Perfect markets achieve efficiency: maximizing total surplus generated. But real markets are imperfect. In this course we will explore a set of market imperfections to understand why they fail and to explore possible remedies including as antitrust policy, regulation, government intervention. 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.
Microeconomics: When Markets Fail
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Пенсильванский университет
Программа курса: что вы изучите
Неделя
11 ч. на завершение
Costs and Profits + Perfect Competition
In the first part of the course we learnt that if we allow market forces to work we reach an efficient outcome: the maximum benefit that can be generated by a market. The second part of the course explores cases where the markets fail to accomplish our goals. This week sets up the benchmark case of the perfectly competitive market: a model we will modify in the next few weeks. We define Perfect Competition, learn to model it graphically and discuss some key results in terms of long run profits and implications for efficiency.
20 видео ((всего 45 мин.)), 1 материал для самостоятельного изучения, 3 тестов
20 видео
1.1.1: Defining Profits1мин
1.1.2: Defining Fixed Costs and Variable Costs2мин
1.1.3: Marginal Productivity2мин
1.1.4: Marginal Productivity: Definition1мин
1.1.5: Marginal Cost1мин
1.1.6: Average Cost2мин
1.1.7: Graph of Marginal and Average Cost Curves1мин
1.2.1: Perfect Competition: Definition5мин
1.2.2: Profit Maximization Perfect Competition2мин
1.2.3: Profit Maximization: MR=MC3мин
1.2.4: Profit Maximizations vs. Making Profits2мин
1.2.5: Profit Maximization: The Case of Losses2мин
1.2.6: Perfect Competition: The Firm's Supply Curve REPLACE1мин
1.2.7: Definition of Short Run vs. Long Run1мин
1.3.1: Perfect Competition: Firm Entry When Profits are Positive2мин
1.3.2: Perfect Competition: Firm Entry When Profits are Negative1мин
1.3.3: Perfect Competition: An Efficient Outcome2мин
1.3.4: Perfect Competition: In The Long Run2мин
1.3.5: Perfect Competition: An Efficient Outcome Pt 21мин
1 материал для самостоятельного изучения
Participate in a Purdue Research Project (Optional)10мин
3 практического упражнения
1.1: Costs and Profits10мин
1.2: Perfect Competition: Definition and Output12мин
1.3: Perfect Competition: Implications for Efficiency6мин
Неделя
21 ч. на завершение
Monopoly
A monopoly is a case where there is only one firm in the market. We will define and model this case and explain why market power is good for the firm, bad for consumers. We will also show that society as a whole suffers from the lack of competition.
13 видео ((всего 39 мин.)), 2 тестов
13 видео
2.1.2: The Monopoly as a Price Setter2мин
2.1.3 Marginal Revenue vs Price: Numerical Example2мин
2.1.4 Marginal Revenue vs Price: Graphical Example2мин
2.1.5 Marginal Revenue vs Price: Example Using Calculus1мин
2.1.6 Profit Maximization in a Monopoly2мин
2.1.7 Profit Maximization in a Monopoly: Numerical Example4мин
2.2.1 Monopoly vs Perfect Competition6мин
2.2.2 Efficiency loss under a Monopoly2мин
2.2.3 Monopoly vs Perfect Competition: Numerical Example5мин
2.2.4 Monopoly vs Perfect Competition: Example of Dead Weight Loss2мин
2.2.5 Monopoly vs Perfect Competition: Summary1мин
2.2.6 Why do we allow monoplies?3мин
2 практического упражнения
2.1: Monopoly definition8мин
2.2: Monopoly vs. Perfect Competition Numerical example14мин
Неделя
31 ч. на завершение
Monopoly Continued
Monopolies come in various types: one price monopoly, natural monopoly, price discrimination and monopolistic competition. This week we will expand the basic monopoly model to cover these cases and then explore market outcomes in each case. We will also discuss how government may intervene in such cases to benefit society as a whole and increase the surplus generated by the market.
14 видео ((всего 39 мин.)), 3 тестов
14 видео
3.1.2 Government Regulation and Antitrust Law2мин
3.1.3 Natural Monopoly: Implications for the Average Total Cost3мин
3.1.4 Natural Monopoly: Graphical Presentation1мин
3.1.5 Natural Monopoly: Profit Maximizing Outcome4мин
3.1.6 Natural Monopoly: Regulation though Marginal Cost Pricing3мин
3.1.7 Natural Monopoly: Regulation though Average Cost Pricing3мин
3.2.1 Price Discrimination: Definition3мин
3.2.2 Price Discrimination: Graphical Example4мин
3.3.1 Monopolistic Competition: Definiton2мин
3.3.2 Monopolistic Competition: Core Results1мин
3.3.3 Monopolistic Competition: Graphical Presentation in the Short Run3мин
3.3.4 Monopolistic Competition: Graphical Presentation in the Long Run1мин
3.3.5 Monopolistic Competition: Mark up and Excess Capacity2мин
3 практического упражнения
3.1: Natural Monopoly14мин
3.2: Price Discriminating Monopoly10мин
3.3 Monopolistic Competition8мин
Неделя
42 ч. на завершение
Externalities + Public Goods
Two classic cases of market failure will be defined and explored: externalities and public goods. We will define each case, demonstrate why the market fails to provide the efficient outcome and suggest interventions through either marked design or regulation.
20 видео ((всего 52 мин.)), 4 тестов
20 видео
4.1.2: Externalities: Allocative Efficiency: Refresher1мин
4.1.3: Negative Externalities: Implications for Efficiency4мин
4.1.4: Positive Externalities: Implications for Efficiency3мин
4.1.5: The Coase Theorem2мин
4.1.6: Interalizing a Negative Externality via a Per Unit Tax2мин
4.1.7: Interalizing a Positive Externality via a Per Unit Subsidy1мин
4.2.1: Externalities: A Numerical Example2мин
4.2.2: Interalizing a Negative Externality via Tax: A Numerical Example4мин
4.2.3 Government Intervention in the Case of Externalities2мин
4.2.4 Externality: Conclusion1мин
4.3.1 Pure Public Goods: Nonexcludable and Nonrival2мин
4.3.2: Examples of Different Types of Goods4мин
4.3.3: Implications of Nonexcludability2мин
4.3.4: Free Riding1мин
4.3.5: Implications of Nonrivalness1мин
4.4.1: The Role of the Government in Providing Public Goods1мин
4.4.2: Provision of Public Good by the Government2мин
4.4.3: Free Riding as a Prisoners' Dilemma3мин
4.4.4: Public Goods Conclusion1мин
4 практического упражнения
4.1: Externalities10мин
4.2: Solutions to Externalities12мин
4.3: Public Goods10мин
4.4: Solutions to Public Goods10мин
4.8
Рецензии: 6650%
начал новую карьеру, пройдя эти курсы
17%
получил значимые преимущества в карьере благодаря этому курсу
Лучшие рецензии
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Преподаватели
Rebecca Stein
Senior LecturerEconomics
О 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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