Economics: Mastering Microeconomics 101

A comprehensive study aid for anyone studying economics

4.50 (500 reviews)
Udemy
platform
English
language
Social Science
category
instructor
2,982
students
9 hours
content
Feb 2018
last update
$79.99
regular price

What you will learn

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

Description

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.

Content

Chapter 1: Introduction to Microeconomics

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

Introduction to possibilities, trade-offs and marginal analysis

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

Supply and Demand

Introduction
What is Demand?
Deriving the Individual Demand Curve
Deriving Market Demand Curves
The Difference Between a Shift in Demand and Change in the Quantity Demanded
What is Supply?
Deriving the Individual Firm Supply Curve
Deriving the Market Supply Curve
The Difference Between a Shift in Supply and a Change in the Quantity Supplied
Finding the Market Equilibrium
The Market Mechanisms Towards Equilibrium
Summary + Solving the Rhino Poaching Problem
Section 3: Test your knowledge

Consumer and Producer Surplus

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

Measuring Elasticity - The Magnitude of Response

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

Consumer Theory and Behavior

Introduction
Introduction to the Budget Line
Constructing a Budget Line
The Budget Line Slope
Shifting Budget Line - Changing Prices and Income
Introduction to Indifference Curves
Drawing and Interpreting Indifference Curves
The Marginal Rate of Substitution (MRS)
Maximizing Satisfaction - Indifference Curves and Budget Lines
Maximizing Satisfaction with Changing Prices and Income
Calculating the Substitution Effect
Calculating the Income Effect
Normal and Inferior Goods
Summary + Individual Budgets
Section 6: Test Your Knowledge

Production in the Short and Long Run

Introduction
Introduction to Output Curves
Drawing the Total Product Curve
Deriving and Understanding Marginal Product
Comparing Marginal and Average Product
Introduction to Cost Curves
Deriving The Short-Run Variable Cost Curve
Variable, Total and Fixed Cost Curves
Average Cost Curves
Marginal and Average Cost Curves
Comparing Short-Run Production and Costs
The Long-Run Cost Curve and Economies of Scale
Summary + The Economies of Scale in the Mining Industry
Section 7: Test Your Knowledge

Perfect Competition

Defining a Perfectly Competitive market
Foundation graphs for an individual firm in a perfectly competitive market
Total cost and revenue in perfect competition - calculating economic profit
Maximizing Short Run Profit in Perfect Competition: MR =MC
The three short-run profit scenarios in a perfectly competitive market
The short-run individual firm supply curve in a perfectly competitive market
The short-run market supply curve in a perfectly competitive market
Short-run market equilibrium in a perfectly competitive market
Deriving the perfectly competitive long-run average cost curve
Market mechanisms in perfect competition: A decrease in market demand
Market mechanisms in perfect competition: An increase in market demand

Screenshots

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Reviews

Abhishek
February 23, 2023
Have barely covered a section of the course but it has my mind blown away, the beauty with which Jef explains such esoteric "complex" concepts is profoundly astounding. Would recommend this course to anyone even barely interested in economics. 10/10
Bukola
February 7, 2023
It was quite overwhelming because I don't have an economics background but the course was simple enough for me to understand I just need to revisit some topics to understand the application
Enzo
September 23, 2022
Muito interessante e intrigante, o professor consegue explicar de um jeito calmo e compreensível, gostei muito do curso.
Alessandro
January 6, 2022
Informative and helpful. Well worth the value for the concepts discussed. Mr. Jacobs does a good job at explaining thoroughly high-level ideas.
Bhavaya
October 21, 2021
this course is for beginners, if you have knowledge of economics this will provide nothing new and also the volume of the teacher can be a bit better and louder
Bilesha
May 26, 2021
You're speaking too slow and also try to make the lecture bit interesting by merging day to day business activities with the theories.
Ivan
May 21, 2021
The content is really very good and clear...but the volume is way to low, even with 100% volume from my device and udemy player
Sarang
October 24, 2020
Everything explained simply so that if anyone without having knowledge of finance can also go for course.
Prakhar
October 2, 2019
if little questions module could also be added after every session itd have been a five star effort!
Kenanpelvan
September 10, 2019
I alredy know this things but turkish visions so it just helping me about english thing in terms of this stuff
Nabarun
August 2, 2019
The course was good and well designed. But I would like to point out two things. Firstly in Marginal Rate of Substitution part, differentiation would have been a better approach I think. And secondly , at some point , in the videos, the voice of the instructor was not audible. It was creating a problem. Apart from these two, the course was amazing.
Jacob
January 10, 2019
the audio gain(loudness) needs to be turned up and could explain a little more. other than that, good job. You will learn everything you came here for.
Jordan
January 4, 2019
It was definitely a good match. Lot's of surface level explanation made clear with helpful revision exercises. I would have preferred more frequent testing after each video and longer, more in depth questions at the end of the chapter to really drive home any concepts or point I may have missed.
Gerry
August 28, 2018
Excellent teacher. I was struggling with year 1 micro economics units at university, the lessons are easy to understand and the lectures are easy to follow and well scripted.
Sanaz
October 31, 2017
It is very interesting to watch these videos, and I learned so much by just going through these lectures. It's actually my first exposure to principles of economics, so I find the subject matter a bit challenging. However, as I am going through these lecture series, I am confident that I will do well in my future courses.

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568646
udemy ID
7/29/2015
course created date
9/18/2020
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