We make economics decisions every day: what to buy, whether to work or play, what to study. We respond to markets all the time: prices influence our decisions, markets signal where to put effort, they direct firms to produce certain goods over others. Economics is all around us.
This course is an introduction to the microeconomic theory of markets: why we have them, how they work, what they accomplish. We will start with the concept of scarcity and how specialization according to comparative advantage helps us achieve more than we could alone. Next we model a marked using the tools of Supply and Demand and learn what well working markets accomplish and what their limit are. We end by exploring the impact of government intervention on perfect markets. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes.
教學大綱 - 您將從這門課程中學到什麼
週
1完成時間為 2 小時
The Concept of Scarcity
Where do markets come from? We will start with understanding the constraint of scarcity that we face and the concept of opportunity cost that reflects the true cost of any decision we make. We will learn to model scarcity using the Production Possibilities Frontier that allows us to visualize tradeoffs, distinguish between efficient, inefficient and unattainable points. We will also discuss how economic growth affects our options and allows us to achieve the previously unattainable.
17 個視頻 （總計 54 分鐘）, 3 個閱讀材料, 3 個測驗
17 個視頻
1.1.1 Opportunity Cost: Introduction2分鐘
1.1.2 Opportunity Cost: The Cost of Education2分鐘
1.1.3 Opportunity Cost: Numeric Example 13分鐘
1.1.4 Opportunity Cost: Numeric Example 22分鐘
1.1.5 Opportunity Cost: Numeric Example33分鐘
1.1.6 Opportunity Cost: Numeric Example 42分鐘
1.2.1 Scarcity: Introduction2分鐘
1.2.2 Production Possibilities Frontier: Definition2分鐘
1.2.3 Allocative Efficiency: Defining Marginal Cost and Marginal Benefit3分鐘
1.2.4 Allocative Efficiency: When Marginal Cost Equals Marginal Benefit1分鐘
1.2.5 Production Possibilities Frontier: Graphical Approach4分鐘
1.2.6 Production Possibilities Frontier: Numerical Example4分鐘
1.2.7 Production Possibilities Frontier: Understanding the Slope2分鐘
1.2.8 Production Possibilities Frontier: Modeling Technological Change and Growth2分鐘
1.2.9 Allocative Efficiency: Graphical Approach 13分鐘
1.2.10 Allocative Efficiency: Graphical Approach 27分鐘
3 個閱讀材料
Additional Readings: General Suggestions10分鐘
Participate in a Purdue Research Project (Optional)10分鐘
Additional Readings: Week 110分鐘
3 個練習
Opportunity Cost6分鐘
Production Possibility Frontier (PPF)6分鐘
Production Possibilities Frontier and Growth8分鐘
週
2完成時間為 1 小時
Specialization & Trade
Trade allows us to achieve the unattainable- we can consume more than we can produce on our own. We will introduce the concept of Comparative Advantage and discuss how gains from specialization allow us to use our resources efficiently. We will apply these concepts to a simple model of trade, showing that now the Consumption Possibilities Frontier allows points outside the Production Possibilities Frontier.
14 個視頻 （總計 39 分鐘）, 1 個閱讀材料, 2 個測驗
14 個視頻
2.2.1 Comparative Advantage: Numerical Example 1 - Set up1分鐘
2.2.2 Comparative Advantage: Numerical Example 2 - Individual PPFs3分鐘
2.2.3 Comparative Advantage: Numerical Example 3 - Joint PPF2分鐘
2.2.4 Comparative Advantage: Numerical Example 4 - Joint PPF Completed3分鐘
2.3.2 Comparative Advantage: Definition57
2.2.5 Comparative Advantage: Numerical Example 5 - Gains from Specialization4分鐘
2.2.6 Comparative Advantage: Numerical Example 61分鐘
2.2.7 Comparative Advantage: Numerical Example 72分鐘
2.3.1 Absolute Advantage: Definition42
2.4.1 Gaining from Specialization Through Trade3分鐘
2.4.2 Gaining from Specialization: The Consumption Possibilities Frontier4分鐘
2.4.3 Gaining from Specialization: General Graphical Approach5分鐘
2.4.4 Gaining from Specialization: Imports and Exports3分鐘
1 個閱讀材料
Additional Readings: Week 210分鐘
2 個練習
Comparative Advantage10分鐘
Trade4分鐘
週
3完成時間為 1 小時
Supply and Demand
We will introduce the central model of Supply & Demand. This will allow you to communicate with other economists and finally understand those business pages and market updates. We will distinguish between a movement along and a movement of the supply & demand curves. We will define market equilibrium as understand that at an equilibrium price there is neither excess demand nor excess supply. We will end by a few scenarios where exogenous changes affect supply and/or demand and analyze the impact on equilibrium price and quantity.
