Perfect markets achieve efficiency: maximizing total surplus generated. But real markets are imperfect. In this course we will explore a set of market imperfections to understand why they fail and to explore possible remedies including as antitrust policy, regulation, government intervention. Examples are taken from everyday life, from goods and services that we all purchase and use. We will apply the theory to current events and policy debates through weekly exercises. These will empower you to be an educated, critical thinker who can understand, analyze and evaluate market outcomes.
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Microeconomics: When Markets Fail
Universidad de Pensilvania
Acerca de este Curso
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Resultados profesionales del estudiante
50%
comenzó una nueva carrera después de completar estos cursos
25%
consiguió un beneficio tangible en su carrera profesional gracias a este curso
14%
consiguió un aumento de sueldo o ascenso
Habilidades que obtendrás
ExternalityEconomicsMicroeconomicsMarket (Economics)
Resultados profesionales del estudiante
50%
comenzó una nueva carrera después de completar estos cursos
25%
consiguió un beneficio tangible en su carrera profesional gracias a este curso
14%
consiguió un aumento de sueldo o ascenso
Certificado para compartir
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100 % en línea
Comienza de inmediato y aprende a tu propio ritmo.
Fechas límite flexibles
Restablece las fechas límite en función de tus horarios.
Aprox. 12 horas para completar
Inglés (English)
Subtítulos: Inglés (English), Mongol
ofrecido por
Universidad de Pensilvania
The University of Pennsylvania (commonly referred to as Penn) is a private university, located in Philadelphia, Pennsylvania, United States. A member of the Ivy League, Penn is the fourth-oldest institution of higher education in the United States, and considers itself to be the first university in the United States with both undergraduate and graduate studies.
Programa - Qué aprenderás en este curso
1 hora para completar
Costs and Profits + Perfect Competition
In the first part of the course we learnt that if we allow market forces to work we reach an efficient outcome: the maximum benefit that can be generated by a market. The second part of the course explores cases where the markets fail to accomplish our goals. This week sets up the benchmark case of the perfectly competitive market: a model we will modify in the next few weeks. We define Perfect Competition, learn to model it graphically and discuss some key results in terms of long run profits and implications for efficiency.
1 hora para completar
20 videos (Total 45 minutos), 1 lectura, 3 cuestionarios
20 videos
1.1.1: Defining Profits1m
1.1.2: Defining Fixed Costs and Variable Costs2m
1.1.3: Marginal Productivity2m
1.1.4: Marginal Productivity: Definition1m
1.1.5: Marginal Cost1m
1.1.6: Average Cost2m
1.1.7: Graph of Marginal and Average Cost Curves1m
1.2.1: Perfect Competition: Definition5m
1.2.2: Profit Maximization Perfect Competition2m
1.2.3: Profit Maximization: MR=MC3m
1.2.4: Profit Maximizations vs. Making Profits2m
1.2.5: Profit Maximization: The Case of Losses2m
1.2.6: Perfect Competition: The Firm's Supply Curve REPLACE1m
1.2.7: Definition of Short Run vs. Long Run1m
1.3.1: Perfect Competition: Firm Entry When Profits are Positive2m
1.3.2: Perfect Competition: Firm Entry When Profits are Negative1m
1.3.3: Perfect Competition: An Efficient Outcome2m
1.3.4: Perfect Competition: In The Long Run2m
1.3.5: Perfect Competition: An Efficient Outcome Pt 21m
1 lectura
Participate in a Purdue Research Project (Optional)10m
3 ejercicios de práctica
1.1: Costs and Profits10m
1.2: Perfect Competition: Definition and Output12m
1.3: Perfect Competition: Implications for Efficiency6m
1 hora para completar
Monopoly
A monopoly is a case where there is only one firm in the market. We will define and model this case and explain why market power is good for the firm, bad for consumers. We will also show that society as a whole suffers from the lack of competition.
1 hora para completar
13 videos (Total 39 minutos)
13 videos
2.1.2: The Monopoly as a Price Setter2m
2.1.3 Marginal Revenue vs Price: Numerical Example2m
2.1.4 Marginal Revenue vs Price: Graphical Example2m
2.1.5 Marginal Revenue vs Price: Example Using Calculus1m
2.1.6 Profit Maximization in a Monopoly2m
2.1.7 Profit Maximization in a Monopoly: Numerical Example4m
2.2.1 Monopoly vs Perfect Competition6m
2.2.2 Efficiency loss under a Monopoly2m
2.2.3 Monopoly vs Perfect Competition: Numerical Example5m
2.2.4 Monopoly vs Perfect Competition: Example of Dead Weight Loss2m
2.2.5 Monopoly vs Perfect Competition: Summary1m
2.2.6 Why do we allow monoplies?3m
2 ejercicios de práctica
2.1: Monopoly definition8m
2.2: Monopoly vs. Perfect Competition Numerical example14m
1 hora para completar
Monopoly Continued
Monopolies come in various types: one price monopoly, natural monopoly, price discrimination and monopolistic competition. This week we will expand the basic monopoly model to cover these cases and then explore market outcomes in each case. We will also discuss how government may intervene in such cases to benefit society as a whole and increase the surplus generated by the market.
