Market Equilibrium, Government Policy & Elasticity
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Market Equilibrium, Government Policy & Elasticity
This course is part of Microeconomics Principles Specialization
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What you'll learn
Surplus & Social Welfare: Applying the concept of surplus to measure the welfare of an economy and use the supply and demand model to illustrate it
Impact of Government Interventions: Understand how government interventions (eg. price controls) impact social welfare using model of supply & demand
Price Elasticity of Demand: Learn how to classify goods based on their price elasticity of demand & predict how changes in price might affect revenue
Analysis of Tax Implications: Use the price elasticity of demand concept to determine the distributional and welfare effects of an excise tax
Details to know
2 assignments
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There are 2 modules in this course
Most people make the incorrect assumption that economics is ONLY the study of money. My primary goal in this course is to shatter this belief. During this course, we will be addressing the above questions as well as many more relating to:
-the environment -love and marriage -crime -labor markets -education -politics -sports -business My main goal is to show you the way economists think and how to use this analytical system to answer questions related not only to these and other important human issues but to anything you end up doing with your life after this class. After all, as you will quickly find out, I believe that everything is economics!
Welcome! Last course we introduced the supply and demand model to explain how free markets work. One of the main concepts we learned about free markets was that they tend to gravitate toward an “equilibrium” price and quantity. This module we will use the same conceptual model to answer one important question: Are free markets the best way to distribute society’s resources?
What's included
10 videos1 reading1 assignment1 discussion prompt
10 videos•Total 67 minutes
- 1.1. Do We Need Silly Products?•8 minutes
- 2.1. What is Consumer Surplus?•8 minutes
- 2.2. Consumer Surplus and the Demand Curve•3 minutes
- 3.1. What is Producer Surplus?•4 minutes
- 3.2. Producer Surplus and the Supply Curve•3 minutes
- 4.1. Total Surplus: The Graphical Argument for Free Markets•9 minutes
- 5.1. Price Ceilings•9 minutes
- 5.2. Price Floors•11 minutes
- 6.1. Could We Reduce the Shortage of Human Organs?•8 minutes
- 6.2. Application: Playoff Tickets and Scalping Laws•3 minutes
1 reading•Total 15 minutes
- Week 3 Overview•15 minutes
1 assignment•Total 30 minutes
- Week 3 Quiz•30 minutes
1 discussion prompt•Total 60 minutes
- Week 3 Discussion Questions•60 minutes
Welcome! This module we will cover one of my favorite economics concepts: elasticity. It is one of my favorites because of how useful it is to analyze policy implications, as well as its usefulness for business managers. This will be obvious to you when you read one of the discussion topics for this module: Should we legalize marijuana?
What's included
14 videos1 reading1 assignment1 discussion prompt
14 videos•Total 89 minutes
- 1.1. Introduction to Elasticity•5 minutes
- 2.1. Definition and Classifying Price Elasticities of Demand•10 minutes
- 2.2. Price Elasticity of Demand and Revenue•5 minutes
- 2.3. Determinants of Price Elasticity of Demand•11 minutes
- 2.4. Price Elasticities of Demand and the Linear Demand Curve•6 minutes
- 3.1. Income Elasticity of Demand•6 minutes
- 3.2. Cross-Price Elasticity of Demand•8 minutes
- 4.1. Definition of Price Elasticity of Supply•3 minutes
- 4.2. Determinants of Price Elasticity of Supply•3 minutes
- 5.1. Introduction to Per-Unit Taxes•5 minutes
- 5.2. The Distributional Effects of Tax•13 minutes
- 5.3. Taxes and Surplus•4 minutes
- 6.1. Should Black Dog Increase the Price of Their Sandwiches?•3 minutes
- 6.2. Other Applications of Price Elasticity•9 minutes
1 reading•Total 15 minutes
- Week 4 Overview•15 minutes
1 assignment•Total 30 minutes
- Week 4 Quiz•30 minutes
1 discussion prompt•Total 60 minutes
- Week 4 Discussion Questions•60 minutes
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