The Power of Markets III: Input Markets and Promoting Efficiency

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About this course: The final module of the Power of Markets course begins by further exploring firm behavior in imperfectly competitive market settings: how firms with monopoly power can increase profits through price discrimination; and the price-output combinations we can expect firms to select in cases of monopolistic competition and oligopoly. We will also analyze monopolies from an efficiency perspective and look at the effects of imperfect information on firm and consumer behavior. We will next turn to exploring input markets and what determines the demand for an input by a firm, an industry, and the overall market. We will also look at the factors that affect input supply and how…

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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: The final module of the Power of Markets course begins by further exploring firm behavior in imperfectly competitive market settings: how firms with monopoly power can increase profits through price discrimination; and the price-output combinations we can expect firms to select in cases of monopolistic competition and oligopoly. We will also analyze monopolies from an efficiency perspective and look at the effects of imperfect information on firm and consumer behavior. We will next turn to exploring input markets and what determines the demand for an input by a firm, an industry, and the overall market. We will also look at the factors that affect input supply and how the supply of an input interacts with demand to determinant input prices. We will use input market theory to analyze institutions and government policies such as the NCAA sports cartel, the minimum wage, Social Security, and immigration. Finally, we will address the concept of market efficiency and what government can do to promote it as well as how government intervention may diminish it.

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 4.7 stars Average User Rating 4.7See what learners said Coursework

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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 9 - Product Pricing With Monopoly Power
Price Discrimination. Firm Behavior in Cases of Monopolistic Competition and Oligopoly.


10 videos expand


  1. Video: Intertemporal Price Discrimination and Peak-Load Pricing
  2. Video: Two-Part Tariffs
  3. Video: Monopolistic Competition
  4. Video: Oligopoly and the Cournot Model
  5. Video: The Dominant Firm Model
  6. Video: Cartels and Collusion
  7. Video: OPEC
  8. Video: Game Theory
  9. Video: Prisoner’s Dilemma
  10. Video: Repeated Games

Graded: Week 9 Quiz

WEEK 2


Week 10 - Monopolistic Competition and Oligopoly
Imperfect Information. The Efficiency Effects of Monopoly. Firm, Industry, and Market Demand for an Input.


9 videos expand


  1. Video: Asymmetric Information
  2. Video: Adverse Selection and Moral Hazard
  3. Video: Limited Price Information and Advertising
  4. Video: The Size of the Deadweight Loss of Monopoly
  5. Video: Do Monopolies Suppress Innovations?
  6. Video: Natural Monopoly
  7. Video: on Game Theory: Iterated Dominance and Commitment
  8. Video: The Input Demand Curve of a Competitive Firm
  9. Video: Industry and Market Demand Curves for an Input

Graded: Week 10 Quiz

WEEK 3


Week 11 - The Market for Inputs
The Supply of Inputs and the Determination of Input Prices.


10 videos expand


  1. Video: The Supply of Inputs
  2. Video: Industry Determination of the Price and Employment of Inputs
  3. Video: Input Price Determination in a Multi-Industry Market
  4. Video: Input Demand and Employment by an Output Market Monopoly
  5. Video: Monopsony in Input Markets
  6. Video: The Income-Leisure Choice of the Worker
  7. Video: The Supply of Hours of Work
  8. Video: The General Level of Wage Rates and Why Wages Differ
  9. Video: Economic Rent
  10. Video: Monopoly Power in Input Markets: Unions

Graded: Week 11 Quiz

WEEK 4


Week 12 - Can Government Intervention Improve Market Outcomes?
Using Input Market Theory to Analyze the Minimum Wage, Social Security,Immigration, and the NCAA. Promoting Market Efficiency and Why Government Intervention in Markets May be Justified.


10 videos expand


  1. Video: The Minimum Wage
  2. Video: Who Really Pays for Social Security?
  3. Video: The NCAA Cartel
  4. Video: The Benefits and Costs of Immigration
  5. Video: Three Conditions for Economic Efficiency
  6. Video: Reasons for Government Intervention
  7. Video: Externalities and Public Goods
  8. Video: Externalities
  9. Video: Externalities and Property Rights
  10. Video: Controlling Pollution, Revisited

Graded: Week 12 Quiz
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