In markets, prices act as rationing devices, encouraging or discouraging production and consumption to find an equilibrium. In this course, you will learn to construct demand curves to capture consumer behavior and supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. Additionally, the course examines the ways in which markets are subject government intervention and the impacts of these interventions.
This course is part of the Managerial Economics and Business Analysis Specialization
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Managerial Economics and Business Analysis SpecializationUniversity of Illinois at Urbana-ChampaignAbout this Course
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Course 2 of 7 in the
Approx. 18 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish
Skills you will gain
- Externality
- Economics
- Game Theory
- Market (Economics)
Flexible deadlines
Reset deadlines in accordance to your schedule.
Shareable Certificate
Earn a Certificate upon completion
100% online
Start instantly and learn at your own schedule.
Course 2 of 7 in the
Approx. 18 hours to complete
English
Subtitles: Arabic, French, Portuguese (European), Italian, Vietnamese, German, Russian, English, Spanish
Offered by
University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
Start working towards your Master's degree
This course is part of the 100% online Master of Business Administration (iMBA) from University of Illinois at Urbana-Champaign.
If you are admitted to the full program, your courses count towards your degree learning.
Syllabus - What you will learn from this course
2 hours to complete
Course Orientation
You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.
2 hours to complete
2 videos (Total 4 min), 6 readings, 1 quiz
4 hours to complete
Module 1: Perfect Competition
This module introduces the concept of a perfectly competitive market. It is a benchmark construction, but it accurately models many markets in our economy. We will understand equilibrium outcomes in both the short run and the long run. We will understand how to analyze shocks to these equilibria.
4 hours to complete
12 videos (Total 118 min), 2 readings, 3 quizzes
4 hours to complete
Module 2: Monopoly Markets and Efficiency
Analysts can predict equilibrium outcomes with some degree of certainty. We want to construct a measure of efficiency that will allow us to evaluate the attractiveness of these equilibrium market outcomes. After using this metric to consider the efficiency of the competitive market, we will introduce a different market structure, monopoly, and use our efficiency metric to evaluate the equilibrium resource allocation under monopoly.
4 hours to complete
10 videos (Total 125 min), 2 readings, 3 quizzes
4 hours to complete
Module 3: Oligopoly and Game Theory
Perfectly competitive markets have many sellers. Monopoly has one seller. But much economic activity takes place in markets with just a handful of very large producers. These are called oligopoly markets. We will look at collusive arrangements among a small number of rivals, and then will use simple game theoretic techniques to model equilibrium.
4 hours to complete
15 videos (Total 147 min), 2 readings, 3 quizzes
5 hours to complete
Module 4: Market Failures
Sometimes even markets that appear to be capable of great efficiency in resource allocation, such as the perfectly competitive market, can fall short of efficiency. Economists call this market failure. In this module, we will consider information issues and the impact on efficiency. We will also introduce externalities (spillovers) such as pollution and model these impacts.
5 hours to complete
10 videos (Total 78 min), 5 readings, 4 quizzes
Reviews
- 5 stars88.08%
- 4 stars10.81%
- 3 stars0.90%
- 1 star0.20%
TOP REVIEWS FROM FIRM LEVEL ECONOMICS: MARKETS AND ALLOCATIONS
by RRDec 1, 2020
Learnt a great deal about Microeconomics! Prof. DeBrock teaches the class with great insights mixing history with everyday situations and issues. Can't say enough good things about this course!
by JFMar 5, 2019
Professor DeBrock made the class very interesting with great real-world examples. I feel that I have learned so much from this class that I will carry with me throughout my career.
by SPOct 3, 2019
Excellent course to understand basics of economics. Prof DeBrock does a great job of explaining the concepts. Love his energy and enthusiasm
by MJApr 25, 2016
Another great course from Professor DeBrock. Intuitive and concise, the two Firm Level Economics courses may have been my favorite to date. Thanks, Professor DeBrock!
About the Managerial Economics and Business Analysis Specialization
In order to effectively manage and operate a business, managers and leaders need to understand the market characteristics and economic environment in which they operate. In this specialization, you will build a solid understanding of the operation of markets and the macro-economic environment with real-world examples. You will be able to identify firm and country-level economic factors that impact business decisions, develop an analytical framework using statistical tools, and apply economic theory and data in the analysis of business environment and trends to make effective business decisions.
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