Market Equilibrium, Government Policy & Elasticity

Market Equilibrium, Government Policy & Elasticity

This course is part of Microeconomics Principles Specialization

Instructor: Dr. José J. Vázquez-Cognet

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

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Assessments

2 assignments

Taught in English

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This course is part of the Microeconomics Principles Specialization

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There are 2 modules in this course

Most people make the incorrect assumption that economics is ONLY the study of money. My primary goal in this course is to shatter this belief. During this course, we will be addressing the above questions as well as many more relating to:

-the environment -love and marriage -crime -labor markets -education -politics -sports -business My main goal is to show you the way economists think and how to use this analytical system to answer questions related not only to these and other important human issues but to anything you end up doing with your life after this class. After all, as you will quickly find out, I believe that everything is economics!

Welcome! Last course we introduced the supply and demand model to explain how free markets work. One of the main concepts we learned about free markets was that they tend to gravitate toward an “equilibrium” price and quantity. This module we will use the same conceptual model to answer one important question: Are free markets the best way to distribute society’s resources?

What's included

10 videos1 reading1 assignment1 discussion prompt

10 videosTotal 67 minutes

1.1. Do We Need Silly Products?8 minutesPreview module
2.1. What is Consumer Surplus?8 minutes
2.2. Consumer Surplus and the Demand Curve3 minutes
3.1. What is Producer Surplus?3 minutes
3.2. Producer Surplus and the Supply Curve3 minutes
4.1. Total Surplus: The Graphical Argument for Free Markets9 minutes
5.1. Price Ceilings8 minutes
5.2. Price Floors11 minutes
6.1. Could We Reduce the Shortage of Human Organs?7 minutes
6.2. Application: Playoff Tickets and Scalping Laws3 minutes

1 readingTotal 15 minutes

Week 3 Overview15 minutes

1 assignmentTotal 30 minutes

Week 3 Quiz30 minutes

1 discussion promptTotal 60 minutes

Week 3 Discussion Questions60 minutes

Welcome! This module we will cover one of my favorite economics concepts: elasticity. It is one of my favorites because of how useful it is to analyze policy implications, as well as its usefulness for business managers. This will be obvious to you when you read one of the discussion topics for this module: Should we legalize marijuana?

What's included

14 videos1 reading1 assignment1 discussion prompt

14 videosTotal 89 minutes

1.1. Introduction to Elasticity4 minutesPreview module
2.1. Definition and Classifying Price Elasticities of Demand10 minutes
2.2. Price Elasticity of Demand and Revenue4 minutes
2.3. Determinants of Price Elasticity of Demand10 minutes
2.4. Price Elasticities of Demand and the Linear Demand Curve5 minutes
3.1. Income Elasticity of Demand5 minutes
3.2. Cross-Price Elasticity of Demand8 minutes
4.1. Definition of Price Elasticity of Supply2 minutes
4.2. Determinants of Price Elasticity of Supply2 minutes
5.1. Introduction to Per-Unit Taxes4 minutes
5.2. The Distributional Effects of Tax13 minutes
5.3. Taxes and Surplus4 minutes
6.1. Should Black Dog Increase the Price of Their Sandwiches?2 minutes
6.2. Other Applications of Price Elasticity8 minutes

1 readingTotal 15 minutes

Week 4 Overview15 minutes

1 assignmentTotal 30 minutes

Week 4 Quiz30 minutes

1 discussion promptTotal 60 minutes

Week 4 Discussion Questions60 minutes

Instructor

Dr. José J. Vázquez-Cognet

University of Illinois Urbana-Champaign

4 Courses188,326 learners

Offered by

University of Illinois Urbana-Champaign

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Reviewed on Dec 24, 2024

Dr Cognet is an amazing professor, by far the best professor. I have done 16 courses from coursera and I am saying for the first time. Brilliant professor.

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