Economics: Mastering Microeconomics 101

Course Curriculum

Chapter 1: Chapter 1: Introduction to Microeconomics

Lecture 1: What is Microeconomics?

Lecture 2: Economic Theories, Models and Assumptions

Lecture 3: Normative versus Positive Economics

Chapter 2: Introduction to possibilities, trade-offs and marginal analysis

Lecture 1: Introduction

Lecture 2: The Production Possibilities Curve

Lecture 3: The Law of Increasing Opportunity Costs

Lecture 4: Marginal Cost (Deriving the MC Curve)

Lecture 5: Marginal Benefit and Allocative Efficiency

Lecture 6: Illustrating Economic Growth on a PPF: Consumption Now vs. Future Growth

Lecture 7: Summary + Defense versus Civilian Goods and Services

Chapter 3: Supply and Demand

Lecture 1: Introduction

Lecture 2: What is Demand?

Lecture 3: Deriving the Individual Demand Curve

Lecture 4: Deriving Market Demand Curves

Lecture 5: The Difference Between a Shift in Demand and Change in the Quantity Demanded

Lecture 6: What is Supply?

Lecture 7: Deriving the Individual Firm Supply Curve

Lecture 8: Deriving the Market Supply Curve

Lecture 9: The Difference Between a Shift in Supply and a Change in the Quantity Supplied

Lecture 10: Finding the Market Equilibrium

Lecture 11: The Market Mechanisms Towards Equilibrium

Lecture 12: Summary + Solving the Rhino Poaching Problem

Chapter 4: Consumer and Producer Surplus

Lecture 1: Introduction

Lecture 2: Calculating Consumer Surplus

Lecture 3: Calculating Producer Surplus

Lecture 4: Combining Consumer and Producer Surplus

Lecture 5: Illustrating Market Efficiency or Inefficiency (Deadweight Loss)

Lecture 6: Summary + Assessing Government Intervention and Power of Industries

Chapter 5: Measuring Elasticity – The Magnitude of Response

Lecture 1: Introduction

Lecture 2: Calculating Revenue from Demand Curves

Lecture 3: Calculating Price Elasticity of Demand

Lecture 4: How to interpret Price Elasticity of Demand Values

Lecture 5: The Relationship Between Elasticity and Total Revenue

Lecture 6: Other Factors that Influence Elasticity of Demand

Lecture 7: Calculating Cross Price Elasticity of Demand

Lecture 8: Calculating Income Elasticity of Demand

Lecture 9: Summary + Why a Bumper Crop is Bad for Farmers

Chapter 6: Consumer Theory and Behavior

Lecture 1: Introduction

Lecture 2: Introduction to the Budget Line

Lecture 3: Constructing a Budget Line

Lecture 4: The Budget Line Slope

Lecture 5: Shifting Budget Line – Changing Prices and Income

Lecture 6: Introduction to Indifference Curves

Lecture 7: Drawing and Interpreting Indifference Curves

Lecture 8: The Marginal Rate of Substitution (MRS)

Lecture 9: Maximizing Satisfaction – Indifference Curves and Budget Lines

Lecture 10: Maximizing Satisfaction with Changing Prices and Income

Lecture 11: Calculating the Substitution Effect

Lecture 12: Calculating the Income Effect

Lecture 13: Normal and Inferior Goods

Lecture 14: Summary + Individual Budgets

Chapter 7: Production in the Short and Long Run

Lecture 1: Introduction

Lecture 2: Introduction to Output Curves

Lecture 3: Drawing the Total Product Curve

Lecture 4: Deriving and Understanding Marginal Product

Lecture 5: Comparing Marginal and Average Product

Lecture 6: Introduction to Cost Curves

Lecture 7: Deriving The Short-Run Variable Cost Curve

Lecture 8: Variable, Total and Fixed Cost Curves

Lecture 9: Average Cost Curves

Lecture 10: Marginal and Average Cost Curves

Lecture 11: Comparing Short-Run Production and Costs

Lecture 12: The Long-Run Cost Curve and Economies of Scale

Lecture 13: Summary + The Economies of Scale in the Mining Industry

Chapter 8: Perfect Competition

Lecture 1: Defining a Perfectly Competitive market

Lecture 2: Foundation graphs for an individual firm in a perfectly competitive market

Lecture 3: Total cost and revenue in perfect competition – calculating economic profit

Lecture 4: Maximizing Short Run Profit in Perfect Competition: MR =MC

Lecture 5: The three short-run profit scenarios in a perfectly competitive market

Lecture 6: The short-run individual firm supply curve in a perfectly competitive market

Lecture 7: The short-run market supply curve in a perfectly competitive market

Lecture 8: Short-run market equilibrium in a perfectly competitive market

Lecture 9: Deriving the perfectly competitive long-run average cost curve

Lecture 10: Market mechanisms in perfect competition: A decrease in market demand

Lecture 11: Market mechanisms in perfect competition: An increase in market demand