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Microeconomics

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Business

Lessons no : 56

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What will you learn in this course?
  • Understand consumer behavior and demand analysis using marginal utility and elasticity concepts
  • Apply firm decision-making strategies to optimize production, costs, and pricing in various market structures
  • Analyze supply and demand interactions to determine equilibrium prices and resource allocation efficiency
  • Evaluate the impact of market structures on competition, pricing, and market power in real-world scenarios
  • Utilize elasticity measures to assess responsiveness of supply and demand to price changes
  • Interpret the role of prices and profits in resource distribution and market efficiency
  • Identify factors influencing diminishing returns and their effects on production decisions
  • Examine how microeconomic principles guide individual and firm behavior in resource allocation
  • Assess the effects of government policies and external factors on microeconomic market outcomes
  • Develop strategies for businesses to maximize profits through pricing, production, and market analysis
  • Apply microeconomic models to solve practical problems related to consumer choice and firm strategy
  • Critically analyze case studies to understand microeconomic concepts in diverse industries

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Lessons | 56
Introduction to Economics
00:05:56

Introduction to Economics
Introduction to Microeconomics
00:03:37

Introduction to Microeconomics
Government Paternalism vs Libertarianism
00:09:16

Government Paternalism vs Libertarianism
Scarcity and the Fundamental Economic Problem
00:05:15

Scarcity and the Fundamental Economic Problem
Scarcity vs Poverty
00:04:09

Scarcity vs Poverty
Tradeoffs and Opportunity Cost in Economics
00:07:42

Tradeoffs and Opportunity Cost in Economics
The Production Possibilities Frontier PPF
00:09:17

The Production Possibilities Frontier PPF
How to Graph the Production Possibilities Frontier PPF
00:08:59

How to Graph the Production Possibilities Frontier PPF
How to Graph the Marginal Cost Curve using a PPF
00:08:13

How to Graph the Marginal Cost Curve using a PPF
How to Graph the Marginal Benefit Curve
00:09:27

How to Graph the Marginal Benefit Curve
Allocative Efficiency
00:06:30

Allocative Efficiency
Production Efficiency in Economics
00:03:43

Production Efficiency in Economics
Inefficient Production in Economics how some economies misallocate or waste resources
00:07:11

Inefficient Production in Economics how some economies misallocate or waste resources
Expanding the Production Possibilities Frontier PPF
00:06:13

Expanding the Production Possibilities Frontier PPF
Specialization Trade and Comparative Advantage
00:11:18

Specialization Trade and Comparative Advantage
Law of Demand
00:04:42

Law of Demand
Law of Supply
00:04:50

Law of Supply
How to Find the Equilibrium using Suppy and Demand Curves
00:05:00

How to Find the Equilibrium using Suppy and Demand Curves
How to Find the Equilibrium Mathematically
00:04:09

How to Find the Equilibrium Mathematically
How to Graph a Change in Demand
00:06:36

How to Graph a Change in Demand
Change in Demand vs Change in Quantity Demanded
00:05:45

Change in Demand vs Change in Quantity Demanded
How to Graph a Change in Supply
00:05:19

How to Graph a Change in Supply
Change in Supply vs Change in Quantity Supplied
00:07:32

Change in Supply vs Change in Quantity Supplied
Normal vs Inferior Goods
00:04:50

Normal vs Inferior Goods
How Substitutes and Complements Affect Demand
00:04:20

How Substitutes and Complements Affect Demand
Simultaneous Change in Demand and Supply
00:09:17

Simultaneous Change in Demand and Supply
How to Calculate Price Elasticity of Demand
00:07:20

How to Calculate Price Elasticity of Demand
Elastic vs Inelastic Demand
00:05:29

Elastic vs Inelastic Demand
Income Elasticity of Demand
00:09:17

Income Elasticity of Demand
Cross Elasticity of Demand
00:04:16

Cross Elasticity of Demand
Elasticity of Supply
00:03:29

Elasticity of Supply
Equity vs Efficiency in Economics
00:07:59

Equity vs Efficiency in Economics
3 Types of Economic Efficiency
00:07:22

3 Types of Economic Efficiency
6 Types of Market Failures in Economics
00:13:56

6 Types of Market Failures in Economics
Consumer and Producer Surplus
00:09:32

Consumer and Producer Surplus
The Effect of a Price Ceiling
00:07:52

The Effect of a Price Ceiling
The Effect of a Price Floor
00:07:11

The Effect of a Price Floor
The Effect of a Price Support
00:08:53

The Effect of a Price Support
Gains from Imports How Countries Benefit from Free Trade
00:07:20

Gains from Imports How Countries Benefit from Free Trade
Gains from Exports How Countries Benefit from Free Trade
00:07:29

Gains from Exports How Countries Benefit from Free Trade
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Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. ... Microeconomics shows conditions under which free markets lead to desirable allocations.What is microeconomics and examples? Microeconomics is the study of decisions made by people and businesses regarding the allocation of resources, and prices at which they trade goods and services. ... For example, microeconomics examines how a company could maximize its production and capacity so that it could lower prices and better compete.What are the 3 main concepts of microeconomics? Microeconomic concepts marginal utility and demand. diminishing returns and supply. elasticity of demand. elasticity of supply. market structures (excluding perfect competition and monopoly) role of prices and profits in determining resource allocation.