Principles Of Microeconomics Complete

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Learn Economics and get some help for your exams

Last updated 2022-01-10 | 4.1

- University level introduction to microeconomics

What you'll learn

University level introduction to microeconomics

* Requirements

* Students must be familiar with algebra and Cartesian analysis

Description

This course provides main concepts and exercises for demand and supply, consumer behaviour, production theory, market structures and market failures. Analysis is mainly done graphically but you should be able to solve algebraic equations.

See The World Through The Eyes Of An Economist, Learn Microeconomics with me!

after completing this course, you should:

  • Know how demand and supply influence markets
  • Be able to evaluate the success of governmental policies
  • Understand how industries react to different economic events
  • Recognize collusion, price discrimination, and externalities when you see them
  • Be better prepared for your Economics classes

Microeconomic theory focuses on understanding the behaviour of individual agents under scarcity

In this course, you will see the theory behind demand and supply, government intervention, elasticity, the theory of the firm, and maximisation strategies. Economics can seem very complicated and confusing at times. I will help you understand various events happening all around you!

Understanding the economy can help you in your personal and professional life. Whether you want to start your own company, work for someone else, or just make good financial decisions, Economics can help you.

Content and Overview

This course aims at helping high school and university students learn Economics, but anyone is welcome to follow along. You will find material that covers most IB and A-level programmes, as well as Microeconomic courses at the university level for minors and majors.

This course offers 32 classes, 32 exercise videos, and more than six hours of content. The first section slowly introduces key concepts to make sure you have all the tools you need. We then see more complicated models that describe the real-world in greater detail.

You will be able to see how market decisions are made and when they are beneficial or detrimental to society. You will also see why governments intervene in markets and when their policies have positive or negative impacts on the economy.

Many years of teaching introductory courses have led me to develop an intuitive approach that works well for students that have not been introduced to Economics before. However, if you already feel comfortable with the basic concepts of Economics, you can skip to the concepts you need most help with. Don't hesitate to revisit any of the classes to refresh your memory if you feel uncertain about a definition or a concept.

You will also find exercises to help you practice for your exams. Each class has an additional video that shows different types of problems you may be asked to solve. Every exercise video ends with an exam-type question you can try to solve before being shown the answer.

Welcome to the wonderful world of Economics!

Who this course is for:

  • Autonomous Learners, High School Students (IB and A level), University Students

Course content

5 sections • 64 lectures

Demand and Supply 14 lectures

Consumption Possibilities Preview 11:11

The objective of this class is to address and answer the following questions:


What are the Consumption Possibilities of an individual?

What is the Consumption Possibility Curve?

What is the Opportunity Cost?   

And how do we calculate the Opportunity Cost? 

Consumption Possibilities - Exercises Preview 06:53

The Demand Curve Preview 06:16

The objective of this class is to address and answer the following questions:


What is quantity demanded?   

What is the demand curve?   

And when the price of a product changes, is there a shift in its demand?

The Demand Curve - Exercises Preview 01:20

The Supply Curve Preview 05:58

The objective of this class is to address and answer the following questions:


What is quantity supplied?

What is the supply curve?   

And when the price of a product changes, is there a shift in supply?   

The Supply Curve - Exercises Preview 01:22

Market Equilibrium Preview 05:26

The objective of this class is to address and answer the following questions:


How do we find the equilibrium price and quantity of a market? 

What is the definition of an Economic equilibrium?   

Are most markets in equilibrium?   

And what happens when markets are not in equilibrium?

Market Equilibrium - Exercises Preview 02:28

Shifts in Demand Preview 06:32

The objective of this class is to address and answer the following questions:

What can cause a shift in demand?   

Is a change in demand the same as a change in quantity demanded?   

Will consumers acquire a different amount of the product?   

And will consumers pay a different price?

Shifts in Demand - Exercises Preview 02:04

Shifts in Supply Preview 06:35

The objective of this class is to address and answer the following questions:

What can cause a shift in supply?   

Is a change in supply the same as a change in quantity supplied?   

Will producers sell a different amount of the product?   

And, will producers sell at a different price?

Shifts in Supply - Exercises Preview 03:13

Changes in Equilibrium Preview 06:20

The objective of this class is to address and answer the following questions:

How will price and quantity of equilibrium change if there is a shift in demand or in supply?   

If one curve shifts, will the other one shift as well?   

And will markets move toward the new equilibrium?

Changes in Equilibrium - Exercises Preview 04:31

Government Intervention 8 lectures

Market Disequilibrium Preview 07:56

The objective of this class is to address and answer the following questions:

What is a market in disequilibrium?   

What is the difference between price and quantity of equilibrium and price and quantity of exchange?   

What can cause a market to be in disequilibrium?   

And, can markets stay in disequilibrium for a long time?

Market Disequilibrium Exercises Preview 01:41

Price Controls Preview 05:14

The objective of this class is to address and answer the following questions:

What types of price controls can the government impose?   

What are the impacts of price controls on price and quantity of exchange?   

And, why do governments impose price controls?

Price Controls Exercises Preview 02:07

Quantity Controls Preview 06:19

The objective of this class is to address and answer the following questions:

What types of quantity controls can the government impose?   

What are the impacts of quantity controls on price and quantity of exchange? 

