About this Course
4.6
76 ratings
20 reviews
This opening module of the Power of Markets course covers the basic assumptions about market participants made by economists, the concept of opportunity cost, and the key determinants of supply and demand. We will then learn how to use the supply-demand framework to explain and predict market outcomes and to show how government policies affect those market outcomes. We will look at how quantity demanded and supplied respond to their key determinants in quantitative (elasticity) as well as qualitative terms. The last two weeks of the first module will investigate consumer behavior more closely and show how consumer choices are driven by the interplay of preferences and budget constraints. We will employ the consumer choice framework to examine investor choice as well as policies such as ObamaCare and school choice. Finally, we will also address the concept of how to distribute a given amount of goods across a society’s consumers in the most efficient manner....
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Flexible deadlines

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Clock

Suggested: 3-5 hours/week

Approx. 9 hours to complete
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English

Subtitles: English
Globe

100% online courses

Start instantly and learn at your own schedule.
Calendar

Flexible deadlines

Reset deadlines in accordance to your schedule.
Clock

Suggested: 3-5 hours/week

Approx. 9 hours to complete
Comment Dots

English

Subtitles: English

Syllabus - What you will learn from this course

1

Section
Clock
2 hours to complete

Week 1 - Supply and Demand

Basic Assumptions About Market Participants and the Concept of Opportunity Cost. The Determinants of Demand and Supply....
Reading
9 videos (Total 71 min), 1 reading, 1 quiz
Video9 videos
Some Preliminaries About Microeconomics 9m
Basic Assumptions About Market Participants2m
Opportunity Cost 10m
Sunk Costs/Benefits 10m
Production Possibility Frontier (PPF) 8m
The Determinants of Demand 13m
The Determinants of Supply 7m
Market Equilibrium 3m
Reading1 reading
Syllabus10m
Quiz1 practice exercise
Week 1 Quiz40m

2

Section
Clock
2 hours to complete

Week 2 - Supply and Demand

Using the Supply-Demand Framework to Predict and Explain Market Outcomes as well as to Show the Impacts of Government Intervention. Some Key Elasticities of Demand and Supply....
Reading
8 videos (Total 86 min), 1 quiz
Video8 videos
Predicting and Explaining Market Outcomes 11m
Government Intervention in Markets: Price Ceilings 15m
Price Elasticity of Demand and it's Relationship to Total Expenditure15m
Calculating and Applying Price Elasticity of Demand9m
Determinants of Elasticity of Demand5m
Three Other Elasticities 5m
Sharpening your Understanding of Price Elasticity of Demand and Supply 10m
Quiz1 practice exercise
Week 2 Quiz40m

3

Section
Clock
2 hours to complete

Week 3 - Consumer Choice

Explaining Consumer Choice Through Analyzing Consumer Preferences and Budget Constraints....
Reading
9 videos (Total 74 min), 1 quiz
Video9 videos
Consumer Preferences 9m
Sharpening Your Understanding of Indifference Curves 6m
The Budget Constraint10m
The Consumer’s Optimal Choice 14m
Changes in Income and Consumption Choices6m
Accounting for Altruism 5m
Price Changes and Consumption Choices 8m
From Individual to Market Demand 3m
Quiz1 practice exercise
Week 3 Quiz40m

4

Section
Clock
2 hours to complete

Week 4 - Consumer Choice and the Benefits of Exchange

Using Consumer Choice Theory to Analyze Investor Choice as well as Policies Such as ObamaCare and School Choice. Promoting Efficiency in the Distribution of Goods....
Reading
9 videos (Total 67 min), 1 quiz
Video9 videos
The Price-Consumption Curve and Elasticity of Demand 6m
Excise Subsidies - Health Care and Consumer Welfare 9m
Analyzing ObamaCare I 9m
Analyzing ObamaCare II 6m
Analyzing School Choice I 6m
Analyzing School Choice II 6m
Investor Choice 4m
Efficiency in the Distribution of Goods 7m
Quiz1 practice exercise
Week 4 Quiz40m
4.6
Briefcase

83%

got a tangible career benefit from this course

Top Reviews

By AApr 8th 2018

The instructor was very nice. He explained every topic with real world examples which made the course easier to understand and interesting.

By JDJan 27th 2017

This was very help of everything i need to know about managing and dealing with different kinds of real world problems.

Instructor

Mark Zupan

Professor of Economics and Public Policy
Simon School of Business

About 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....

Frequently Asked Questions

  • Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). Peer review assignments can only be submitted and reviewed once your session has begun. If you choose to explore the course without purchasing, you may not be able to access certain assignments.

  • When you purchase a Certificate you get access to all course materials, including graded assignments. Upon completing the course, your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

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