Mastering Foundations In Microeconomics

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Tags: Microeconomics

A comprehensive study aid for anyone studying economics

Last updated 2022-01-10 | 4.5

- Key foundation concepts and definitions
- How investing in capital leads to economic growth
- How prices are determined by markets

What you'll 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

* Requirements

* Students should understand straight line graphs and be able to complete some basic arithmetic

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.

Who this course is for:

  • Undergraduate students wanting additional learning or studying support
  • Part-time or home based students who have enrolled in economics modules
  • CFA, MBA or other postgraduate students who need additional 24/7 support

Course content

8 sections • 81 lectures

Chapter 1: Introduction to Microeconomics 3 lectures

What is Microeconomics? Preview 03:07

Economic Theories, Models and Assumptions Preview 04:21

Normative versus Positive Economics Preview 02:04

Introduction to possibilities, trade-offs and marginal analysis 8 lectures

Introduction Preview 01:22

The Production Possibilities Curve Preview 08:44

The Law of Increasing Opportunity Costs Preview 09:49

Marginal Cost (Deriving the MC Curve) Preview 09:23

Marginal Benefit and Allocative Efficiency Preview 13:43

Illustrating Economic Growth on a PPF: Consumption Now vs. Future Growth Preview 07:40

Summary + Defense versus Civilian Goods and Services Preview 02:44

Section 2: Test your knowledge quiz

Supply and Demand 13 lectures

Introduction Preview 02:05

What is Demand? Preview 02:43

Deriving the Individual Demand Curve Preview 11:39

Deriving Market Demand Curves Preview 08:54

The Difference Between a Shift in Demand and Change in the Quantity Demanded Preview 11:38

What is Supply? Preview 02:07

Deriving the Individual Firm Supply Curve Preview 07:58

Deriving the Market Supply Curve Preview 06:00

The Difference Between a Shift in Supply and a Change in the Quantity Supplied Preview 11:12

Finding the Market Equilibrium Preview 17:19

The Market Mechanisms Towards Equilibrium Preview 14:23

Summary + Solving the Rhino Poaching Problem Preview 05:15

Section 3: Test your knowledge

Consumer and Producer Surplus 7 lectures

Introduction Preview 01:19

Calculating Consumer Surplus Preview 12:08

Calculating Producer Surplus Preview 11:58

Combining Consumer and Producer Surplus Preview 02:59

Illustrating Market Efficiency or Inefficiency (Deadweight Loss) Preview 13:01

Summary + Assessing Government Intervention and Power of Industries Preview 01:32

Section 4: Test your knowledge

Measuring Elasticity - The Magnitude of Response 10 lectures

Introduction Preview 01:32

Calculating Revenue from Demand Curves Preview 06:04

Calculating Price Elasticity of Demand Preview 13:36

How to interpret Price Elasticity of Demand Values Preview 11:33

The Relationship Between Elasticity and Total Revenue Preview 12:57

Other Factors that Influence Elasticity of Demand Preview 03:06

Calculating Cross Price Elasticity of Demand Preview 13:27

Calculating Income Elasticity of Demand Preview 08:13

Summary + Why a Bumper Crop is Bad for Farmers Preview 02:49

Section 5: Test your knowledge

Consumer Theory and Behavior 15 lectures

Introduction Preview 03:33

Introduction to the Budget Line Preview 08:03

Constructing a Budget Line Preview 06:55

The Budget Line Slope Preview 04:38

Shifting Budget Line - Changing Prices and Income Preview 12:12

Introduction to Indifference Curves Preview 03:24

Drawing and Interpreting Indifference Curves Preview 07:19

The Marginal Rate of Substitution (MRS) Preview 10:05

Maximizing Satisfaction - Indifference Curves and Budget Lines Preview 07:07

Maximizing Satisfaction with Changing Prices and Income Preview 08:20

Calculating the Substitution Effect Preview 09:18

Calculating the Income Effect Preview 05:33

Normal and Inferior Goods Preview 07:13

Summary + Individual Budgets Preview 02:16

Section 6: Test Your Knowledge

Production in the Short and Long Run 14 lectures

Introduction Preview 01:01

Introduction to Output Curves Preview 03:17

Drawing the Total Product Curve Preview 08:08

Deriving and Understanding Marginal Product Preview 09:43

Comparing Marginal and Average Product Preview 04:32

Introduction to Cost Curves Preview 03:14

Deriving The Short-Run Variable Cost Curve Preview 07:08

Variable, Total and Fixed Cost Curves Preview 05:59

Average Cost Curves Preview 05:48

Marginal and Average Cost Curves Preview 06:18

Comparing Short-Run Production and Costs Preview 04:47

The Long-Run Cost Curve and Economies of Scale Preview 10:18

Summary + The Economies of Scale in the Mining Industry Preview 03:49

Section 7: Test Your Knowledge

Perfect Competition 11 lectures

Defining a Perfectly Competitive market Preview 06:37

Foundation graphs for an individual firm in a perfectly competitive market Preview 10:10

Total cost and revenue in perfect competition - calculating economic profit Preview 06:01

Maximizing Short Run Profit in Perfect Competition: MR =MC Preview 08:07

The three short-run profit scenarios in a perfectly competitive market Preview 12:13

The short-run individual firm supply curve in a perfectly competitive market Preview 11:30

The short-run market supply curve in a perfectly competitive market Preview 04:21

Short-run market equilibrium in a perfectly competitive market Preview 08:49

Deriving the perfectly competitive long-run average cost curve Preview 06:11

Market mechanisms in perfect competition: A decrease in market demand Preview 13:50

Market mechanisms in perfect competition: An increase in market demand Preview 10:38