Introduction to Microeconomics in the Real World

Supply, Demand & Elasticity/ Taxes & Tariffs/ Competition/ Customer Theory/ Regression/ Game Theory/ Costs/ Externality.

What you'll learn

Main Principles and Terms of Economics (Scarcity, Opportunity Cost, Externality, Inflation, etc.)
Observation, Assumptions and Economic Models
The Relationship between Economy Participants
The Production Possibilities Frontier
Microeconomics vs. Macroeconomics
Positive vs. Normative Economics
Specialization and Trade
Import/Export
Money and Its Functions
Markets and Competition
Demand and Supply (Movements, Shifts, Equilibrium)
Price Elasticity of Demand and Its Determinants
Income and Cross-Price Elasticity of Demand
Price Elasticity of Supply and Its Determinants
Price Ceiling and Price Floor
Minimum Wage Impact on the Labor Market
Tax Burden Division among Buyers and Sellers
Direct vs. Indirect Taxes
Progressive vs. Regressive Taxes
Fiscal vs. Monetary Policy
Consumer and Producer Surplus
Market Efficiency
Deadweight Loss and Tax Revenue
The Impact of International Trade on Importing and Exporting Countries
Tariff and Deadweight Loss
Arguments for Restricting Trade
Positive and Negative Externalities, Social Optimum
Policies toward Externalities
Public Goods and Common Resources
Tragedy of the Commons
The Design of the Tax System
The Costs of Production
Economies and Diseconomies of Scale
Break-Even Analysis
Competitive Market and Its Characteristics
Monopolies and the Reasons Why They Exist
Natural Monoply
Price Descrimination
Monopolistic Competition and Its Characteristics
Oligopoly, Duopoly and the Characteristics
Game Theory (Prisoner's Dilemma, Profits Maximization, An Arms-Race Game, A Common-Resources Game)
Profit Maximization in Different Markets
The Markets for the Factors of Production
Earnings and Discrimination
Maslow's Hierarchy of Needs
Indifference Curves and Budget Constraint
Substitutes and Complements
Income and Substitution Effects
Economics of Asymmetric Information (Moral Hazard, Adverse Selection)
Political Economy
Behavioral Economics
Regression Analysis and Various Excel Calculations
Building Demand Function for a Real Company

Requirements

There are no prerequisites.

Description

Introduction to Microeconomics in the Real World is a complete course of Microeconomics theory and practice. While beginners should have no difficulties, intermediate and advanced students will also satisfy their curiosity. Since the very first classes, we will base our lectures on practical examples and by the end of the course, you will be able to do complex regression analysis for a real company. It will enable you to answer questions such as how much sales should you expect in the upcoming periods, what are the main factors affecting your company sales, and a lot more. Not only you will better understand and manage any company in a business, but also you will be able to act more rationally as a customer simply because you know the rules of the game.

Who this course is for:

All level of students.