Microeconomics: The Power of Markets Course Syllabus

Overview: This course provides a clear and engaging introduction to microeconomic theory, designed for beginners across disciplines. You'll explore how individuals and firms make decisions, how markets function, and when they fail. The course is structured into six modules totaling approximately 17 hours of content, combining theory, graphical analysis, and real-world applications. With lifetime access and a certificate of completion, it's ideal for students, professionals, and lifelong learners seeking foundational knowledge in microeconomics.

Module 1: Introduction to Microeconomics

Estimated time: 2 hours

• Overview of microeconomics as a field of study
• Understanding scarcity and resource allocation
• Concept of opportunity cost
• Role of individual choice in economic systems

Module 2: Demand, Supply, and Market Equilibrium

Estimated time: 3 hours

• Principles of demand and consumer behavior
• Foundations of supply and producer decisions
• Market equilibrium and price formation
• Shifts in demand and supply curves

Module 3: Elasticity and Market Sensitivity

Estimated time: 3 hours

• Price elasticity of demand
• Price elasticity of supply
• Applications to revenue and pricing strategies
• Tax incidence and market responsiveness

Module 4: Consumer Behavior and Utility Theory

Estimated time: 3.5 hours

• Utility maximization and consumer preferences
• Marginal utility and diminishing returns
• Indifference curves and budget constraints
• Consumer choice optimization

Module 5: Production and Cost Functions

Estimated time: 3.5 hours

• Short-run and long-run production functions
• Law of diminishing marginal returns
• Total, average, and marginal cost concepts
• Cost structure analysis for firms

Module 6: Market Efficiency and Failure

Estimated time: 2.5 hours

• Allocative efficiency and Pareto optimality
• Sources of market failure
• Externalities and public goods
• Role of government intervention

Prerequisites

• Basic understanding of high school-level algebra
• Familiarity with graphs and simple mathematical functions
• No prior economics knowledge required

What You'll Be Able to Do After

• Grasp fundamental concepts of microeconomic theory and decision-making
• Understand how individuals and firms allocate scarce resources
• Analyze consumer behavior, demand, and utility maximization
• Explore producer behavior, production functions, and cost structures
• Apply microeconomic tools to real-world problems in business, policy, and finance