Individual markets · Intermediate
Microeconomics
How individual consumers, firms and markets behave: elasticity, costs and revenue, market structures, and what happens when markets fail.
Lessons are being added to this course
Module 1: Demand, Supply and Elasticity
In preparationMeasuring how responsive buyers and sellers are when price changes.
- 1.1Price Elasticity of DemandCalculating PED and reading what the value means.10 minComing soon
- 1.2Income and Cross ElasticityNormal, inferior, substitute and complementary goods.10 minComing soon
- 1.3Price Elasticity of SupplyWhy time is the key determinant of supply responsiveness.10 minComing soon
Module 2: Costs, Revenue and Profit
In preparationHow firms decide what to produce and how much.
- 2.1Costs of ProductionFixed, variable, average and marginal cost.10 minComing soon
- 2.2Revenue and ProfitTotal, average and marginal revenue, and profit maximisation.10 minComing soon
- 2.3Economies of ScaleWhy bigger firms can produce more cheaply, up to a point.10 minComing soon
Module 3: Market Structures
In preparationFrom perfect competition through to monopoly.
- 3.1Perfect CompetitionThe benchmark model and its assumptions.10 minComing soon
- 3.2MonopolyMarket power, price setting, and the welfare cost.10 minComing soon
- 3.3OligopolyInterdependence, collusion and game theory basics.10 minComing soon
Module 4: Market Failure
In preparationWhen markets do not allocate resources efficiently.
- 4.1ExternalitiesPositive and negative spillovers, and why they matter.10 minComing soon
- 4.2Public Goods and Common ResourcesNon-excludability, non-rivalry and the free-rider problem.10 minComing soon
- 4.3Government InterventionTaxes, subsidies, price controls and regulation.10 minComing soon