Perfect markets achieve efficiency: maximizing total surplus generated. But real markets are imperfect. In this course we will explore a set of market imperfections to understand why they fail and to explore possible remedies including as antitrust policy, regulation, government intervention. 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.
von
University of Pennsylvania
Über diesen Kurs
54,549 kürzliche Aufrufe
Kursteilnehmer, die sich für Course entscheiden, sind
- Economists
- Financial Analysts
- Data Analysts
- Marketing Specialists
- Business Analysts
Kompetenzen, die Sie erwerben
ExternalityEconomicsMicroeconomicsMarket (Economics)
Lehrplan - Was Sie in diesem Kurs lernen werden
Woche
11 Stunde zum Abschließen
Costs and Profits + Perfect Competition
In the first part of the course we learnt that if we allow market forces to work we reach an efficient outcome: the maximum benefit that can be generated by a market. The second part of the course explores cases where the markets fail to accomplish our goals. This week sets up the benchmark case of the perfectly competitive market: a model we will modify in the next few weeks. We define Perfect Competition, learn to model it graphically and discuss some key results in terms of long run profits and implications for efficiency.
20 Videos (Gesamt 45 min), 1 Lektüre, 3 Quiz
20 Videos
1.1.1: Defining Profits1m
1.1.2: Defining Fixed Costs and Variable Costs2m
1.1.3: Marginal Productivity2m
1.1.4: Marginal Productivity: Definition1m
1.1.5: Marginal Cost1m
1.1.6: Average Cost2m
1.1.7: Graph of Marginal and Average Cost Curves1m
1.2.1: Perfect Competition: Definition5m
1.2.2: Profit Maximization Perfect Competition2m
1.2.3: Profit Maximization: MR=MC3m
1.2.4: Profit Maximizations vs. Making Profits2m
1.2.5: Profit Maximization: The Case of Losses2m
1.2.6: Perfect Competition: The Firm's Supply Curve REPLACE1m
1.2.7: Definition of Short Run vs. Long Run1m
1.3.1: Perfect Competition: Firm Entry When Profits are Positive2m
1.3.2: Perfect Competition: Firm Entry When Profits are Negative1m
1.3.3: Perfect Competition: An Efficient Outcome2m
1.3.4: Perfect Competition: In The Long Run2m
1.3.5: Perfect Competition: An Efficient Outcome Pt 21m
1 Lektüre
Participate in a Purdue Research Project (Optional)10m
3 praktische Übungen
1.1: Costs and Profits10m
1.2: Perfect Competition: Definition and Output12m
1.3: Perfect Competition: Implications for Efficiency6m
Woche
21 Stunde zum Abschließen
Monopoly
A monopoly is a case where there is only one firm in the market. We will define and model this case and explain why market power is good for the firm, bad for consumers. We will also show that society as a whole suffers from the lack of competition.
13 Videos (Gesamt 39 min), 2 Quiz
13 Videos
2.1.2: The Monopoly as a Price Setter2m
2.1.3 Marginal Revenue vs Price: Numerical Example2m
2.1.4 Marginal Revenue vs Price: Graphical Example2m
2.1.5 Marginal Revenue vs Price: Example Using Calculus1m
2.1.6 Profit Maximization in a Monopoly2m
2.1.7 Profit Maximization in a Monopoly: Numerical Example4m
2.2.1 Monopoly vs Perfect Competition6m
2.2.2 Efficiency loss under a Monopoly2m
2.2.3 Monopoly vs Perfect Competition: Numerical Example5m
2.2.4 Monopoly vs Perfect Competition: Example of Dead Weight Loss2m
2.2.5 Monopoly vs Perfect Competition: Summary1m
2.2.6 Why do we allow monoplies?3m
2 praktische Übungen
2.1: Monopoly definition8m
2.2: Monopoly vs. Perfect Competition Numerical example14m
Woche
31 Stunde zum Abschließen
Monopoly Continued
Monopolies come in various types: one price monopoly, natural monopoly, price discrimination and monopolistic competition. This week we will expand the basic monopoly model to cover these cases and then explore market outcomes in each case. We will also discuss how government may intervene in such cases to benefit society as a whole and increase the surplus generated by the market.
14 Videos (Gesamt 39 min), 3 Quiz
14 Videos
3.1.2 Government Regulation and Antitrust Law2m
3.1.3 Natural Monopoly: Implications for the Average Total Cost3m
3.1.4 Natural Monopoly: Graphical Presentation1m
3.1.5 Natural Monopoly: Profit Maximizing Outcome4m
3.1.6 Natural Monopoly: Regulation though Marginal Cost Pricing3m
3.1.7 Natural Monopoly: Regulation though Average Cost Pricing3m
3.2.1 Price Discrimination: Definition3m
3.2.2 Price Discrimination: Graphical Example4m
3.3.1 Monopolistic Competition: Definiton2m
3.3.2 Monopolistic Competition: Core Results1m
3.3.3 Monopolistic Competition: Graphical Presentation in the Short Run3m
3.3.4 Monopolistic Competition: Graphical Presentation in the Long Run1m
3.3.5 Monopolistic Competition: Mark up and Excess Capacity2m
3 praktische Übungen
3.1: Natural Monopoly14m
3.2: Price Discriminating Monopoly10m
3.3 Monopolistic Competition8m
Woche
42 Stunden zum Abschließen
Externalities + Public Goods
Two classic cases of market failure will be defined and explored: externalities and public goods. We will define each case, demonstrate why the market fails to provide the efficient outcome and suggest interventions through either marked design or regulation.
20 Videos (Gesamt 52 min), 4 Quiz
20 Videos
4.1.2: Externalities: Allocative Efficiency: Refresher1m
4.1.3: Negative Externalities: Implications for Efficiency4m
4.1.4: Positive Externalities: Implications for Efficiency3m
4.1.5: The Coase Theorem2m
4.1.6: Interalizing a Negative Externality via a Per Unit Tax2m
4.1.7: Interalizing a Positive Externality via a Per Unit Subsidy1m
4.2.1: Externalities: A Numerical Example2m
4.2.2: Interalizing a Negative Externality via Tax: A Numerical Example4m
4.2.3 Government Intervention in the Case of Externalities2m
4.2.4 Externality: Conclusion1m
4.3.1 Pure Public Goods: Nonexcludable and Nonrival2m
4.3.2: Examples of Different Types of Goods4m
4.3.3: Implications of Nonexcludability2m
4.3.4: Free Riding1m
4.3.5: Implications of Nonrivalness1m
4.4.1: The Role of the Government in Providing Public Goods1m
4.4.2: Provision of Public Good by the Government2m
4.4.3: Free Riding as a Prisoners' Dilemma3m
4.4.4: Public Goods Conclusion1m
4 praktische Übungen
4.1: Externalities10m
4.2: Solutions to Externalities12m
4.3: Public Goods10m
4.4: Solutions to Public Goods10m
50%
nahm einen neuen Beruf nach Abschluss dieser Kurse auf
25%
ziehen Sie für Ihren Beruf greifbaren Nutzen aus diesem Kurs
14%
erhalten Sie eine Gehaltserhöhung oder Beförderung
Top-Bewertungen von Microeconomics: When Markets Fail
Great and relevant content, presented in an interesting and easy way; allowing the student to go through the video materials in an individual pace and thus optimize the study sessions.
I really appreciated the short form videos and abundant visual examples. I would take MANY more classes on Coursera if it were guaranteed that they would follow this format.
Dozent
Rebecca Stein
Senior LecturerEconomics
Über University of Pennsylvania
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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