Economics: Competition, Elasticity, a little Game Theory

Microeconomics is packed with applications to our everyday life - this course will help you connect the dots

4.50 (54 reviews)
Udemy
platform
English
language
Economics
category
instructor
2,730
students
6 hours
content
Apr 2016
last update
$39.99
regular price

What you will learn

Apply Game Theory to decide whether to be adversarial or co-operative in real-life situations

Determine how best to price products or services that you are selling

Decide the kind of cost structure a firm or enterprise should have, relative to its competitive landscape

Model demand, supply and the effects of income, government regulations and technology

Description

This is a zoom-in, zoom-out, connect-the-dots tour of Game Theory, Competition and the Elasticity of Demand andSupply.

Let's parse that

  • 'connect the dots': Economics is deep - even the simplest concepts in Micro-Econ 101 are missed by leaders in business and politics, and commit basic errors in judgment. This course makes sure that won't happen to you.
  • 'zoom in': Getting the details is very important in economics - you really have to understand the nitty-gritty of graphs and intersecting curves and lines. There is a lot of meaning in those details
  • 'zoom out': The real value of economics, particularly microeconomics, is in taking seemingly over-simplified models, and then applying insights from those over-simplified models to the world at large. This course makes sure you can go from the specific to the general.

What's Covered:

  • Game Theory: Discounting and price wars, Prisoner's dilemma and nuclear arms races, Winner-takes-all games and the commercialization of sport.
  • Competition: Perfect competition, monopoly and monopolistic competition
  • Firm Costs: The deep meaning underlying total and marginal costs, and the least-cost principle
  • Utility and Consumer Equilibrium: Indifference curves, and relating price and value. Income effects, and deriving Demand curves from indifference curves
  • Applications of Elasticity: Modeling taxes, the troublesome economics of agriculture, minimum wages. 
  • Elasticity, Demand and Supply: Defining and using elasticity. Linear Demand Curves and a neat trick. Demand and Supply demystified.

Content

You, Us & This Course

You, Us & This Course

Demand

The Law of Demand
Examples of the Law of Demand
Veblen Goods
Giffen Goods
Income Effects on Demand
Complements and Substitutes

Supply

The Law of Supply
Examples of the Law of Supply
Inflation, Technology and Government
Market Equilibrium

Elasticity

Elasticity and Price Sensitivity
Horizontal and Vertical Demand Curves
Revenue Maximisation
Elasticity of Veblen and Giffen Goods
Income and Cross-Elasticities
Elasticity and Linear Demand Curves

Applications of Elasticity

Taxes
Agriculture
Minimum Wages
Price Controls

Utility

Utility and Diminishing Marginal Utility
The Paradox of Value
Indifference Curves and Consumer Equilibrium
Deriving Demand Curves and Income Effects from Indifference Curves
Consumer Surplus

Firms

Factors of Production
Total and Marginal Product
The Least Cost Principle
Returns to Scale

Costs

Total and Marginal Costs
Average and Marginal Costs
Types of Supply Curves

Competition

Long Run, Short Run
Perfect Competition
Profit Maximisation in Perfect Competition
Monopoly
Monopolistic Competition

Game Theory

Discounting & Loyalty
The Rivalry Game
Trust and Honor in Organized Crime
Winner-Takes-All Games and Sports in Society

Screenshots

Economics:   Competition, Elasticity, a little Game Theory - Screenshot_01Economics:   Competition, Elasticity, a little Game Theory - Screenshot_02Economics:   Competition, Elasticity, a little Game Theory - Screenshot_03Economics:   Competition, Elasticity, a little Game Theory - Screenshot_04

Reviews

Megha
July 10, 2019
Yes, I have learnt a lot of things in the course. Had some confusions in elasticity though. Nonetheless, it was a good experience till now. Thank you. Overall a great learning! Thanks once again
Teemu
June 22, 2017
I guess I got the title wrong since I figured it was maybe about game theory using economics as an example domain. It is more about micro-economics, supply, demand, the basic things. Explanations for that are fine. Game theory is a small side item at the end. Maybe description could better describe this focus. For the price can't complain though..
Travis
June 12, 2017
The course is actually better than I expected. I really wasn't sure what to expect here since it was my first Loonycorn course. I think overall the concepts are explained pretty well. If they could include real practice problems after each section, I would increase my score to a 4.5. Also, it would be nice to have subtitles, since in some parts I found it difficult to understand his pronunciation. So all in all, if you're looking for a relatively quick overview of microeconomics, this is a pretty good buy. You probably won't be able to solve any textbook problems after this course, but it will give you the basic conceptual understanding to possibly open up a textbook and begin to teach yourself. A solid conceptual (not computational) intro to economics. So ways to make this better? Add 5 textbook problems after each section and include detailed solutions. Add more real case studies from the news to highlight applications of the ideas.

Charts

Price

Economics:   Competition, Elasticity, a little Game Theory - Price chart

Rating

Economics:   Competition, Elasticity, a little Game Theory - Ratings chart

Enrollment distribution

Economics:   Competition, Elasticity, a little Game Theory - Distribution chart

Related Topics

799434
udemy ID
3/21/2016
course created date
11/22/2019
course indexed date
Bot
course submited by