Understanding Markets: Perfect Competition

Understanding Markets: Perfect Competition, available at $19.99, has an average rating of 4.4, with 20 lectures, based on 5 reviews, and has 762 subscribers.

You will learn about Define market in terms of its features Learn about market structure and its different forms Understand basic concepts of revenue and costs Explain basic postulates of perfect competition Explain equilibrium of a perfectly competitive (PC) firm both in the short-run and long-run Interpret the Production decision of PC firm in the short-run Illustrate when a firm produces facing loss This course is ideal for individuals who are The course is designed considering the desire of the students of economics and business or It will be easy going for the learners of other disciplines having analytical thinking attitude It is particularly useful for The course is designed considering the desire of the students of economics and business or It will be easy going for the learners of other disciplines having analytical thinking attitude.

Enroll now: Understanding Markets: Perfect Competition

Summary

Title: Understanding Markets: Perfect Competition

Price: $19.99

Average Rating: 4.4

Number of Lectures: 20

Number of Published Lectures: 20

Number of Curriculum Items: 20

Number of Published Curriculum Objects: 20

Original Price: $19.99

Quality Status: approved

Status: Live

What You Will Learn

Define market in terms of its features
Learn about market structure and its different forms
Understand basic concepts of revenue and costs
Explain basic postulates of perfect competition
Explain equilibrium of a perfectly competitive (PC) firm both in the short-run and long-run
Interpret the Production decision of PC firm in the short-run
Illustrate when a firm produces facing loss

Who Should Attend

The course is designed considering the desire of the students of economics and business
It will be easy going for the learners of other disciplines having analytical thinking attitude

Target Audiences

The course is designed considering the desire of the students of economics and business
It will be easy going for the learners of other disciplines having analytical thinking attitude

The course contains four sections.

Section Adefines market introducing its essential features. It also defines market structure and its different forms. The basic concepts of revenue and costs that are necessary to understand the operation of firms in different market structures are discussed in detail.

Section B�works with basic postulates of Perfect Competition (PC) . The price taking role of firm under PC that makes it unique from firms in other market structure is discussed in detail. The concepts of total revenue (TR), average revenue (AR) and marginal revenue (MR) under PC is explained.

Section C focuses on the short-run equilibrium of PC firm. In this section, learners will also be able to know the production decision of a PC firm in the short-run. Firm’s super normal profit situation, normal profit or break even situation, and the situation of loss will be examined with necessary illustrations.

Whether firm produces in the short-run facing loss or not is an important issue. Section Dprovides a detail when a firm under PC produces in the short-run and when it stops operation facing loss. It ends with the examination of lung run equilibrium of PC firm.

The course consists of 20 lectures and a total of 1 hour 40 minutes. It combines both mathematical and graphical contents where possible, so that one can learn alternative ways of interpreting the concepts.

The course is designed considering the desire of students of economics and business. But the contents are arranged in such a way that learners from other disciplines can easily go through the course.

Course Curriculum

Chapter 1: Market & Market Structure, Concepts of Revenue & Costs

Lecture 1: Introduction

Lecture 2: Market & Market Structure

Lecture 3: Concepts of Revenue

Lecture 4: Concepts of Costs

Lecture 5: Concepts of Average Costs

Chapter 2: Perfect Competition: Its Basic Postulates

Lecture 1: Basic Postulates of Perfect Competition

Lecture 2: Why is a PC firm said to be price taker?

Lecture 3: Assumptions in detail

Lecture 4: Why do AR and MR curve become the price line in PC?

Lecture 5: Short-run equilibrium of PC Firm: TR-TC Method

Lecture 6: Short-run equilibrium of PC Firm: MR-MC Method

Chapter 3: Short-run Equilibrium & Production Decision of PC Firm

Lecture 1: Does equilibrium guarantee excess profit to firm in the short run

Lecture 2: Super Normal Profit in the Short-run

Lecture 3: Normal Profit or Break Even Production Decision

Lecture 4: When does a firm face loss in the short run under PC?

Chapter 4: Production Decision Facing Loss

Lecture 1: Production Decision Facing Loss- by Table

Lecture 2: When should firm produce when there is loss at equilibrium?

Lecture 3: Shut-down Situation

Lecture 4: When should the Firm stop its production

Lecture 5: Long-run Equilibrium of PC Firm

Instructors

Abdullahil Mamun
Academician

Rating Distribution

1 stars: 0 votes
2 stars: 0 votes
3 stars: 1 votes
4 stars: 2 votes
5 stars: 2 votes

Frequently Asked Questions

How long do I have access to the course materials?

You can view and review the lecture materials indefinitely, like an on-demand channel.

Can I take my courses with me wherever I go?

Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don’t have an internet connection, some instructors also let their students download course lectures. That’s up to the instructor though, so make sure you get on their good side!

Menu