4.39 out of 5
4.39
88 reviews on Udemy

Economics: Mastering Microeconomics 101

A comprehensive study aid for anyone studying economics
Instructor:
Jef Jacobs
734 students enrolled
English [Auto-generated]
Key foundation concepts and definitions
How investing in capital leads to economic growth
How prices are determined by markets
How to anticipate market outcomes
How to analyse productivity
All the important graphs in foundation microeconomics
How consumers make purchasing decisions
The laws of demand and supply
How to visually illustrate economic growth

This course covers the most important foundation concepts in microeconomics necessary for application in more advanced models. Principles and theories discussed in this course can also be applied in real life decision making. All the important theories, models, graphs and laws are discussed using high-quality sound and animation. No live recordings of lectures or boring screen-shots of textbook pages!

Mastering Foundations in Microeconomics is a great resource for exam, lecture or test preparation. Students can go through all the material chapter by chapter, or simply complete selected chapters in which they feel they need additional support.

Examples from everyday life are provided at the end of each chapter as well as multiple choice quizzes to further enhance each student’s learning experience, regardless of capability.

Chapter 1: Introduction to Microeconomics

1
What is Microeconomics?
2
Economic Theories, Models and Assumptions
3
Normative versus Positive Economics

Introduction to possibilities, trade-offs and marginal analysis

1
Introduction
2
The Production Possibilities Curve
3
The Law of Increasing Opportunity Costs
4
Marginal Cost (Deriving the MC Curve)
5
Marginal Benefit and Allocative Efficiency
6
Illustrating Economic Growth on a PPF: Consumption Now vs. Future Growth
7
Summary + Defense versus Civilian Goods and Services
8
Section 2: Test your knowledge quiz

Supply and Demand

1
Introduction
2
What is Demand?
3
Deriving the Individual Demand Curve
4
Deriving Market Demand Curves
5
The Difference Between a Shift in Demand and Change in the Quantity Demanded
6
What is Supply?
7
Deriving the Individual Firm Supply Curve
8
Deriving the Market Supply Curve
9
The Difference Between a Shift in Supply and a Change in the Quantity Supplied
10
Finding the Market Equilibrium
11
The Market Mechanisms Towards Equilibrium
12
Summary + Solving the Rhino Poaching Problem
13
Section 3: Test your knowledge

Consumer and Producer Surplus

1
Introduction
2
Calculating Consumer Surplus
3
Calculating Producer Surplus
4
Combining Consumer and Producer Surplus
5
Illustrating Market Efficiency or Inefficiency (Deadweight Loss)
6
Summary + Assessing Government Intervention and Power of Industries
7
Section 4: Test your knowledge

Measuring Elasticity - The Magnitude of Response

1
Introduction
2
Calculating Revenue from Demand Curves
3
Calculating Price Elasticity of Demand
4
How to interpret Price Elasticity of Demand Values
5
The Relationship Between Elasticity and Total Revenue
6
Other Factors that Influence Elasticity of Demand
7
Calculating Cross Price Elasticity of Demand
8
Calculating Income Elasticity of Demand
9
Summary + Why a Bumper Crop is Bad for Farmers
10
Section 5: Test your knowledge

Consumer Theory and Behavior

1
Introduction
2
Introduction to the Budget Line
3
Constructing a Budget Line
4
The Budget Line Slope
5
Shifting Budget Line - Changing Prices and Income
6
Introduction to Indifference Curves
7
Drawing and Interpreting Indifference Curves
8
The Marginal Rate of Substitution (MRS)
9
Maximizing Satisfaction - Indifference Curves and Budget Lines
10
Maximizing Satisfaction with Changing Prices and Income
11
Calculating the Substitution Effect
12
Calculating the Income Effect
13
Normal and Inferior Goods
14
Summary + Individual Budgets
15
Section 6: Test Your Knowledge

Production in the Short and Long Run

1
Introduction
2
Introduction to Output Curves
3
Drawing the Total Product Curve
4
Deriving and Understanding Marginal Product
5
Comparing Marginal and Average Product
6
Introduction to Cost Curves
7
Deriving The Short-Run Variable Cost Curve
8
Variable, Total and Fixed Cost Curves
9
Average Cost Curves
10
Marginal and Average Cost Curves
11
Comparing Short-Run Production and Costs
12
The Long-Run Cost Curve and Economies of Scale
13
Summary + The Economies of Scale in the Mining Industry
14
Section 7: Test Your Knowledge

Perfect Competition

1
Defining a Perfectly Competitive market
2
Foundation graphs for an individual firm in a perfectly competitive market
3
Total cost and revenue in perfect competition - calculating economic profit
4
Maximizing Short Run Profit in Perfect Competition: MR =MC
5
The three short-run profit scenarios in a perfectly competitive market
6
The short-run individual firm supply curve in a perfectly competitive market
7
The short-run market supply curve in a perfectly competitive market
8
Short-run market equilibrium in a perfectly competitive market
9
Deriving the perfectly competitive long-run average cost curve
10
Market mechanisms in perfect competition: A decrease in market demand
11
Market mechanisms in perfect competition: An increase in market demand
You can view and review the lecture materials indefinitely, like an on-demand channel.
Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don't have an internet connection, some instructors also let their students download course lectures. That's up to the instructor though, so make sure you get on their good side!
4.4
4.4 out of 5
88 Ratings

Detailed Rating

Stars 5
46
Stars 4
25
Stars 3
13
Stars 2
4
Stars 1
0
2147c324694ccb3818afe7b00a088efc
30-Day Money-Back Guarantee

Includes

9 hours on-demand video
Full lifetime access
Access on mobile and TV
Certificate of Completion

Previously on Educor

We use cookies and collect data according to the Privacy Policy to ensure better user experience.