Об этом курсе: We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us. This course is an introduction to the microeconomic theory of markets: why we have them, how they work, what they accomplish. We will start with the concept of scarcity and how specialization according to comparative advantage helps us achieve more than we could alone. Next we model a marked using the tools of Supply and Demand and learn what well working markets accomplish and what their limit are. We end by exploring the impact of government intervention on perfect markets. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes.
Автор: Пенсильванский университет
Преподаватели: Rebecca Stein, Senior Lecturer
Economics
| Выполнение | 5 weeks of study, 4-7 hours/week |
| Язык | English, Субтитры: Mongolian |
| Как пройти курс | Чтобы пройти курс, выполните все оцениваемые задания. |
Программа курса
НЕДЕЛЯ 1
The Concept of Scarcity
Where do markets come from? We will start with understanding the constraint of scarcity that we face and the concept of opportunity cost that reflects the true cost of any decision we make. We will learn to model scarcity using the Production Possibilities Frontier that allows us to visualize tradeoffs, distinguish between efficient, inefficient and unattainable points. We will also discuss how economic growth affects our options and allows us to achieve the previously unattainable.
17 видео, 3 материалов для самостоятельного изучения
- Видео: The Power of Markets: Introduction
- Reading: Additional Readings: General Suggestions
- Reading: Participate in a Purdue Research Project (Optional)
- Видео: 1.1.1 Opportunity Cost: Introduction
- Видео: 1.1.2 Opportunity Cost: The Cost of Education
- Видео: 1.1.3 Opportunity Cost: Numeric Example 1
- Видео: 1.1.4 Opportunity Cost: Numeric Example 2
- Видео: 1.1.5 Opportunity Cost: Numeric Example3
- Видео: 1.1.6 Opportunity Cost: Numeric Example 4
- Видео: 1.2.1 Scarcity: Introduction
- Видео: 1.2.2 Production Possibilities Frontier: Definition
- Видео: 1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit
- Видео: 1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit
- Видео: 1.2.5 Production Possibilities Frontier: Graphical Approach
- Видео: 1.2.6 Production Possibilities Frontier: Numerical Example
- Видео: 1.2.7 Production Possibilities Frontier: Understanding the Slope
- Видео: 1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth
- Видео: 1.2.9 Allocative Efficiency: Graphical Approach 1
- Видео: 1.2.10 Allocative Efficiency: Graphical Approach 2
- Discussion Prompt: Production Possibilities Frontier in Your Local Area
- Reading: Additional Readings: Week 1
Оцениваемый: Opportunity Cost
Оцениваемый: Production Possibility Frontier (PPF)
Оцениваемый: Production Possibilities Frontier and Growth
НЕДЕЛЯ 2
Specialization & Trade
Trade allows us to achieve the unattainable- we can consume more than we can produce on our own. We will introduce the concept of Comparative Advantage and discuss how gains from specialization allow us to use our resources efficiently. We will apply these concepts to a simple model of trade, showing that now the Consumption Possibilities Frontier allows points outside the Production Possibilities Frontier.
14 видео, 1 материал для самостоятельного изучения
- Видео: 2.1.1 Markets and Trade: Introduction
- Видео: 2.2.1 Comparative Advantage: Numerical Example 1 - Set up
- Видео: 2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs
- Видео: 2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF
- Видео: 2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed
- Видео: 2.3.2 Comparative Advantage: Definition
- Видео: 2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization
- Видео: 2.2.6 Comparative Advantage: Numerical Example 6
- Видео: 2.2.7 Comparative Advantage: Numerical Example 7
- Видео: 2.3.1 Absolute Advantage: Definition
- Видео: 2.4.1 Gaining from Specialization Through Trade
- Видео: 2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier
- Видео: 2.4.3 Gaining from Specialization: General Graphical Approach
- Видео: 2.4.4 Gaining from Specialization: Imports and Exports
- Discussion Prompt: Comparative Advantage of Your Local Area
- Reading: Additional Readings: Week 2
Оцениваемый: Comparative Advantage
Оцениваемый: Trade
НЕДЕЛЯ 3
Supply and Demand
We will introduce the central model of Supply & Demand. This will allow you to communicate with other economists and finally understand those business pages and market updates. We will distinguish between a movement along and a movement of the supply & demand curves. We will define market equilibrium as understand that at an equilibrium price there is neither excess demand nor excess supply. We will end by a few scenarios where exogenous changes affect supply and/or demand and analyze the impact on equilibrium price and quantity.
