Jump to content
Nigerian Investment Community
Sign in to follow this  
Michael Olafusi

MIT: Principles of Microeconomics

Recommended Posts

You can register on MIT for Principles of Microeconomics at https://ocw.mit.edu/courses/economics/14-01sc-principles-of-microeconomics-fall-2011/ 

About the course

14.01 Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester.

This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmental challenges.

This course has been designed for independent study. It includes all of the materials you will need to understand the concepts covered in this subject. The materials in this course include:

  • A complete set of Lecture Videos by Prof. Jon Gruber.
  • Reading Assignments in your choice of two textbooks – one of which is a free online edition - as preparation for the lectures.
  • Multiple-choice Quizzes to assess your understanding of the key concepts in each session.
  • Problem Sets with solution keys to test your ability to apply to concepts covered in lecture, and Problem Solving Videos to provide step-by-step instruction through several problem set solutions.
  • A collection of links For Further Study to provide supplemental online content.
  • A full set of Exams, including review material and practice exams to help you prepare.

After completing this course, students should have developed a range of skills enabling them to understand economic concepts and use those concepts to analyze specific questions.

By the end of this course, students should be able to:

  • Understand consumer behavior.
  • Understand firm behavior.
  • Analyze different types of market structures (monopoly, oligopoly and a competitive market).
  • Understand how to apply economic principles to a range of policy questions.

Students should also have the skills needed to:

  • Use supply and demand diagrams to analyze the impact of overall changes in supply and demand on price and quantity.
  • Solve a consumer's utility maximization problem mathematically and graphically; analyze the impact of changes in price and income on a consumer's decision via shifting income and substitution effects.
  • Understand the consumer's labor supply decision.
  • Solve a firm's cost minimization problem mathematically and graphically.
  • Analyze the behavior of firms in a perfectly competitive market in the short-run and the long-run.
  • Calculate producer and consumer surplus.
  • Analyze the behavior of firms in a monopoly or oligopoly, and calculate the resulting changes in producer or consumer surplus.
  • Understand consumer behavior under uncertainty.
  • Use economic tools to analyze economic policies.

Syllabus

No details yet

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

×
×
  • Create New...