15 個視頻 （總計 44 分鐘）, 1 個閱讀材料, 4 個測驗
15 個視頻
3.1.2 The Demand Curve3分鐘
3.1.3 Shifts of Demand: Part 13分鐘
3.1.4 Shifts of Demand: Part 24分鐘
3.1.5 The Supply Curve4分鐘
3.1.6 Shifts of Supply: Part 12分鐘
3.1.7 Shifts of Supply: Part 23分鐘
3.1.8 Market Equilibrium: Definition2分鐘
3.1.9 Market Equilibrium: Understanding Who Buys and Who Sells2分鐘
3.1.10 The Invisible Hand: Part 13分鐘
3.1.11 The Invisible Hand: Part 22分鐘
3.1.12 Changes in Demand: Effect on Market Equilibrium3分鐘
3.1.13 Changes in Supply: Effect on Market Equilibrium2分鐘
3.1.14 Simultaneous Changes in Demand & Supply: Effect on Market Equilibrium2分鐘
3.1.15 Supply & Demand: Conclusion1分鐘
1 個閱讀材料
Additional Readings: Week 310分鐘
4 個練習
The Demand Curve8分鐘
The Supply Curve4分鐘
Market Equilibrium8分鐘
A Change in Market Equilibrium6分鐘
週
4完成時間為 2 小時
Understanding Markets: Elasticities, Market Surplus, Efficiency, and Equity
There is a lot of terminology this week. We will introduce of the concept of elasticity of demand that measures the responsiveness of quantity demanded to a change in the price of a good. We will explore the relationship between change in price and revenue or sales and how elasticities can help us predict whether a decrease in price will increase or decrease revenue. We then introduce other elasticities of note: cross price elasticity, income elasticity and elasticity of supply. We end the week by exploring the great accomplishment of markets: maximizing the size of the pie or the total benefit to society.
23 個視頻 （總計 82 分鐘）, 1 個閱讀材料, 4 個測驗
23 個視頻
4.1.2 Elasticity of Demand4分鐘
4.1.3 What Affects Elasticity of Demand4分鐘
4.1.4 Perfectly Inelastic and Perfectly Elastic Demand4分鐘
4.1.5 Elasticity Along a Straight Line Demand Curve3分鐘
4.1.6 Elasticity and Revenue: Part 13分鐘
4.1.7 Elasticity and Revenue: Part 21分鐘
4.1.8 Unit Elastic Demand Curve2分鐘
4.1.9 Cross Price Elasticity: Complements vs. Substitutes2分鐘
4.1.10 Income Elasticity: Normal vs. Inferior Goods2分鐘
4.1.11 Elasticity of Supply3分鐘
4.1.12 Elasticity: Summary1分鐘
4.2.1 Efficiency & Equity: Introduction2分鐘
4.2.2 Consumer Surplus5分鐘
4.2.3 Producer Surplus4分鐘
4.2.4 Maximizing Total Surplus1分鐘
4.2.5 T.S. at a Quantity Greater Than Equilibrium Quantity4分鐘
4.2.6 T.S. at a Quantity Smaller Than Equilibrium Quantity4分鐘
4.2.7 Efficiency & Equity: Conclusion1分鐘
4.2.8 Price Ceiling5分鐘
4.2.9 Price Floors: The Case of Minimum Wage5分鐘
4.2.10 Calculating Total Surplus: Numerical Example4分鐘
4.2.11 Price Ceilings: A Numerical Example5分鐘
1 個閱讀材料
Additional Readings: Week 410分鐘
4 個練習
Elasticity of Demand10分鐘
Elasticity of Demand & Revenue4分鐘
Other Elasticity Terms6分鐘
Consumer and Producer Surplus8分鐘
4.7
105 個審閱25%
完成這些課程後已開始新的職業生涯
38%
通過此課程獲得實實在在的工作福利
20%
加薪或升職
熱門審閱
I really enjoyed the clarity with which the concepts were taught. I loved the examples and I thought they were very helpful and made the concepts so much easier to understand.
Thanks for the professional details of this course. And I think the numerical examples provided by Professor Rebecca give me good understanding about the power of markets.
講師
Rebecca Stein
Senior LecturerEconomics
關於 宾夕法尼亚大学
The University of Pennsylvania (commonly referred to as Penn) is a private university, located in Philadelphia, Pennsylvania, United States. A member of the Ivy League, Penn is the fourth-oldest institution of higher education in the United States, and considers itself to be the first university in the United States with both undergraduate and graduate studies.
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