15 видео, 1 материал для самостоятельного изучения
- Видео: 3.1.1 Supply & Demand: Introduction
- Видео: 3.1.2 The Demand Curve
- Видео: 3.1.3 Shifts of Demand: Part 1
- Видео: 3.1.4 Shifts of Demand: Part 2
- Видео: 3.1.5 The Supply Curve
- Видео: 3.1.6 Shifts of Supply: Part 1
- Видео: 3.1.7 Shifts of Supply: Part 2
- Видео: 3.1.8 Market Equilibrium: Definition
- Видео: 3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells
- Видео: 3.1.10 The Invisible Hand: Part 1
- Видео: 3.1.11 The Invisible Hand: Part 2
- Видео: 3.1.12 Changes in Demand: Effect on Market Equilibrium
- Видео: 3.1.13 Changes in Supply: Effect on Market Equilibrium
- Видео: 3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium
- Видео: 3.1.15 Supply & Demand: Conclusion
- Discussion Prompt: Model the Supply & Demand of a Good or Service
- Reading: Additional Readings: Week 3
Оцениваемый: The Demand Curve
Оцениваемый: The Supply Curve
Оцениваемый: Market Equilibrium
Оцениваемый: A Change in Market Equilibrium
НЕДЕЛЯ 4
Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity
There is a lot of terminology this week. We will introduce of the concept of elasticity of demand that measures the responsiveness of quantity demanded to a change in the price of a good. We will explore the relationship between change in price and revenue or sales and how elasticities can help us predict whether a decrease in price will increase or decrease revenue. We then introduce other elasticities of note: cross price elasticity, income elasticity and elasticity of supply. We end the week by exploring the great accomplishment of markets: maximizing the size of the pie or the total benefit to society.
23 видео, 1 материал для самостоятельного изучения
- Видео: 4.1.1 Elasticity: Introduction
- Видео: 4.1.2 Elasticity of Demand
- Видео: 4.1.3 What Affects Elasticity of Demand
- Видео: 4.1.4 Perfectly Inelastic and Perfectly Elastic Demand
- Видео: 4.1.5 Elasticity Along a Straight Line Demand Curve
- Видео: 4.1.6 Elasticity and Revenue: Part 1
- Видео: 4.1.7 Elasticity and Revenue: Part 2
- Видео: 4.1.8 Unit Elastic Demand Curve
- Видео: 4.1.9 Cross Price Elasticity: Complements vs. Substitutes
- Видео: 4.1.10 Income Elasticity: Normal vs. Inferior Goods
- Видео: 4.1.11 Elasticity of Supply
- Видео: 4.1.12 Elasticity: Summary
- Видео: 4.2.1 Efficiency & Equity: Introduction
- Видео: 4.2.2 Consumer Surplus
- Видео: 4.2.3 Producer Surplus
- Видео: 4.2.4 Maximizing Total Surplus
- Reading: Additional Readings: Week 4
- Видео: 4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity
- Видео: 4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity
- Видео: 4.2.7 Efficiency & Equity: Conclusion
- Видео: 4.2.8 Price Ceiling
- Видео: 4.2.9 Price Floors: The Case of Minimum Wage
- Видео: 4.2.10 Calculating Total Surplus: Numerical Example
- Видео: 4.2.11 Price Ceilings: A Numerical Example
- Discussion Prompt: Order Goods by Decreasing Elasticity
Оцениваемый: Elasticity of Demand
Оцениваемый: Elasticity of Demand & Revenue
Оцениваемый: Other Elasticity Terms
Оцениваемый: Consumer and Producer Surplus
НЕДЕЛЯ 5
When Government Intervenes
In week four we learnt that the markets maximize the surplus that can be generated. So what happens if the government steps in and intervenes in the market? This week we will analyze price floors and ceilings, taxes and subsidies and learn how the best intentions sometimes lead to very unfortunate results.
16 видео, 1 материал для самостоятельного изучения
- Видео: 5.1.1 Government Intervention: Introduction
- Видео: 5.1.2 Modeling a Tax
- Видео: 5.1.3 Modeling a Tax: Graphically Interpretation
- Видео: 5.1.4 Consequence of a Tax on Consumer and Producer Surplus
- Видео: 5.1.5 Consequence of a Tax on Total Surplus
- Видео: 5.1.6 Dead Weight Loss
- Видео: 5.1.7 Tax Incidence
- Видео: 5.1.8 Tax in Extreme Cases of Demand Elasticity
- Видео: 5.1.9 Tax in Extreme Cases of Elasticity of Supply
- Видео: 5.1.10 Taxes: Summary
- Видео: 5.1.11 Modeling a Subsidy
- Видео: 5.1.12 Consequence of a Subsidy on Total Surplus
- Видео: 5.1.13 Subsidy: Summary
- Видео: 5.1.14 Taxes: Numerical Example Part 1
- Видео: 5.1.15 Taxes: Numerical Example Part 2
- Видео: The Power of Markets: Conclusion
- Discussion Prompt: Analyze a Price Regulation or Intervention
- Reading: Additional Readings: Week 5
Оцениваемый: Price Intervention
Оцениваемый: Taxes
Оцениваемый: Subsidies
Оцениваемый: Government Intervention
Оцениваемый: Final Exam
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Авторы
Пенсильванский университет
The University of Pennsylvania (commonly referred to as Penn) is a private university, located in Philadelphia, Pennsylvania, United States. A member of the Ivy League, Penn is the fourth-oldest institution of higher education in the United States, and considers itself to be the first university in the United States with both undergraduate and graduate studies.
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