Economics: Competition, Elasticity, a little Game Theory | Economics Online Course by Udemy

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

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Economics: Competition, Elasticity, a little Game Theory

This is a zoom-in, zoom-out, connect-the-dots tour ofGame Theory, Competition and theElasticity 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 competitionFirm Costs: The deep meaning underlying total and marginal costs, and the least-cost principleUtility and Consumer Equilibrium: Indifference curves, and relating price and value. Income effects, and deriving Demand curves from indifference curvesApplications ofElasticity: 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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