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Basics of Microeconomics : Theory of Producer Behaviour

Learn basics of economics and understand how producers maximize their profits
Instructor:
Shubham Kalra
1,210 students enrolled
English [Auto-generated]
Understand how a producer maximizes his profit
Understand how a producer take decisions about what to produce and how much to produce

Welcome to ‘Basics of Microeconomics : Theory of Producer Behavior’

In this course , you will understand how a producer :

1) Maximizes his profit

2) Decides what to produce and how much to produce

3) Decides what all inputs to use and in what proportion

In this course, we will discuss the following:
What is microeconomics?
What is the difference between fixed factors of production and variable factors of production?
How do we differentiate between short run and long run?
How is the meaning of cost in economics different from meaning of cost in accountancy?
What is the difference between fixed cost and variable cost?
What do we mean by Perfect competition and Monopoly market type?
What is the difference in the behavior of revenue curves in these two market types?
How does a monopoly or perfectly competitive firm decides how much to produce to maximize his profit?

Some concepts that we will use while discussing the topics mentioned above –

Production Function, Returns to a factor, Law of variable proportions, Total cost, Marginal Cost, Average Cost, Total Product, Marginal Product, Average Product, Total Revenue, Marginal Revenue, Average Revenue.

This course has 16 video lectures and 1 hour of content.

How will this course benefit you?

If you are an economics student – This will help you in gaining better clarity of concepts.

If you are someone who has a desire to learn economics – This course is the first step that you need to take to fulfill your desire, it starts from the scratch and covers all the concepts in detail.

All that said, if you would like to discuss something while you are learning, please feel free to start a discussion or PM me.

Lets get started..!

Introduction

1
Introduction to Microeconomics

In this lecture, I will introduce you to the meaning and components of microeconomics.

Production function and Returns to a factor

1
Concept of Production Function

In this lecture, we will study the meaning of Production Function.

2
Factors of production and Short run production function

In this lecture, we will study the following :

1) Meaning of fixed and variable factors of production

2) Difference between short run and long run

3) Concept of short run production function

3
Total product, Marginal product and Average product

In this lecture, we will study the meaning of Total product, Marginal product and Average product. We need to understand these terms to understand the concept of returns to a factor.

4
Returns to a factor and Law of variable proportions

In this lecture, we will study the meaning of returns to a factor and then we will take an example to understand the concept of Law of variable proportions.

5
Phases of Law of variable proportion - Numerical Example & Graphic Presentation

In this lecture, we will study the 3 phases of law of variable proportion using a numerical example and graphic presentation.

Concept of Costs

1
Meaning of Cost in Economics

In this lecture, we will study the meaning of cost in economics and how is it different from the definition of cost in accounting.

2
Fixed cost and Variable cost

In this lecture, we will study the difference between fixed cost and variable cost.

3
Total cost and Marginal cost

In this lecture, we will study the meaning of total cost and marginal cost.

Concept of Revenue

1
Total Revenue, Marginal Revenue and Average Revenue

In this lecture, we will discuss the meaning of Total revenue, Marginal revenue and Average revenue.

2
What is Perfect Competition?

In this lecture, we will discuss the meaning of perfect competition and its characteristics.

3
Behavior of Revenue curves under Perfect Competition

In this lecture, we will discuss the behavior of total revenue,marginal revenue and average revenue when the market is perfectly competitive.

4
What is Monopoly?

In this lecture, we will study the meaning of monopoly.

5
Behavior of Monopoly's Revenue curves

In this lecture, we will discuss the behavior of total revenue, marginal revenue and average revenue of a monopolist firm.

Producer's Equilibrium

1
Profit Maximization in a Perfectly Competitive market

In this lecture, we will study how a firm decides how much to produce to maximize its profit in a perfectly competitive market.

2
Profit maximization - Monpoly

In this lecture, we will study how a monopolist firm decides its profit maximizing output level.

You can view and review the lecture materials indefinitely, like an on-demand channel.
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