And why do governments impose quantity controls?

Quantity Controls Exercises Preview 02:15

Cost Policies Preview 06:39

The objective of this class is to address and answer the following questions:

What types of cost policies can the government use?   

What are the impacts of cost policies on price and quantity of equilibrium?   

And why do governments use cost policies?

Cost Policies Exercises Preview 02:18

Elasticities 10 lectures

Price Elasticity of Demand Preview 07:18

The objective of this class is to address and answer the following questions:

What is price elasticity of demand?   

How do we calculate it?   

And what are the determinants of price elasticity of demand?

Price Elasticity of Demand Exercises Preview 06:47

Price Elasticity of Supply Preview 08:14

The objective of this class is to address and answer the following questions:

What is price elasticity of supply?   

How do we measure it?   

And what are the determinants of price elasticity of supply?

Price Elasticity of Supply Exercises Preview 05:09

Cross-Price Elasticity of Demand Preview 07:00

The objective of this class is to address and answer the following questions:

What is cross-price elasticity of demand?   

And, how do we calculate it?

Cross-Price Elasticity of Demand Exercises Preview 02:02

Cross-Price Elasticity of Supply Preview 06:48

The objective of this class is to address and answer the following questions:

What is cross-price elasticity of supply?   

And, how do we calculate it?

Cross-Price Elasticity of Supply Exercises Preview 02:02

Income Elasticity Preview 05:25

The objective of this class is to address and answer the following questions:

What is income elasticity?

How do we calculate it?   

And, what are normal and inferior products?

Income Elasticity Exercises Preview 02:23

Theory of the Firm 16 lectures

Short-Run Costs Preview 15:14

The objective of this class is to address and answer the following questions:


What is the short-run?

What categories of short-run costs are there?

And, how do they relate to each other?

Short-Run Costs Exercises Preview 04:23

Long-Run Costs Preview 08:06

The objective of this class is to address and answer the following questions:


What is the Long-Run?

How do we find the Long-Run Average Costs?

And what are the different parts of the Long-Run Average Costs?

Long-Run Costs Exercises Preview 03:17

Profit Maximisation Preview 08:53

The objective of this class is to address and answer the following questions:


What are economic profits?

What is Profit Maximisation?

And, how do we find the profit maximisation quantity of a firm?

Profit Maximisation Exercises Preview 03:01

Industrial Organisation Preview 07:48

The objective of this class is to address and answer the following questions:


Which Market Structures can we have?

What influences the structure of a market?

And, what are allocative and productive efficient markets?

Industrial Organisation Exercises Preview 02:16

Perfect Competition Preview 13:14

The objective of this class is to address and answer the following questions:


What are the characteristics of Perfect competition?

How do we find the economic profits of each firm?

And, are markets in perfect competition efficient?

Perfect Competition Exercises Preview 05:19

Monopoly Preview 12:07

The objective of this class is to address and answer the following questions:


What are the characteristics of a monopoly?

How do we find the economic profits of the firm?

And, is a monopoly efficient?

Monopoly Exercises Preview 08:24

Monopolistic Competition Preview 11:33

The objective of this class is to address and answer the following questions:


What are the characteristics of monopolistic competition?

How do we find the economic profits of each firm?

And, are markets in monopolistic competition efficient?

Monopolistic Competition Exercises Preview 02:39

Oligopoly Preview 11:13

The objective of this class is to address and answer the following questions:


What are the characteristics of an oligopoly?

How do we find the economic profits of each firm?

And are oligopolies efficient?

Oligopoly Exercises Preview 04:36

Maximisation Strategies 16 lectures

Collusion Preview 12:50

The objective of this class is to address and answer the following questions:


What is collusion?

What types of collusion are there?

Why would firms engage in collusion?

And, what can stop firms from colluding?

Collusion Exercises Preview 03:22

Price Discrimination Preview 09:49

The objective of this class is to address and answer the following questions:


What is price discrimination?

Who can engage in it?

What can firms gain from it?

And, what types of price discrimination are there?

Price Discrimination Exercises Preview 02:22

Market Failures Preview 04:13

The objective of this class is to address and answer the following questions:


What are market failures?

What leads to market failures?

And, how can we overcome them?

Market Failures Exercises Preview 03:52

Market Power Preview 05:17

The objective of this class is to address and answer the following questions:


How can market power lead to a market failure?

And, how can we overcome it?

Market Power Exercises Preview 02:12

Exerternalities Preview 07:29

The objective of this class is to address and answer the following questions:


What are externalities?

How can externalities lead to a market failure?

And, how can we overcome them?

Externalities Exercises Preview 02:38

Non-Excludable Products Preview 10:49

The objective of this class is to address and answer the following questions:


What are non-excludable products?

How can they lead to a market failure?

And, how can we overcome it?

Non-Excludable Products Exercises Preview 05:18

Asymmetric Information Preview 04:48

The objective of this class is to address and answer the following questions:


What is asymmetric information?

How can it lead to a market failure?

And, how can we overcome it?

Asymmetric Information Exercises Preview 03:23

Government Failures Preview 04:09

The objective of this class is to address and answer the following questions:


What are government failures?

And, what leads to government failures?

Government Failures Exercises Preview 04:04