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Microeconomics: The Power of Markets
Online
2 Weeks
Free Quick Facts
| Medium Of Instructions | Mode Of Learning | Mode Of Delivery |
|---|---|---|
| English | Self Study | Video and Text Based |
Courses and Certificate Fees
| Fees Informations | Certificate Availability | Certificate Providing Authority |
|---|---|---|
| INR 2421 | yes | Coursera |
The Syllabus
Videos
- The Power of Markets: Introduction
- 1.1.1 Opportunity Cost: Introduction
- 1.1.2 Opportunity Cost: The Cost of Education
- 1.1.3 Opportunity Cost: Numeric Example 1
- 1.1.4 Opportunity Cost: Numeric Example 2
- 1.1.5 Opportunity Cost: Numeric Example3
- 1.1.6 Opportunity Cost: Numeric Example 4
- 1.2.1 Scarcity: Introduction
- 1.2.2 Production Possibilities Frontier: Definition
- 1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit
- 1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit
- 1.2.5 Production Possibilities Frontier: Graphical Approach
- 1.2.6 Production Possibilities Frontier: Numerical Example
- 1.2.7 Production Possibilities Frontier: Understanding the Slope
- 1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth
- 1.2.9 Allocative Efficiency: Graphical Approach 1
- 1.2.10 Allocative Efficiency: Graphical Approach 2
Readings
- Additional Readings: General Suggestions
- Participate in a Purdue Research Project (Optional)
- Additional Readings: Week 1
Practice Exercises
- Opportunity Cost
- Production Possibility Frontier (PPF)
- Production Possibilities Frontier and Growth
Videos
- 2.1.1 Markets and Trade: Introduction
- 2.2.1 Comparative Advantage: Numerical Example 1 - Set up
- 2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs
- 2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF
- 2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed
- 2.3.2 Comparative Advantage: Definition
- 2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization
- 2.2.6 Comparative Advantage: Numerical Example 6
- 2.2.7 Comparative Advantage: Numerical Example 7
- 2.3.1 Absolute Advantage: Definition
- 2.4.1 Gaining from Specialization Through Trade
- 2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier
- 2.4.3 Gaining from Specialization: General Graphical Approach
- 2.4.4 Gaining from Specialization: Imports and Exports
Reading
- Additional Readings: Week 2
Practice Exercises
- Comparative Advantage
- Trade
Videos
- 3.1.1 Supply & Demand: Introduction
- 3.1.2 The Demand Curve
- 3.1.3 Shifts of Demand: Part 1
- 3.1.4 Shifts of Demand: Part 2
- 3.1.5 The Supply Curve
- 3.1.6 Shifts of Supply: Part 1
- 3.1.7 Shifts of Supply: Part 2
- 3.1.8 Market Equilibrium: Definition
- 3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells
- 3.1.10 The Invisible Hand: Part 1
- 3.1.11 The Invisible Hand: Part 2
- 3.1.12 Changes in Demand: Effect on Market Equilibrium
- 3.1.13 Changes in Supply: Effect on Market Equilibrium
- 3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium
- 3.1.15 Supply & Demand: Conclusion
Reading
- Additional Readings: Week 3
Practice Exercises
- The Demand Curve
- The Supply Curve
- Market Equilibrium
- A Change in Market Equilibrium
Videos
- 4.1.1 Elasticity: Introduction
- 4.1.2 Elasticity of Demand
- 4.1.3 What Affects Elasticity of Demand
- 4.1.4 Perfectly Inelastic and Perfectly Elastic Demand
- 4.1.5 Elasticity Along a Straight Line Demand Curve
- 4.1.6 Elasticity and Revenue: Part 1
- 4.1.7 Elasticity and Revenue: Part 2
- 4.1.8 Unit Elastic Demand Curve
- 4.1.9 Cross Price Elasticity: Complements vs. Substitutes
- 4.1.10 Income Elasticity: Normal vs. Inferior Goods
- 4.1.11 Elasticity of Supply
- 4.1.12 Elasticity: Summary
- 4.2.1 Efficiency & Equity: Introduction
- 4.2.2 Consumer Surplus
- 4.2.3 Producer Surplus
- 4.2.4 Maximizing Total Surplus
- 4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity
- 4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity
- 4.2.7 Efficiency & Equity: Conclusion
- 4.2.8 Price Ceiling
- 4.2.9 Price Floors: The Case of Minimum Wage
- 4.2.10 Calculating Total Surplus: Numerical Example
- 4.2.11 Price Ceilings: A Numerical Example
Reading
- Additional Readings: Week 4
Practice Exercises
- Elasticity of Demand
- Elasticity of Demand & Revenue
- Other Elasticity Terms
- Consumer and Producer Surplus
Videos
- 5.1.1 Government Intervention: Introduction
- 5.1.2 Modeling a Tax
- 5.1.3 Modeling a Tax: Graphically Interpretation
- 5.1.4 Consequence of a Tax on Consumer and Producer Surplus
- 5.1.5 Consequence of a Tax on Total Surplus
- 5.1.6 Dead Weight Loss
- 5.1.7 Tax Incidence
- 5.1.8 Tax in Extreme Cases of Demand Elasticity
- 5.1.9 Tax in Extreme Cases of Elasticity of Supply
- 5.1.10 Taxes: Summary
- 5.1.11 Modeling a Subsidy
- 5.1.12 Consequence of a Subsidy on Total Surplus
- 5.1.13 Subsidy: Summary
- 5.1.14 Taxes: Numerical Example Part 1
- 5.1.15 Taxes: Numerical Example Part 2
- The Power of Markets: Conclusion
Reading
- Additional Readings: Week 5
Practice Exercises
- Price Intervention
- Taxes
- Subsidies
- Government Intervention
- Final Exam