Microeconomics | 1 Big School (By Blue Brain)

Course Content

Basic economic concepts

Introduction to economics
Introduction to economics
Scarcity
Scarcity and rivalry
Four factors of production
Economic models
Normative and positive statements
Economic systems
Property rights in a market system
Markets and property rights
Production possibilities frontier
Production possibilities curve
Opportunity cost
Increasing opportunity cost
PPCs for increasing, decreasing and constant opportunity cost
Comparative advantage and the terms of trade
Comparative advantage, specialization, and gains from trade
Comparative advantage and absolute advantage
Opportunity cost and comparative advantage using an output table
Terms of trade and the gains from trade
Input approach to determining comparative advantage
When there aren’t gains from trade
Comparative advantage worked example

Supply, demand, and market equilibrium

Demand
Law of demand
Market demand as the sum of individual demand
Substitution and income effects and the law of demand
Price of related products and demand
Change in expected future prices and demand
Changes in income, population, or preferences
Normal and inferior goods
Inferior goods clarification
Supply
Law of supply
Change in supply versus change in quantity supplied
Factors affecting supply
Market equilibrium and changes in equilibrium
Market equilibrium
Changes in market equilibrium
Changes in equilibrium price and quantity when supply and demand change
Price elasticity of demand
Introduction to price elasticity of demand
Price elasticity of demand using the midpoint method
More on elasticity of demand
Determinants of price elasticity of demand
Determinants of elasticity example
Perfect inelasticity and perfect elasticity of demand
Constant unit elasticity
Total revenue and elasticity
More on total revenue and elasticity
Elasticity and strange percent changes

Elasticity

Price elasticity of supply
Introduction to price elasticity of supply
Elasticity of supply using a different method
Price elasticity of supply determinants
Income elasticity of demand and cross-price elasticity of demand
Income elasticity of demand
Cross-price elasticity of demand
Demand curve as marginal benefit curve
Consumer surplus introduction
Total consumer surplus as area
Producer surplus
Equilibrium, allocative efficiency and total surplus
Consumer and producer surplus
Equilibrium, allocative efficiency and total surplus
Rent control and deadweight loss
Minimum wage and price floors
How price controls reallocate surplus
Taxation and dead weight loss
Example breaking down tax incidence
Percentage tax on hamburgers
Taxes and perfectly inelastic demand
Taxes and perfectly elastic demand

Consumer and producer surplus, market interventions, and international trade

International trade
Changing equilibria from trade
Trade and tariffs
Sample free response question (FRQ) on tariffs and trade
Introduction to consumer theory: total utility and marginal utility
Marginal utility and total utility
Visualizing marginal utility MU and total utility TU functions
Utility maximization: equalizing marginal utility per dollar
Deriving demand curve from tweaking marginal utility per dollar
Utility maximization using marginal utility per dollar spent
Utility maximization: equalizing marginal utility per dollar
Marginal utility free response example
Utility maximization with indifference curves
Budget line
Indifference curves and marginal rate of substitution
Optimal point on budget line
Types of indifference curves

Consumer theory

Introduction to production and costs
Introduction to production functions
Total product, marginal product, and average product
Production and costs in the short run
Fixed, variable, and marginal cost
Marginal cost, average variable cost, and average total cost
Graphs of MC, AVC and ATC
Marginal revenue and marginal cost
Marginal revenue below average total cost
How costs change when fixed and variable costs change
Graphical impact of cost changes on marginal and average costs
Visualizing average costs and marginal costs as slope
Production and costs in the long run
Long-run average total cost curve
Economies and diseconomies of scale
Minimum efficient scale and market concentration
Types of profit
Economic profit vs accounting profit
Depreciation and opportunity cost of capital
Long term supply curve and economic profit

