Microeconomics

This course is used to analyze the manner in which markets resolve a problem that is caused by scarce resources. You will also learn about the role of the government in a market-driven society.

What you’ll learn

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Microeconomics

$79

Plus membership

3 Credits

All courses include:

eTextbooks

2 to 3-day turnaround for grading

Multiple chances to improve your grade

On-demand tutoring & writing center

Student support 7 days a week

$79

Plus membership

3 Credits

All courses include:

eTextbooks

2 to 3-day turnaround for grading

Multiple chances to improve your grade

On-demand tutoring & writing center

Student support 7 days a week

Microeconomics

$79

Plus membership

3 Credits

About This Course

|
ACE Approved 2025

Our Microeconomics online course analyzes the manner in which markets resolve a problem posed by the reality of scarce resources.

download syllabus

What You'll Learn

Define basic economic terminology and concepts including the effects of scarcity and choices, and the role of rational self-interest.

Evaluate the economic way of thinking by applying the following: scarcity, specialization, opportunity cost, marginal analysis, and production possibility.

Analyze the concepts of utility, marginal utility, the law of diminishing marginal utility and how they relate to price elasticity of demand for economic analysis.

Apply the supply and demand model including evaluating price and market output impacts of changing market dynamics.

Compare and contrast the fixed and variable costs: analyze the marginal-cost and the law of diminishing marginal returns concepts.

Evaluate the implications of the production function and the impacts of the diminishing returns and spreading effects on market economies of scale.

Compare and contrast the four basic market models: pure competition, pure monopoly, monopolistic competition, and oligopoly.

Review and analyze the causes and effects of market failures and strategies to mitigate outcomes.

Analyze the relationship between price elasticity of demand and profitability in the context of the market structure.

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Course Details

ECON102

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Microeconomics

The course provides intensive study of supply and demand analysis. Theories and principles of market behavior are examined and applied to economic issues related to production, consumption, and distribution. The course further evaluates market structure, factor markets, and market failure.

Prerequisites

There are no prerequisites to take Microeconomics.

 

Topic Subtopics
Economic Thinking
  • Scarcity
  • Opportunity Cost
  • Economic Models
Supply & Demand
  • The Demand Curve
  • The Supply Curve
  • Market Equilibrium
  • Rent Controls Reconsidered
  • Efficiency in Equilibrium
Elasticity
  • Price Elasticity of Demand
  • Determinants of Price Elasticity of Demand
  • Using Price Elasticity of Demand
  • Elasticity and Total Expenditure
  • Income Elasticity and Cross-Price Elasticity
  • The Price Elasticity of Supply
  • Determinants of Supply Elasticity
Demand
  • The Law of Demand
  • Individual and Market Demand Curves
  • Demand and Consumer Surplus
Perfectly Competitive Supply
  • Thinking About Supply - The Importance of Opportunity Cost
  • Individual and Market Supply Curves
  • Profit-Maximizing Firms in Perfectly Competitive Markets
  • Production in the Short-Run
  • Determinants of Supply Revisited
Efficiency, Exchange, and the Invisible Hand in Action
  • Three Types of Profit
  • Invisible Hand Theory
  • Importance of Free Entry and Exit
  • Economic Rent vs. Economic Profit
  • The Distinction Between and Equilibrium and a Social Optimum
Monopoly, Oligopoly, and Monopolistic Competition
  • Perfect and Imperfect Competition
  • Five Sources of Market PowerEconomies of Scale and The Importance of StartUp Costs
  • Profit Maximization for the Monopolist
  • Why the Invisible Hands Breaks Down under Monopoly
  • Price Discrimination Defined
  • Public Policy Towards Natural Monopoly
Games and Strategic Behavior
  • Using Game Theory to Analyze Strategic Decisions
  • The Prisoner’s Dilemma
  • Games in Which Timing Matters
  • Commitment Problems
An Introduction to Behavioral Economics
  • Judgmental Heuristics or Rules of Thumb
  • Misrepresentation of Contextual Clues
  • Impulse-Control Problems
  • Loss Aversion and Status Quo Bias
  • Beyond Narrow Self-Interest
Externalities, Property Rights, and the Environment
  • External Costs and Benefits
  • Coase Theorem
  • Remedies for Externalities
  • Property Rights and The Tragedy of The Commons
  • Positional Externalities
  • Using Price Incentives in Environmental Regulation
The Economics of Information
  • How the Middleman Adds Value
  • The Optimal Amount of Information
  • Asymmetric Information
  • Statistical Discrimination

Your score provides a percentage score and letter grade for each course. A passing percentage is 70% or higher.

Assignments for this course include:

  • 11 Knowledge Checks
  • 1 Paper
  • 1 Presentation
  • 1 Midterm Exam
  • 1 Final Exam


The required eTextbook for this course is included with your course purchase at no additional cost.


Frank, Robert H., Ben S. Bernanke, Kate Antonovics, and Ori Heffetz. Principles of Microeconomics. 2024 Release, McGraw Hill, 2024. ISBN: 9781265399672


Microeconomics students also take:

Macroeconomics

Business Statistics

Business Ethics


Helpful resources:

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How to Prepare for a Career in Business

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