The Power of Markets II: Market Structure and Firm Behavior

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The Power of Markets II: Market Structure and Firm Behavior

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  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: In order to maximize profits, firms must ensure that any given output level is produced at least cost and then select the price-output combination that results in total revenue exceeding total cost by the greatest amount possible. With this in mind, this second module of the Power of Markets course addresses how firms can most effectively convert inputs into final output and then covers determining the best price-output combination for a firm and how this varies depending on whether the firm is operating in a perfectly competitive or imperfectly competitive market setting.

Created by:  University of Rochester
  • Taught by:  Mark Zupan, Professor of Econom…

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When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: In order to maximize profits, firms must ensure that any given output level is produced at least cost and then select the price-output combination that results in total revenue exceeding total cost by the greatest amount possible. With this in mind, this second module of the Power of Markets course addresses how firms can most effectively convert inputs into final output and then covers determining the best price-output combination for a firm and how this varies depending on whether the firm is operating in a perfectly competitive or imperfectly competitive market setting.

Created by:  University of Rochester
  • Taught by:  Mark Zupan, Professor of Economics and Public Policy

    Simon School of Business
Commitment 3-5 hours/week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.6 stars Average User Rating 4.6See what learners said Задания курса

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University of Rochester The University of Rochester is one of the nation's leading private universities. Located in Rochester, N.Y., the University provides exceptional opportunities for interdisciplinary study and close collaboration with faculty through its unique cluster-based curriculum. Its College, School of Arts and Sciences, and Hajim School of Engineering and Applied Sciences are complemented by its Eastman School of Music, Simon School of Business, Warner School of Education, Laboratory for Laser Energetics, School of Medicine and Dentistry, School of Nursing, Eastman Institute for Oral Health, and the Memorial Art Gallery.

Syllabus


WEEK 1


Week 5 - Production
The Production Process: How Firms Convert Inputs into Final Outputs.


8 videos expand


  1. Video: Production in the Short Run
  2. Video: Total, Average, and Marginal Product Curves
  3. Video: The Law of Diminishing Marginal Returns
  4. Video: Production in the Long Run
  5. Video: Trading Off Inputs in Production
  6. Video: Returns to Scale
  7. Video: Short-run Cost of Production
  8. Video: The Relationship Between Cost Curves

Graded: Week 5 Quiz

WEEK 2


Week 6 - Cost Minimization
How Firms Minimize the Cost of Producing Output.


9 videos expand


  1. Video: Marginal-Average Cost Relationships
  2. Video: The Golden Rule of Cost Minimization
  3. Video: Applying the Golden Rule of Cost Minimization
  4. Video: Long Run Cost Curves
  5. Video: The Importance of Cost Curves to Market Structure and Efforts to Abate Pollution
  6. Video: Perfect Competition: Key Assumptions
  7. Video: Short-run Profit Maximization
  8. Video: The Competitive Firm’s Short-Run Supply Curve and the Shutdown Condition
  9. Video: Output Response to Input Price Changes

Graded: Week 6 Quiz

WEEK 3


Week 7 - Profit Maximization in Perfectly Competitive Markets
How Firms Maximize Profits in Perfectly Competitive Markets.


10 videos expand


  1. Video: Short-run Competitive Equilibrium
  2. Video: Long-run Competitive Equilibrium
  3. Video: The Long-run Industry Supply Curve
  4. Video: Key Points About the Long-run Industry Supply Curve
  5. Video: Producer Surplus
  6. Video: Competition Maximizes Total Surplus
  7. Video: Who Bears the Burden of Excise Taxes?
  8. Video: The Deadweight Loss of Excise Taxes
  9. Video: City Taxicab Markets
  10. Video: The Net Gains From Trade

Graded: Week 7 Quiz

WEEK 4


Week 8 - Monopoly Power: Its Sources and How to Use It
The Sources and Uses of Monopoly Power.


10 videos expand


  1. Video: Monopoly: An Introduction
  2. Video: Monopoly and Profit Maximization
  3. Video: Monopoly Price and Its Relationship to Elasticity of Demand
  4. Video: Further Implications of Monopoly Analysis
  5. Video: The Measurement and Sources of Monopoly Power
  6. Video: The Sources of Monopoly Power
  7. Video: The Efficiency Effects of Monopoly
  8. Video: Public Policy Toward Monopoly
  9. Video: Price Discrimination
  10. Video: Three Necessary Conditions for Price Discrimination

Graded: Week 8 Quiz
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