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

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

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Opleiderscore: starstarstarstar_halfstar_border 7,2 Coursera (CC) heeft een gemiddelde beoordeling van 7,2 (uit 6 ervaringen)

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Beschrijving

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About this course: 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…

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When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: 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.

Created by:  University of Rochester
  • Taught by:  Mark Zupan, Professor of Economics and Public Policy

    Simon School of Business
Commitment 3-5 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.5 stars Average User Rating 4.5See what learners said Coursework

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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.

Syllabus


WEEK 1


Week 1 - Supply and Demand
Basic Assumptions About Market Participants and the Concept of Opportunity Cost. The Determinants of Demand and Supply.


9 videos, 1 reading expand


  1. Video: Course Materials and General Advice
  2. Video: Some Preliminaries About Microeconomics
  3. Video: Basic Assumptions About Market Participants
  4. Video: Opportunity Cost
  5. Reading: Syllabus
  6. Video: Sunk Costs/Benefits
  7. Video: Production Possibility Frontier (PPF)
  8. Video: The Determinants of Demand
  9. Video: The Determinants of Supply
  10. Video: Market Equilibrium

Graded: Week 1 Quiz

WEEK 2


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 expand


  1. Video: Intro to Week 2
  2. Video: Predicting and Explaining Market Outcomes
  3. Video: Government Intervention in Markets: Price Ceilings
  4. Video: Price Elasticity of Demand and it's Relationship to Total Expenditure
  5. Video: Calculating and Applying Price Elasticity of Demand
  6. Video: Determinants of Elasticity of Demand
  7. Video: Three Other Elasticities
  8. Video: Sharpening your Understanding of Price Elasticity of Demand and Supply

Graded: Week 2 Quiz

WEEK 3


Week 3 - Consumer Choice
Explaining Consumer Choice Through Analyzing Consumer Preferences and Budget Constraints.


9 videos expand


  1. Video: Intro to Week 3
  2. Video: Consumer Preferences
  3. Video: Sharpening Your Understanding of Indifference Curves
  4. Video: The Budget Constraint
  5. Video: The Consumer’s Optimal Choice
  6. Video: Changes in Income and Consumption Choices
  7. Video: Accounting for Altruism
  8. Video: Price Changes and Consumption Choices
  9. Video: From Individual to Market Demand

Graded: Week 3 Quiz

WEEK 4


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 expand


  1. Video: Intro and Consumer Surplus
  2. Video: The Price-Consumption Curve and Elasticity of Demand
  3. Video: Excise Subsidies - Health Care and Consumer Welfare
  4. Video: Analyzing ObamaCare I
  5. Video: Analyzing ObamaCare II
  6. Video: Analyzing School Choice I
  7. Video: Analyzing School Choice II
  8. Video: Investor Choice
  9. Video: Efficiency in the Distribution of Goods

Graded: Week 4 Quiz

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