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Mark Zupan
In order to maximize profits, firms must ensure that any given output level is produced at least cost and then select the price-output combination that results in total revenue exceeding total cost by the greatest amount possible. With this in mind, this second module of the Power of Markets course addresses how firms can most effectively convert inputs into final output and then covers determining the best price-output combination for a firm and how this varies depending on whether the firm is operating in a perfectly competitive or imperfectly competitive market setting.
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What's inside
Syllabus
Week 5 - Production
The Production Process: How Firms Convert Inputs into Final Outputs.
Week 6 - Cost Minimization
How Firms Minimize the Cost of Producing Output.
Read more
Syllabus
Week 5 - Production
The Production Process: How Firms Convert Inputs into Final Outputs.
Week 6 - Cost Minimization
How Firms Minimize the Cost of Producing Output.
Read more
Week 7 - Profit Maximization in Perfectly Competitive Markets
How Firms Maximize Profits in Perfectly Competitive Markets.
Week 8 - Monopoly Power: Its Sources and How to Use It
The Sources and Uses of Monopoly Power.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Helps students understand how firms can convert inputs into outputs and how to determine the best product-output combination
Explores concepts like production processes, cost minimization, and profit maximization that are fundamental to business
Suitable for learners who want to gain a comprehensive understanding of production and profit maximization in various market settings
Save this course
Save The Power of Markets II: Market Structure and Firm Behavior to your list so you can find it easily later:
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Reviews summary
Well-received microeconomics course
Learners say that this well-received microeconomics course is engaging and easy to understand. The lectures are well-paced and the concepts are clearly explained. Although feedback is that the readings are helpful, the exams are difficult. Overall, learners appreciate the hard work of Professor Zupan.
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in The Power of Markets II: Market Structure and Firm Behavior with these
activities:
Review Production Theory
Show steps
Solidify understanding of the Production Process and how Firms Convert Inputs into Final Outputs.
Show steps
-
Refresh the concept of the production process and its components
-
Review the types of production functions and their characteristics
-
Analyze real-world examples of production processes
Connect with Industry Professionals
Show steps
Gain industry insights and practical knowledge by connecting with experts in the field.
Browse courses on
Monopoly Power
Show steps
-
Identify potential mentors in the industries of interest
-
Reach out and request guidance and mentorship
-
Attend industry events and networking opportunities
Cost Minimization Techniques
Show steps
Enhance problem-solving abilities in determining the optimal combination of inputs to minimize production costs.
Show steps
-
Explore different cost minimization techniques
-
Practice applying these techniques to real-world scenarios
-
Analyze and interpret the results to make informed decisions
Three other activities
Expand to see all activities and additional details
Show all six activities
Monopoly Case Study Collection
Show steps
Expand understanding of different types and effects of monopoly power through real-world examples.
Browse courses on
Monopoly Power
Show steps
-
Gather case studies of monopolies in various industries
-
Analyze the sources and impacts of monopoly power in each case
-
Identify common strategies and challenges faced by monopolies
Profit Maximization Simulations
Show steps
Develop analytical skills in calculating and maximizing profits under varying market conditions.
Browse courses on
Profit Maximization
Show steps
-
Simulate different market scenarios and analyze profit outcomes
-
Experiment with different pricing strategies and observe their impact
-
Formulate recommendations for optimal pricing and output levels
Business Simulation: Managing a Monopoly
Show steps
Apply theoretical concepts in a practical setting by simulating the challenges and opportunities of managing a monopoly.
Browse courses on
Monopoly Power
Show steps
-
Develop a business plan for a simulated monopoly
-
Make strategic decisions on pricing, output, and marketing
-
Monitor market conditions and adjust strategies accordingly
-
Evaluate the performance of the monopoly and identify areas for improvement
Review Production Theory
Show steps
Solidify understanding of the Production Process and how Firms Convert Inputs into Final Outputs.
Show steps
Show steps
Show steps
- Refresh the concept of the production process and its components
- Review the types of production functions and their characteristics
- Analyze real-world examples of production processes
Connect with Industry Professionals
Show steps
Gain industry insights and practical knowledge by connecting with experts in the field.
Browse courses on
Monopoly Power
Show steps
Show steps
Show steps
- Identify potential mentors in the industries of interest
- Reach out and request guidance and mentorship
- Attend industry events and networking opportunities
Cost Minimization Techniques
Show steps
Enhance problem-solving abilities in determining the optimal combination of inputs to minimize production costs.
