University of Illinois Urbana-Champaign
Microeconomics Principles Specialization
University of Illinois Urbana-Champaign

Microeconomics Principles Specialization

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Get in-depth knowledge of a subject
4.9

(48 reviews)

Beginner level
No prior experience required
1 month
at 10 hours a week
Flexible schedule
Learn at your own pace
Get in-depth knowledge of a subject
4.9

(48 reviews)

Beginner level
No prior experience required
1 month
at 10 hours a week
Flexible schedule
Learn at your own pace

What you'll learn

  • Gain understanding of consumer & firm behaviors, their responses to market structure changes, analyze firm behavior in short-run & long-run markets

  • Master how to analyze different market structures, ie monopoly, oligopoly, & competitive markets, predict the changes in producer or consumer surplus

  • Apply economic principles to various aspects of daily life & to inform policy decisions, utilize these concepts to solve a range of policy questions

  • Learn to use supply/demand graphs to analyze market movements to establish economic policies, compute metrics like producer and consumer surplus

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Taught in English
Recently updated!

July 2024

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Specialization - 4 course series

Microeconomics Principles

Course 18 hours4.8 (3,130 ratings)

What you'll learn

  • Identifying hidden costs of anything

Skills you'll gain

Category: Economics
Category: Critical Thinking
Category: Microeconomics
Category: Economic Analysis

What you'll learn

  • Surplus & Social Welfare: Applying the concept of surplus to measure the welfare of an economy and use the supply and demand model to illustrate it

  • Impact of Government Interventions: Understand how government interventions (eg. price controls) impact social welfare using model of supply & demand

  • Price Elasticity of Demand: Learn how to classify goods based on their price elasticity of demand & predict how changes in price might affect revenue

  • Analysis of Tax Implications: Use the price elasticity of demand concept to determine the distributional and welfare effects of an excise tax

Skills you'll gain

Category: Economics
Category: Supply And Demand
Category: Public Policies

The Theory of the Firm

Course 38 hours

What you'll learn

  • Learn to apply marginal returns to inputs, key firm costs, and cost changes over time.

  • Understand perfect competition, profit maximization, and profit-maximizing output.

  • Learn about market structures and distinguish marginal revenue in different firms for profitability assessment.

  • Explore welfare effects of market power, types of price discrimination, and its societal impact.

Skills you'll gain

Category: Economics
Category: Business Economics
Category: Supply And Demand

What you'll learn

  • Understanding Free Rider Problem: Develop knowledge of the free rider problem and its implications on goods and services in an economy.

  • Excludability and Rivalry: Learn how to classify a good based on its excludability and rivalry attributes.

  • Public Goods: Delve into the challenges associated with the provision of public goods and comprehend the reasons behind these difficulties.

  • Market Externalities: Identify different market externalities & recognize why markets typically struggle to address these externality issues

Skills you'll gain

Category: Economics
Category: Supply And Demand
Category: Public Policies

Instructor

Dr. José J. Vázquez-Cognet
University of Illinois Urbana-Champaign
4 Courses186,168 learners

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