Fundamentals of Microeconomics | Fundamentos de Microeconomía

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Английский
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14 h
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  • From www.edx.org
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  • Self-paced
  • Free Access
  • Fee-based Certificate
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  • 7 Sequences
  • Introductive Level
  • Субтитры доступны на Spanish

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Course details

Syllabus

Week 1: Introduction
Scarcity, opportunity cost, efficiency and equity, how are resources allocated in reality? Theories, models and assumptions. Model I of international trade: how countries trade what they have? Model II of international trade: how countries specialize? Some useful economic concepts.

Week 2: The Demand
The market. The model of perfect competition. Other market structures. The demand (I): Introduction. The demand (II): The unit-demand case. The demand (III): The general case. Marginal utilities. Market demands. Linear demands. Movements and shifts.

Week 3: The Supply
The unit-supply case. The costs. The general case. Movements and shifts. Elasticities (I): Definitions. Elasticities (II): applications.

Week 4: The equilibrium
Definition. The relevance of the equilibrium: logical and experimental support. Applications of the equilibrium (I): comparative statics. Applications of the equilibrium (II): welfare analysis. Measuring welfare. Estimating demand and supply in reality.

Week 5: Government intervention
Regulated prices. Taxes (I): classification. Taxes (II): analysis. Taxes (III): welfare. Taxes (IV): the incidence of a tax. Taxes (V): formal analysis.

Week 6: Market failures (I)
Introduction to market failures. Market power (I): definition. Market power (II): a model. Market power (III): welfare analysis. Market power (IV): comparative statics. Market power (V): barriers to entry. Market power (VI): solutions. Asymmetric information. Adverse selection. Moral hazard.

Week 7: Market failures (II)
Externalities (I). Classification of externalities. Externalities (II) Private solutions to externalities. Externalities (III) Public solutions to externalities. Public goods (I): definition. Public goods (II): analysis.

Prerequisite

  • secondary school (high school) algebra
  • basic mathematics concepts
  • reading basic graphs

Instructors

Ángel Hernando-Veciana
Associate Professor in the Department of Economics
Universidad Carlos III de Madrid

Geovani Hiniesto Bazan
Adjunct Professor of Principle of Economics
Universidad Carlos III de Madrid

Jose María Aguilar
Lecturer
Universidad Carlos III de Madrid

Sebastian Panthoefer
PhD candidate in Economics
Universidad Carlos III de Madrid

Sergio Feijoo-Moreira
PhD candidate in Economics
Universidad Carlos III de Madrid

Editor

Universidad Carlos III de Madrid

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