Show steps
Show steps
Show steps
- Explore different cost minimization techniques
- Practice applying these techniques to real-world scenarios
- Analyze and interpret the results to make informed decisions
Three other activities
Expand to see all activities and additional details
Show all six activities
Monopoly Case Study Collection
Show steps
Expand understanding of different types and effects of monopoly power through real-world examples.
Browse courses on
Monopoly Power
Show steps
Show steps
Show steps
- Gather case studies of monopolies in various industries
- Analyze the sources and impacts of monopoly power in each case
- Identify common strategies and challenges faced by monopolies
Profit Maximization Simulations
Show steps
Develop analytical skills in calculating and maximizing profits under varying market conditions.
Browse courses on
Profit Maximization
Show steps
Show steps
Show steps
- Simulate different market scenarios and analyze profit outcomes
- Experiment with different pricing strategies and observe their impact
- Formulate recommendations for optimal pricing and output levels
Business Simulation: Managing a Monopoly
Show steps
Apply theoretical concepts in a practical setting by simulating the challenges and opportunities of managing a monopoly.
Browse courses on
Monopoly Power
Show steps
Show steps
Show steps
- Develop a business plan for a simulated monopoly
- Make strategic decisions on pricing, output, and marketing
- Monitor market conditions and adjust strategies accordingly
- Evaluate the performance of the monopoly and identify areas for improvement
Career center
Learners who complete The Power of Markets II: Market Structure and Firm Behavior will develop knowledge and skills
that may be useful to these careers:
Professor
Professor
Professors teach and conduct research in economics. A strong understanding of how firms make production and pricing decisions is essential for Professors, as these decisions are central to the study of economics. The Power of Markets II: Market Structure and Firm Behavior course can help Professors develop this understanding and become more effective teachers and researchers.
Industrial Engineer
Industrial Engineer
Industrial Engineers design and improve industrial processes and systems. They need to have a deep understanding of production processes and cost minimization techniques in order to make effective improvements. The Power of Markets II: Market Structure and Firm Behavior course can help Industrial Engineers develop these skills and knowledge, making them more effective in their roles.
Business Analyst
Business Analyst
Business Analysts analyze business processes and systems to identify areas for improvement. A strong understanding of how firms make production and pricing decisions and how these decisions can impact a firm's operational efficiency and profitability is critical for Business Analysts, as these factors can have a significant impact on the effectiveness of business processes and systems. The Power of Markets II: Market Structure and Firm Behavior course can help Business Analysts develop this understanding and make more informed recommendations for process and systems improvements.
Product Manager
Product Manager
Product Managers are responsible for the development and marketing of products. They need to have a deep understanding of how firms make pricing decisions and how these decisions can impact product demand. The Power of Markets II: Market Structure and Firm Behavior course can help Product Managers develop this understanding and make more informed decisions about product pricing and marketing.
Operations Manager
Operations Manager
Operations Managers plan and oversee the production and delivery of goods and services. A strong understanding of production processes, cost minimization techniques, and profit maximization strategies is critical for Operations Managers, as these factors can have a significant impact on a firm's operational efficiency and profitability. The Power of Markets II: Market Structure and Firm Behavior course can help Operations Managers develop these skills and knowledge, making them more effective in their roles.
Quantitative Analyst
Quantitative Analyst
Quantitative Analysts use mathematical and statistical models to analyze financial data. A strong understanding of how firms make pricing decisions and how these decisions can impact financial markets is critical for Quantitative Analysts, as these factors can have a significant impact on investment returns. The Power of Markets II: Market Structure and Firm Behavior course can help Quantitative Analysts develop this understanding and make more informed investment decisions.
Venture Capitalist
Venture Capitalist
Venture Capitalists invest in early-stage companies. A strong understanding of how firms make production and pricing decisions and how these decisions can impact a firm's financial performance and growth potential is critical for Venture Capitalists, as these factors can have a significant impact on investment returns. The Power of Markets II: Market Structure and Firm Behavior course can help Venture Capitalists develop this understanding and make more informed investment decisions.
Market Research Analyst
Market Research Analyst
Market Research Analysts conduct research to understand market trends and consumer behavior. They need to have a deep understanding of how firms make pricing decisions in order to effectively analyze market data. The Power of Markets II: Market Structure and Firm Behavior course can help Market Research Analysts develop this understanding and make more informed recommendations to their clients.