1 hora para completar
14 videos (Total 39 minutos)
14 videos
3.1.2 Government Regulation and Antitrust Law2m
3.1.3 Natural Monopoly: Implications for the Average Total Cost3m
3.1.4 Natural Monopoly: Graphical Presentation1m
3.1.5 Natural Monopoly: Profit Maximizing Outcome4m
3.1.6 Natural Monopoly: Regulation though Marginal Cost Pricing3m
3.1.7 Natural Monopoly: Regulation though Average Cost Pricing3m
3.2.1 Price Discrimination: Definition3m
3.2.2 Price Discrimination: Graphical Example4m
3.3.1 Monopolistic Competition: Definiton2m
3.3.2 Monopolistic Competition: Core Results1m
3.3.3 Monopolistic Competition: Graphical Presentation in the Short Run3m
3.3.4 Monopolistic Competition: Graphical Presentation in the Long Run1m
3.3.5 Monopolistic Competition: Mark up and Excess Capacity2m
3 ejercicios de práctica
3.1: Natural Monopoly14m
3.2: Price Discriminating Monopoly10m
3.3 Monopolistic Competition8m
2 horas para completar
Externalities + Public Goods
Two classic cases of market failure will be defined and explored: externalities and public goods. We will define each case, demonstrate why the market fails to provide the efficient outcome and suggest interventions through either marked design or regulation.
2 horas para completar
20 videos (Total 52 minutos)
20 videos
4.1.2: Externalities: Allocative Efficiency: Refresher1m
4.1.3: Negative Externalities: Implications for Efficiency4m
4.1.4: Positive Externalities: Implications for Efficiency3m
4.1.5: The Coase Theorem2m
4.1.6: Interalizing a Negative Externality via a Per Unit Tax2m
4.1.7: Interalizing a Positive Externality via a Per Unit Subsidy1m
4.2.1: Externalities: A Numerical Example2m
4.2.2: Interalizing a Negative Externality via Tax: A Numerical Example4m
4.2.3 Government Intervention in the Case of Externalities2m
4.2.4 Externality: Conclusion1m
4.3.1 Pure Public Goods: Nonexcludable and Nonrival2m
4.3.2: Examples of Different Types of Goods4m
4.3.3: Implications of Nonexcludability2m
4.3.4: Free Riding1m
4.3.5: Implications of Nonrivalness1m
4.4.1: The Role of the Government in Providing Public Goods1m
4.4.2: Provision of Public Good by the Government2m
4.4.3: Free Riding as a Prisoners' Dilemma3m
4.4.4: Public Goods Conclusion1m
4 ejercicios de práctica
4.1: Externalities10m
4.2: Solutions to Externalities12m
4.3: Public Goods10m
4.4: Solutions to Public Goods10m
Revisiones
Principales revisiones sobre MICROECONOMICS: WHEN MARKETS FAIL
por JRJan 13, 2018
Great and relevant content, presented in an interesting and easy way; allowing the student to go through the video materials in an individual pace and thus optimize the study sessions.
por NPAug 11, 2018
I really appreciated the short form videos and abundant visual examples. I would take MANY more classes on Coursera if it were guaranteed that they would follow this format.
por DVOct 23, 2018
Love how the videos were brief, but informative. Very helpful class and exams weren't overly complicated. In the end, I felt as though I retained much of the knowledge.
por VRMay 23, 2017
I came here for the videos! Extremely concise and accurate. Very good for reviewing material. I speak from the level of an HL Economics student in the IB.
por LEOct 20, 2016
Another fine course from Professor Stein. I particularly appreciated the final set of lectures, but all were well presented, understandable, and relevant.
por VSOct 12, 2019
Very educating, interesting, and knowledge gaining. I appreciate for providing this course. Seek many more such modules of the whole economics subject.
por OBSep 17, 2017
The course material is clear and easy to follow, and the questions are just tricky enough to be interesting without breaking my brain.
por SMJun 29, 2017
Way of presentation is too good.\n\nBeautiful and simple language\n\nappropriate examples\n\nMa'am makes every topic simple
Preguntas Frecuentes
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