The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior

University of Rochester

Informações sobre o curso

This opening module of the Power of Markets course covers the basic assumptions about market participants made by economists, the concept of opportunity cost, and the key determinants of supply and demand. We will then learn how to use the supply-demand framework to explain and predict market outcomes and to show how government policies affect those market outcomes. We will look at how quantity demanded and supplied respond to their key determinants in quantitative (elasticity) as well as qualitative terms. The last two weeks of the first module will investigate consumer behavior more closely and show how consumer choices are driven by the interplay of preferences and budget constraints. We will employ the consumer choice framework to examine investor choice as well as policies such as ObamaCare and school choice. Finally, we will also address the concept of how to distribute a given amount of goods across a society’s consumers in the most efficient manner.

cursos 100% online

Comece imediatamente e aprenda em seu próprio cronograma.

Approx. 10 hours to complete

Sugerido: 3-5 hours/week

English

Legendas: English

cursos 100% online

Comece imediatamente e aprenda em seu próprio cronograma.

Approx. 10 hours to complete

Sugerido: 3-5 hours/week

English

Legendas: English

Syllabus - What you will learn from this course

1

Section

2 hours to complete

Week 1 - Supply and Demand

Basic Assumptions About Market Participants and the Concept of Opportunity Cost. The Determinants of Demand and Supply....

9 videos (Total 71 min), 1 reading, 1 quiz

9 videos

Course Materials and General Advice6m

Some Preliminaries About Microeconomics 9m

Basic Assumptions About Market Participants2m

Opportunity Cost 10m

Sunk Costs/Benefits 10m

Production Possibility Frontier (PPF) 8m

The Determinants of Demand 13m

The Determinants of Supply 7m

Market Equilibrium 3m

1 readings

Syllabus10m

1 practice exercises

Week 1 Quiz40m

2

Section

2 hours to complete

Week 2 - Supply and Demand

Using the Supply-Demand Framework to Predict and Explain Market Outcomes as well as to Show the Impacts of Government Intervention. Some Key Elasticities of Demand and Supply....

8 videos (Total 86 min), 1 quiz

8 videos

Intro to Week 211m

Predicting and Explaining Market Outcomes 11m

Government Intervention in Markets: Price Ceilings 15m

Price Elasticity of Demand and it's Relationship to Total Expenditure15m

Calculating and Applying Price Elasticity of Demand9m

Determinants of Elasticity of Demand5m

Three Other Elasticities 5m

Sharpening your Understanding of Price Elasticity of Demand and Supply 10m

1 practice exercises

Week 2 Quiz40m

3

Section

2 hours to complete

Week 3 - Consumer Choice

Explaining Consumer Choice Through Analyzing Consumer Preferences and Budget Constraints....

9 videos (Total 74 min), 1 quiz

9 videos

Intro to Week 39m

Consumer Preferences 9m

Sharpening Your Understanding of Indifference Curves 6m

The Budget Constraint10m

The Consumer’s Optimal Choice 14m

Changes in Income and Consumption Choices6m

Accounting for Altruism 5m

Price Changes and Consumption Choices 8m

From Individual to Market Demand 3m

1 practice exercises

Week 3 Quiz40m

4

Section

2 hours to complete

Week 4 - Consumer Choice and the Benefits of Exchange

Using Consumer Choice Theory to Analyze Investor Choice as well as Policies Such as ObamaCare and School Choice. Promoting Efficiency in the Distribution of Goods....

9 videos (Total 67 min), 1 quiz

9 videos

Intro and Consumer Surplus11m

The Price-Consumption Curve and Elasticity of Demand 6m

Excise Subsidies - Health Care and Consumer Welfare 9m

Analyzing ObamaCare I 9m

Analyzing ObamaCare II 6m

Analyzing School Choice I 6m

Analyzing School Choice II 6m

Investor Choice 4m

Efficiency in the Distribution of Goods 7m

1 practice exercises

Week 4 Quiz40m

Instructor

Mark Zupan

Professor of Economics and Public Policy

About University of Rochester

The University of Rochester is one of the nation's leading private universities. Located in Rochester, N.Y., the University provides exceptional opportunities for interdisciplinary study and close collaboration with faculty through its unique cluster-based curriculum. Its College, School of Arts and Sciences, and Hajim School of Engineering and Applied Sciences are complemented by its Eastman School of Music, Simon School of Business, Warner School of Education, Laboratory for Laser Energetics, School of Medicine and Dentistry, School of Nursing, Eastman Institute for Oral Health, and the Memorial Art Gallery....

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The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior