Economics: Competition, Elasticity, a little Game Theory

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Microeconomics is packed with applications to our everyday life - this course will help you connect the dots

This is a zoom-in, zoom-out, connect-the-dots tour of Game Theory, Competition and the Elasticity of Demand andSupply.

Let's parse that

• 'connect the dots': Economics is deep - even the simplest concepts in Micro-Econ 101 are missed by leaders in business and politics, and commit basic errors in judgment. This course makes sure that won't happen to you.
• 'zoom in': Getting the details is very important in economics - you really have to understand the nitty-gritty of graphs and intersecting curves and lines. There is a lot of meaning in those details
• 'zoom out': The real value of economics, particularly microeconomics, is in taking seemingly over-simplified models, and then applying insights from those over-simplified models to the world at large. This course makes sure you can go from the specific to the general.

What's Covered:

• Game Theory: Discounting and price wars, Prisoner's dilemma and nuclear arms races, Winner-takes-all games and the commercialization of sport.
• Competition: Perfect competition, monopoly and monopolistic competition
• Firm Costs: The deep meaning underlying total and marginal costs, and the least-cost principle
• Utility and Consumer Equilibrium: Indifference curves, and relating price and value. Income effects, and deriving Demand curves from indifference curves
• Applications of Elasticity: Modeling taxes, the troublesome economics of agriculture, minimum wages. 
• Elasticity, Demand and Supply: Defining and using elasticity. Linear Demand Curves and a neat trick. Demand and Supply demystified.

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