles for a Prosperous Life

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Mastering and Harnessing the Power of Microeconomics

What you will learn

Learn the basic principles of microeconomics from a strategic point of view

Learn how to apply microeconomics in your daily personal and business life

Better manage your personal finances and economic choices

Better manage your workplace, whether you are an executive, manager, or line worker

Description

In this course, you will learn all of the major principles of microeconomics normally taught in a quarter or semester course to college undergraduates or MBA students.

Perhaps more importantly, you will also learn how to apply these principles to a wide variety of real-world situations in both your personal and professional lives. In this way, a mastery of Microeconomic Principles will help you prosper in an increasingly competitive environment.

Topics include supply and demand, strategic marketing and microeconomics, consumer and production theory, an overview of operations and supply chain management, perfect competition, oligopoly, monopoly, strategic capital finance, how wages and rents are set, the importance of organizational culture and behavior, public goods, and the externalities problem.


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Key concepts include the production possibilities frontier, opportunity costs, the law of demand, price floors and ceilings, marginal utility, price elasticity, economies of scale and natural Monopoly, the structure-conduct-performance paradigm, Pareto optimality, deadweight loss, efficiency versus equity, product differentiation, tacit versus explicit collusion, net present value, factors affecting wage differentials, rent versus economic rent, the free rider problem, negative versus positive externalities, Pigouvian taxes and subsidies, the median voter model, and progressive versus regressive taxes.

Note that this course is a companion to Strategic Macroeconomics for Business and Investing. If you take both courses, you will learn all of the major principles normally taught in a year-long introductory economics college course.

English
language

Content

Introduction to Strategic Microeconomics for Business & Investing

Module 1.1: An Introduction to Strategic Microeconomics
Module 1.2: Microeconomics in Our Everyday Business & Personal Lives
Module 1.3: Microeconomics Defined and Major Economic Models
Module 1.4: The Scarcity Problem; & Three Questions Every Nation Must Answer
Module 1.5: The Production Possibilities Frontier & Opportunity Costs
Module 1.6: The Fundamental Concepts of Microeconomics & Course Overview

Supply and Demand

Module 2.1: Law of Demand, Income-Substitution Effects, Demand Curve Shifts
Module 2.2: Change in Demand vs. Change in Quantity Demanded; Supply Shifts
Module 2.3: Equilibrium; Price Effects of Supply and Demand Curve Shifts
Module 2.4: Price Floors, Price Ceilings, and Rationing
Module 2.5: Supply & Demand Analysis in Business Action

An Introduction to Consumer Theory

Module 3.1: From Consumer Theory to Strategic Marketing
Module 3.2: Consumer Optimization; Income and Substitution Effects
Module 3.3: Demand Price Elasticity; Price Elasticity Formula
Module 3.4: Demand Price Elasticity Determinants; Elastic and Inelastic Demand
Module 3.5: Pricing and Marketing Strategies; Price Elasticity and Total Revenue
Module 3.6: Strategic Marketing and Microeconomics
Module 4.1: Overview of Production Theory and the Production Function
Module 4.2: Average, Marginal, Variable, and Total Costs
Module 4.3: Marginal Cost; The AFC, ATC, and AVC Curves
Module 4.4: Long Run Cost Analysis and Economies of Scale
Module 4.5: The Structure-Conduct-Performance Paradigm and Natural Monopoly
Module 4.6: Accounting vs. Economic Profits
Module 4.7: Operations and Supply Chain Management
Module 5.1: Overview of Industry Structure, Conduct, and Performance
Module 5.2: Assumptions of Perfect Competition; The P=MR Condition
Module 5.3: Imperfect Competition; Externalities and the Public Goods Problem
Module 5.4: Pricing and Production Rules; P=MR=MC; The Shutdown Rule
Module 5.5: Long Run Equilibrium; Normal or Zero Economic Profits
Module 5.6: Allocative vs. Productive Efficiency; Pareto Optimality; Surplus
Module 5.7: Efficiency vs. Equity; Normative vs. Positive Analysis
Module 6.1: Why Study Imperfect Competition?
Module 6.2: Monopoly Defined and Monopoly’s Pricing Rule
Module 6.3: Regulating Natural Monopoly; The P=AC Rule; X-efficiency
Module 6.4: Monopolistic Competition; Product Differentiation
Module 6.5: Market Conduct Under Monopolistic Competition
Module 6.6: An Introduction to Management Strategy
Module 7.1: Oligopoly Defined; Strategic Interactions and Mutual Dependence
Module 7.2: Major Sources of Oligopoly
Module 7.3: Market Power and Action; Cooperative vs. Non-Cooperative Behavior
Module 7.4: Joint Profit Maximization Model; Why Cartels Can Fail; Price Leaders
Module 7.5: Joint Profit Max Model; Why Cartels Can Fail; Price Leadership Model
Module 7.6: Game Theory and Prisoner’s Dilemma; Payoff Matrix; Nash Equilibrium
Module 8.1: Capital Analysis in Real World; Big Questions of Corporate Finance
Module 8.2: Capital Goods; Interest Rate Defined; Rate of Return
Module 8.3: Depreciation; Theory of Loanable Funds; Two Interest Rate Functions
Module 8.4: Net Present Value; Perpetuities; Demand, Supply and Interest Rates
Module 8.5: NPV In the Real World; The NPV Equation
Module 8.6: Interest Rates In Real World; Factors Determining Interest Rates
Module 8.7: The Capital Asset Pricing Model
Module 9.1: Key Concepts of Organizational Behavior
Module 9.2: The Wage Rate, Unions, and Monopsony
Module 9.3: Derived Demand for Labor; Theory of Resource Demand
Module 9.4: Wages, Productivity, and Product Prices; Backward Bending Curve
Module 9.5: Wages in Imperfectly Competitive Labor Markets; Monopsony & Monopoly
Module 9.6: Wage and Compensating Differentials; Quasi-rents; Human Capital
Module 9.7: How Land is Priced; Rent Versus Economic Rent
Module 9.8: The “Corn Wars” and Theory of Ricardian Rents; Property Rights
Module 9.9: Henry George’s Land Tax; Tax Incidence Analysis
Module 9.10: Determinants of the Price of Land and Rents; Rent Seeking
Module 10.1: The Logic of Government Intervention
Module 10.2: Public vs. Private Goods; Non-rival Consumption; Free Rider Problem
Module 10.3: Economic Efficiency & Public Goods; Market Demand for Public Goods
Module 10.4: Benefit-Cost Analysis and the Decision Rule
Module 10.5: Negative and Positive Externalities
Module 10.6: Correcting Market Failures; The Coase Theorem; Pigouvian Taxes
10.7: Government Intervention; Pigouvian Taxes; Internalizing Externalities
Module 10.8: Progressive, Proportional, and Regressive Taxes
Module 10.9: Public Choice; The Median Voter Model; The Paradox of Voting
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