Cost Estimator
Cost Estimator
Cost Estimators develop estimates of project costs and provide these estimates to the project team. In order to provide accurate estimates, Cost Estimators need to have a deep understanding of the production process, cost minimization techniques, and profit maximization strategies for various market structures. The Power of Markets II: Market Structure and Firm Behavior course can help Cost Estimators build a foundation in these areas, making them more effective in their roles.
Sales Manager
Sales Manager
Sales Managers lead and motivate sales teams to achieve sales goals. A strong understanding of how firms make pricing decisions and how these decisions can impact customer demand is critical for Sales Managers, as these factors can have a significant impact on sales performance. The Power of Markets II: Market Structure and Firm Behavior course can help Sales Managers develop this understanding and make more informed pricing decisions.
Management Consultant
Management Consultant
Management Consultants advise businesses on how to improve their operations and performance. A strong understanding of how firms make production and pricing decisions is essential for Management Consultants, as these decisions can have a significant impact on a firm's success. The Power of Markets II: Market Structure and Firm Behavior course can help Management Consultants develop this understanding and provide them with the tools they need to be successful in their roles.
Supply Chain Manager
Supply Chain Manager
Supply Chain Managers plan and manage the flow of goods and services from suppliers to customers. A strong understanding of production processes, cost minimization techniques, and profit maximization strategies is critical for Supply Chain Managers, as these factors can have a significant impact on supply chain efficiency and profitability. The Power of Markets II: Market Structure and Firm Behavior course can help Supply Chain Managers develop these skills and knowledge, making them more effective in their roles.
Trader
Trader
Traders buy and sell financial instruments for their own account or for clients. A strong understanding of how firms make pricing decisions and how these decisions can impact financial markets is critical for Traders, as these factors can have a significant impact on trading profits. The Power of Markets II: Market Structure and Firm Behavior course can help Traders develop this understanding and make more informed trading decisions.
Research Analyst
Research Analyst
Research Analysts conduct research to provide insights on a variety of topics, including economics, finance, and public policy. A strong understanding of how firms make production and pricing decisions is critical for Research Analysts, as these decisions can have a significant impact on the topics they research. The Power of Markets II: Market Structure and Firm Behavior course can help Research Analysts develop this understanding and make more informed research findings.
Financial Analyst
Financial Analyst
Financial Analysts perform financial analysis and make recommendations to assist in investment decisions. A strong understanding of how firms make production and pricing decisions is critical for Financial Analysts, as these decisions can have a significant impact on a firm's financial performance. The Power of Markets II: Market Structure and Firm Behavior course can help Financial Analysts develop this understanding and make more informed investment decisions.
For more career information including salaries, visit:
OpenCourser.com/course/1466vt/the
Reading list
We've selected ten books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
The Power of Markets II: Market Structure and Firm Behavior.
Microeconomics standard undergraduate microeconomics textbook that provides a comprehensive foundation for the study of market structure and firm behavior.
Provides a more in-depth look at industrial organization. It covers a variety of topics relevant to the course, including market structure, firm behavior, and antitrust policy.
More advanced treatment of industrial organization that provides a rigorous foundation for the study of market structure and firm behavior.
Provides a practical approach to managerial economics and strategy. It covers a variety of topics relevant to the course, including pricing, output decisions, and market entry.
Save
Provides a comprehensive overview of the economics of strategy. It covers a variety of topics relevant to the course, including game theory, pricing, and market entry.
Provides a comprehensive introduction to econometrics. It covers a variety of topics relevant to the course, including regression analysis, hypothesis testing, and forecasting.
Provides a more advanced treatment of microeconomic theory. It covers a variety of topics relevant to the course, including consumer theory, producer theory, and market equilibrium.
Save
Provides a comprehensive overview of industrial economics, with a focus on developing countries. It covers a variety of topics relevant to the course, including market structure, firm behavior, and public policy.
Provides a rigorous treatment of the microeconomics of competition and strategy. It covers a variety of topics relevant to the course, including game theory, pricing, and market entry.
Provides a comprehensive overview of the economics of imperfect competition. It covers a variety of topics relevant to the course, including market structure, firm behavior, and public policy.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/1466vt/the
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Effort
3-5 hours/week
Level
Intermediate
Via
Coursera
Institution
University of Rochester
Instructor
Mark Zupan
Language
English
Transcript
tiếng Việt
Good to know
Helps students understand how firms can convert inputs into outputs and how to determine the best product-output combination
Explores concepts like production processes, cost minimization, and profit maximization that are fundamental to business
Suitable for learners who want to gain a comprehensive understanding of production and profit maximization in various market settings
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