University of Rochester - The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior
- Offered byCoursera
The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior at Coursera Overview
Duration | 7 hours |
Total fee | Free |
Mode of learning | Online |
Difficulty level | Beginner |
Official Website | Explore Free Course  |
Credential | Certificate |
The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior at Coursera Highlights
- Shareable Certificate Earn a Certificate upon completion
- 100% online Start instantly and learn at your own schedule.
- Flexible deadlines Reset deadlines in accordance to your schedule.
- Approx. 7 hours to complete
- English Subtitles: French, Portuguese (European), Russian, English, Spanish
The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior at Coursera Course details
- 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.
The Power of Markets I: The Basics of Supply and Demand and Consumer Behavior at Coursera Curriculum
Week 1 - Supply and Demand
Course Materials and General Advice
Some Preliminaries About Microeconomics
Basic Assumptions About Market Participants
Opportunity Cost
Sunk Costs/Benefits
Production Possibility Frontier (PPF)
The Determinants of Demand
The Determinants of Supply
Market Equilibrium
Syllabus
Week 1 Quiz
Week 2 - Supply and Demand
Intro to Week 2
Predicting and Explaining Market Outcomes
Government Intervention in Markets: Price Ceilings
Price Elasticity of Demand and it's Relationship to Total Expenditure
Calculating and Applying Price Elasticity of Demand
Determinants of Elasticity of Demand
Three Other Elasticities
Sharpening your Understanding of Price Elasticity of Demand and Supply
Week 2 Quiz
Week 3 - Consumer Choice
Intro to Week 3
Consumer Preferences
Sharpening Your Understanding of Indifference Curves
The Budget Constraint
The Consumer?s Optimal Choice
Changes in Income and Consumption Choices
Accounting for Altruism
Price Changes and Consumption Choices
From Individual to Market Demand
Week 3 Quiz
Week 4 - Consumer Choice and the Benefits of Exchange
Intro and Consumer Surplus
The Price-Consumption Curve and Elasticity of Demand
Excise Subsidies - Health Care and Consumer Welfare
Analyzing ObamaCare I
Analyzing ObamaCare II
Analyzing School Choice I
Analyzing School Choice II
Investor Choice
Efficiency in the Distribution of Goods
Week 4 Quiz
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