Microeconomic Principles and their Applications- Online Course
Master microeconomics for a macro impact
Lectures -57
Duration -3.5 hours
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Course Description
Microeconomics studies how the individual parts of the economy, the households and the firms, make decisions to allocate limited resources. This course is based on a comprehensive study of the market structures, product markets and resource markets. It also deals with application of demand and supply, cost analysis and factors of production.
Upon successful completion of the course, students should be able to:
CLO 1: Acquire the knowledge, skills, and understanding of the fundamental concepts of microeconomics related to individuals, and firms in different market structures.
CLO 2: Evaluate the importance of consumer behavior theory in economic decision making.
CLO 3: Analyze the firms’ decision making with respect to cost and production theories to explain the relationship between production inputs and output
CLO 4: Determine how managers can maximize firm profits in various market structures including perfect competition, monopoly, monopolistic competition, and oligopoly
This course targets to
CO 1 Understand the difference between macro and micro economics and their area of application.
CO 2 Explain the responsiveness of the demand and supply functions in varied scenarios
CO 3 Describe the consumer theory and the cost of production theories with corresponding stakeholders
CO 4 Identify the factors behind pricing and producers’ decisions in various market structures
A diversified methodology shall be followed that include interactive class discussions, quizzes, assignments, case studies, discussion on handouts, videos, team work exercises, presentations, and semester project. An inquiry-based, reflective, collaborative, and subject based approach shall be pursued with formal and informal feedback. Instructor will encourage the students towards arguments and context-based learning.
Goals
What will you learn in this course:
Equip students with a deep understanding of microeconomic principles and their real-world applications, empowering them to analyze individual economic agents' behavior and make informed decisions in various economic contexts
Prerequisites
What are the prerequisites for this course?
Basin understanding of economics.
Curriculum
Check out the detailed breakdown of what’s inside the course
Law Of Demand and Elasticity of Demand
19 Lectures
- Difference between economics Laws and other sciences Laws 03:25 03:25
- Economic Models 02:24 02:24
- Difference between Demand and Desire 02:09 02:09
- Law of Demand 05:28 05:28
- Difference between aggregate demand and market demand 02:00 02:00
- Difference between market demand and individual demand 01:33 01:33
- Difference between Extension and contraction of demand 03:32 03:32
- Difference between Movement and shifting 05:00 05:00
- Elasticity of demand 01:45 01:45
- Unit elastic demand 01:59 01:59
- Less elastic demand 02:36 02:36
- Perfect elastic demand 01:09 01:09
- Perfect inelastic demand 02:05 02:05
- Elasticity of demand greater than 1 02:19 02:19
- Price elasticity of demand 06:38 06:38
- Income elasticity of demand 09:39 09:39
- Variables that shift the demand curve 04:17 04:17
- Rise and fall of demand 04:03 04:03
- Difference between intercept and slope 03:10 03:10
Supply side
5 Lectures
Types of goods
3 Lectures
Cost concepts
11 Lectures
Revenue Concepts
2 Lectures
Consumer Equilibrium
4 Lectures
Market structure (Perfect and imperfect Competition)
2 Lectures
Perfect Competition
7 Lectures
Imperfect competition (Monopoly)
4 Lectures
Instructor Details
Nasir Munir
"PhD Economist with 12 years of teaching experience, guiding students towards mastery in economics, one lesson at a time."Dr. Nasir, a highly skilled and experienced educator, has been teaching at various universities for over a decade. With a PhD in Economics, Dr. Nasir brings a wealth of knowledge and expertise to the classroom and is dedicated to fostering a passion for learning in his students. Currently, Dr. Nasir is serving as a faculty member at SZABIST Islamabad, one of the leading universities in Pakistan.
Throughout his career, Dr. Nasir had the opportunity to work at a number of different universities, gaining valuable experience and insights along the way. In addition to their academic pursuits, Dr. Nasir has also worked with PLAN Pakistan, a leading non-governmental organization, further expanding their knowledge and understanding of the field. With a deep commitment to teaching and a passion for helping others succeed, Dr. Nasir is a valuable asset to any educational institution.
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