Production decisions and economic profit

Profit maximization
Profit maximization
Profit maximization worked example
Firm entry, exit, and the shut-down rule
Shutting down or exiting industry based on price
Long-run economic profit for perfectly competitive firms
Long run supply when industry costs aren’t constant
Free response question (FRQ) on perfect competition
Perfect competition
Introduction to perfect competition
Economic profit for firms in perfectly competitive markets
Long-run economic profit for perfectly competitive firms
Long-run supply curve in constant cost perfectly competitive markets
Long run supply when industry costs aren’t constant
Free response question (FRQ) on perfect competition
Monopolist optimizing price: Dead weight loss
Review of revenue and cost graphs for a monopoly
Optional calculus proof to show that MR has twice slope of demand
Monopoly
Perfect and imperfect competition
Types of competition and marginal revenue
Marginal revenue and marginal cost in imperfect competition
Monopolies vs. perfect competition
Economic profit for a monopoly
Monopolist optimizing price: Total revenue
Monopolist optimizing price: Marginal revenue
Monopolistic competition
Oligopolies and monopolistic competition
Monopolistic competition and economic profit
Long run economic profit for monopolistic competition
Oligopoly and game theory
Oligopolies, duopolies, collusion, and cartels
Prisoners’ dilemma and Nash equilibrium
More on Nash equilibrium
Why parties to cartels cheat
Game theory of cheating firms
Price discrimination
Price discrimination
Monopoly price discrimination

Forms of competition

Introduction to factor markets
A firm’s marginal product revenue curve
How many people to hire given the MPR curve
Introduction to labor markets
Labor-leisure tradeoff and the labor supply curve
Changes in factor demand and supply
Adding demand curves
Changes in labor supply
Shifts in the demand for labor
Optimal choice of factors in perfectly competitive factor markets
Cost minimizing choice of inputs
Factor markets worked example(Opens a modal)
Choosing inputs when factor markets are monopolistically competitive
A monopsonistic market for labor
Monopsony employers and minimum wages (Opens a modal)
Externalities
Allocative efficiency and marginal benefit
Negative externalities
Positive externalities
Taxes for factoring in negative externalities
The four types of goods: private goods, public goods, common resources, and natural monopolies
Tragedy of the commons
Rival and excludable goods

Student Ratings & Reviews

No Review Yet

Course Content

Basic economic concepts

Introduction to economics

Introduction to economics

Scarcity

Scarcity and rivalry

Four factors of production

Economic models

Normative and positive statements

Economic systems

Property rights in a market system

Markets and property rights

Production possibilities frontier

Production possibilities curve

Opportunity cost

Increasing opportunity cost

PPCs for increasing, decreasing and constant opportunity cost

Comparative advantage and the terms of trade

Comparative advantage, specialization, and gains from trade

Comparative advantage and absolute advantage

Opportunity cost and comparative advantage using an output table

Terms of trade and the gains from trade

Input approach to determining comparative advantage

When there aren’t gains from trade

Comparative advantage worked example

Supply, demand, and market equilibrium

Demand

Law of demand

Market demand as the sum of individual demand

Substitution and income effects and the law of demand

Price of related products and demand

Change in expected future prices and demand

Changes in income, population, or preferences

Normal and inferior goods

Inferior goods clarification

Supply

Law of supply

Change in supply versus change in quantity supplied

Factors affecting supply

Market equilibrium and changes in equilibrium

Market equilibrium

Changes in market equilibrium

Changes in equilibrium price and quantity when supply and demand change

Price elasticity of demand

Introduction to price elasticity of demand

Price elasticity of demand using the midpoint method

More on elasticity of demand

Determinants of price elasticity of demand

Determinants of elasticity example

Perfect inelasticity and perfect elasticity of demand

Constant unit elasticity

Total revenue and elasticity

More on total revenue and elasticity

Elasticity and strange percent changes

Elasticity

Price elasticity of supply

Introduction to price elasticity of supply

Elasticity of supply using a different method

Price elasticity of supply determinants

Income elasticity of demand and cross-price elasticity of demand

Income elasticity of demand

Cross-price elasticity of demand

Demand curve as marginal benefit curve

Consumer surplus introduction

Total consumer surplus as area

Producer surplus

Equilibrium, allocative efficiency and total surplus

Consumer and producer surplus

Equilibrium, allocative efficiency and total surplus

Rent control and deadweight loss

Minimum wage and price floors

How price controls reallocate surplus

Taxation and dead weight loss

Example breaking down tax incidence

Percentage tax on hamburgers

Taxes and perfectly inelastic demand

Taxes and perfectly elastic demand

Consumer and producer surplus, market interventions, and international trade

International trade

Changing equilibria from trade