Courses tagged with "Trig+identities+and+examples" (7)

The purpose of this course is to provide you with a basic understanding of the principles of microeconomics.  At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e. by individual consumers or individual firms, after evaluating resources, costs, and tradeoffs.  When we talk about “the economy,” then, we are referring to the marketplace or system in which these choices interact with one another.  In this course, we will learn how and why these decisions are made and how they affect one another in the economy. Each of the following units has been designed as a building block, where the concepts you learn in one unit will enable you to understand the material you discover in the next.  By the end of this course, you will have a strong grasp on the major issues that face microeconomists, including consumer and p…

Principles of Microeconomics belongs to the CLEP® PREP suite of Saylor courses. This version of ECON101 will help you master the subject of microeconomics and will help prepare you to take the CLEP® exam in microeconomics [1]. The purpose of this course is to provide you with a basic understanding of the principles of microeconomics. At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e., by individual consumers or individual firms after evaluating resources, costs, and tradeoffs. When we talk about the economy, we are referring to the marketplace or system in which these choices interact with one another. In this course, you will learn how and why these decisions are made and how they affect one another in the economy. Each of the following units has been designed as a building block, where the concepts you le…

The purpose of this course is to provide you with a basic understanding of the principles of microeconomics.  At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us.  Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e. by individual consumers or individual firms, after evaluating resources, costs, and tradeoffs.  When we talk about “the economy,” then, we are referring to the marketplace or system in which these choices interact with one another.  In this course, we will learn how and why these decisions are made and how they affect one another in the economy. Each of the following units has been designed as a building block, where the concepts you learn in one unit will enable you to understand the material you discover in the next.  By the end of this course, you will have a strong grasp on the major issues that face microeconomists, including consumer and…

Economics is traditionally divided into two parts: microeconomics and macroeconomics. The main purpose of this course is to introduce you to the principles of macroeconomics. Macroeconomics is the study of how a country’s economy works while trying to discern among good, better, and best choices for improving and/or maintaining a nation’s standard of living and level of economic and societal well-being. Historical and contemporary perspectives on the roles and policies of government are part of the mix of interpretations and alternatives that surround questions of who or what gains and loses the most or least within a relatively small set of key interdependent players. In the broadest view, that set consists of households, consumers, savers, firm owners, investors, agency and elected officials, and global trading partners in which some wear many hats and face price considerations at two levels. Consider one distinction between macroeconomics and microeconomics though prices are taken into account in bot…

Economics is traditionally divided into two parts: microeconomics and macroeconomics.  The purpose of this course is to provide you with a fundamental understanding of the principles of macroeconomics.  Macroeconomists study how a country’s economy works and try to determine the best choices to improve the overall wellbeing of a nation.  Typical topics include inflation (the overall level of prices), employment, fiscal policy (government taxing and spending), and money and banking (interest rates and lending policies).  Individuals and firms need to consider how macroeconomic events will affect their own prosperity.  To better define macroeconomics, consider its distinction from microeconomics.  Imagine you are attempting to figure out how the price of a certain good has been determined.  Microeconomics would focus on how supply and demand determine prices, while macroeconomics would study the determination of prices at all levels.  To test particular policies and ideas, or to find out the causes of…

This course is designed to introduce students to basic microeconomic theory at a relatively rapid pace without the use of complicated mathematics. The focus will be on fundamental economic principles that can be used by managers to think about business problems, including those that arise from coordinating workers and managers inside firms and from dealing with outside market forces and government policies.

Topics covered in a traditional college level introductory microeconomics course. Production Possibilities Frontier. Opportunity Cost. Increasing Opportunity Cost. Allocative Efficiency and Marginal Benefit. Economic Growth through Investment. Comparative Advantage Specialization and Gains from Trade. Comparative Advantage and Absolute Advantage. Law of Demand. Price of Related Products and Demand. Changes in Income, Population, or Preferences. Normal and Inferior Goods. Inferior Goods Clarification. Law of Supply. Factors Affecting Supply. Market Equilibrium. Changes in Market Equilibrium. Price Elasticity of Demand. More on Elasticity of Demand. Perfect Inelasticity and Perfect Elasticity of Demand. Constant Unit Elasticity. Total Revenue and Elasticity. More on Total Revenue and Elasticity. Cross Elasticity of Demand. Elasticity of Supply. Elasticity and Strange Percent Changes. Demand Curve as Marginal Benefit Curve. Consumer Surplus Introduction. Total Consumer Surplus as Area. Producer Surplus. Rent Control and Deadweight Loss. Minimum Wage and Price Floors. Taxation and Dead Weight Loss. Percentage Tax on Hamburgers. Taxes and Perfectly Inelastic Demand. Taxes and Perfectly Elastic Demand. Marginal Utility. Equalizing Marginal Utility per Dollar Spent. Deriving Demand Curve from Tweaking Marginal Utility per Dollar. Budget Line. Optimal Point on Budget Line. Types of Indifference Curves. Economic Profit vs Accounting Profit. Depreciation and Opportunity Cost of Capital. Fixed, Variable, and Marginal Cost.. Visualizing Average Costs and Marginal Costs as Slope. Marginal Cost and Average Total Cost. Marginal Revenue and Marginal Cost. Marginal Revenue Below Average Total Cost. Long Term Supply Curve and Economic Profit. Perfect Competition. Monopoly Basics. Review of Revenue and Cost Graphs for a Monopoly. Monopolist Optimizing Price (part 1)- Total Revenue.. Monopolist Optimizing Price (part 2)- Marginal Revenue. Monopolist Optimizing Price (part 3)- Dead Weight Loss.avi. Optional Calculus Proof to Show that MR has Twice Slope of Demand. Oligopolies and Monopolistic Competition. Monopolistic Competition and Economic Profit. Oligopolies, Duopolies, Collusion, and Cartels. Prisoners' Dilemma and Nash Equilibrium. More on Nash Equilibrium. Why Parties to Cartels Cheat. Game Theory of Cheating Firms. Negative Externalities. Taxes for Factoring in Negative Externalities. Positive Externalities. Tragedy of the Commons. First Degree Price Discrimination. A Firm's Marginal Product Revenue Curve. How Many People to Hire Given the MPR curve. Adding Demand Curves.