Microeconomics Principles

Microeconomic Principles at a Glance introduces the course and its objectives. Dive into the syllabus, familiarize yourself with the discussion forums, and engage in an orientation quiz to kickstart your learning journey.

• Get an overview of the course and its objectives
• Explore the syllabus and course structure
• Engage in orientation activities to familiarize yourself with the course dynamics

Introduction and Basic Principles sets the foundation for understanding economics. Explore the core concepts, including opportunity costs, the invisible hand principle, and the dynamics of trade, providing a fundamental understanding of economic principles and their applications.

• Grasp the foundational concepts of economics
• Understand opportunity costs and the invisible hand principle
• Explore the dynamics of trade and its implications

Supply and Demand delves into the intricacies of market dynamics. Explore the determinants of demand and supply, understand price changes, and comprehend the equilibrium price, equipping you with a comprehensive understanding of market forces and their implications.

• Comprehend the determinants of demand and supply
• Understand price changes and equilibrium price
• Gain insights into market dynamics and their implications

Market Efficiency and Government Policies explores the role of government interventions in markets. Understand consumer and producer surplus, price ceilings and floors, and analyze the implications of governmental policies on market dynamics.

• Analyze consumer and producer surplus
• Explore the impacts of price ceilings and floors
• Understand the implications of governmental policies on market dynamics

Elasticities provides insights into the responsiveness of demand and supply to price changes. Delve into the concept of elasticity, understand its determinants, and analyze the effects of taxes on market dynamics, equipping you with a comprehensive understanding of market responsiveness.

• Understand price and income elasticities of demand
• Analyze the effects of taxes on market dynamics
• Gain insights into market responsiveness and its implications

Production and Costs delves into the production process and cost analysis. Explore the concepts of fixed and variable costs, understand cost curves, and analyze the dynamics of competitive output, providing insights into production efficiency and its implications.

• Understand the production process and cost analysis
• Analyze the dynamics of competitive output
• Gain insights into production efficiency and its implications

Competitive Output explores profit maximization in competitive markets. Understand perfect competition, analyze short-run and long-run competitive output, and comprehend market equilibrium, providing a comprehensive understanding of competitive market dynamics.

• Understand profit maximization in competitive markets
• Analyze short-run and long-run competitive output
• Comprehend market equilibrium and its implications

Firms with Market Power delves into market structures with pricing power. Explore marginal revenue, price discrimination, and analyze the social costs of market power, providing insights into the dynamics of market structures and their implications.

• Explore market structures with pricing power
• Analyze the dynamics of price discrimination
• Understand the social costs of market power

Public Goods, Common Resources, and Externalities explores the dynamics of public goods and externalities. Understand the classification of goods, analyze the tragedy of the commons, and comprehend governmental and private solutions, providing insights into the complexities of public goods and externalities.

• Classify goods and analyze the tragedy of the commons
• Understand public goods and externalities
• Analyze governmental and private solutions