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Mark Zupan

The final module of the Power of Markets course begins by further exploring firm behavior in imperfectly competitive market settings: how firms with monopoly power can increase profits through price discrimination; and the price-output combinations we can expect firms to select in cases of monopolistic competition and oligopoly. We will also analyze monopolies from an efficiency perspective and look at the effects of imperfect information on firm and consumer behavior. We will next turn to exploring input markets and what determines the demand for an input by a firm, an industry, and the overall market. We will also look at the factors that affect input supply and how the supply of an input interacts with demand to determinant input prices. We will use input market theory to analyze institutions and government policies such as the NCAA sports cartel, the minimum wage, Social Security, and immigration. Finally, we will address the concept of market efficiency and what government can do to promote it as well as how government intervention may diminish it.

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Syllabus

Week 9 - Product Pricing With Monopoly Power
Price Discrimination. Firm Behavior in Cases of Monopolistic Competition and Oligopoly.
Week 10 - Monopolistic Competition and Oligopoly
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Imperfect Information. The Efficiency Effects of Monopoly. Firm, Industry, and Market Demand for an Input.
Week 11 - The Market for Inputs
The Supply of Inputs and the Determination of Input Prices.
Week 12 - Can Government Intervention Improve Market Outcomes?
Using Input Market Theory to Analyze the Minimum Wage, Social Security,Immigration, and the NCAA. Promoting Market Efficiency and Why Government Intervention in Markets May be Justified.

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Examines how firms can increase profits through price discrimination, explores product pricing with monopoly power, and analyzes monopolies from an efficiency perspective
Provides insights into the behavior of firms in cases of monopolistic competition and oligopoly
Analyzes the effects of imperfect information on firm and consumer behavior, exploring the demand for inputs by firms and the factors that affect input supply
Uses input market theory to analyze institutions and government policies, such as the NCAA sports cartel, the minimum wage, Social Security, and immigration
Taught by Mark Zupan, an experienced instructor in the field
Requires students to come in with a foundation in basic economic principles

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Reviews summary

Excellent microeconomics course

Learners say this course on Microeconomics is excellent, well-done, and awesome. Especially noted was the Professor's lectures as well as the provided textbook.

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 III: Input Markets and Promoting Efficiency with these activities:
Compile a Glossary of Key Terms
Compile a comprehensive glossary of key terms and concepts covered in the course to improve your understanding and retention of the material.
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  • Review the course materials and identify key terms
  • Define each term clearly and concisely
  • Organize the terms into logical categories
  • Review the glossary regularly to reinforce your understanding
Review: Microeconomic Theory
Review the classic textbook on microeconomic theory to deepen your understanding of the fundamental concepts and principles that underpin the course material.
Show steps
  • Identify the key concepts and theories covered in each chapter
  • Summarize the main arguments and evidence presented in the book
  • Compare and contrast different perspectives on microeconomic theory
Follow Online Tutorials on Market Analysis
Follow online tutorials to supplement your understanding of market analysis techniques and to gain practical insights from industry experts.
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  • Identify and bookmark relevant online tutorials
  • Watch the tutorials and take notes on key concepts and techniques
  • Apply the knowledge and skills gained in the tutorials to your course assignments
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Attend a Workshop on Market Analysis
Attend a workshop to enhance your understanding of market analysis techniques and to gain practical insights from industry experts.
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  • Identify and register for a relevant workshop
  • Attend the workshop and actively participate in discussions and activities
  • Apply the knowledge and skills gained in the workshop to your course assignments
Form a Study Group
Form a study group with your peers to discuss course material, work on assignments together, and quiz each other to enhance your understanding.
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  • Identify a group of classmates with complementary skills and interests
  • Establish a regular meeting time and location
  • Develop a study plan and assign responsibilities
  • Meet regularly to discuss the course material, work on assignments, and quiz each other
Solve Practice Problems on Market Structures and Input Markets
Solve various practice problems to reinforce your understanding of market structures and input markets and to test your ability to apply the concepts learned in class.
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  • Identify the type of market structure and the key characteristics
  • Determine the profit-maximizing price and quantity for firms in different market structures
  • Analyze the effects of government intervention on market outcomes
Develop a Simulation Model of a Market
Develop a simulation model of a market to test your understanding of market dynamics and to explore different scenarios and policies.
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  • Identify the key factors that influence the market
  • Develop a mathematical or computational model that represents the market
  • Simulate the model under different conditions
  • Analyze the results of the simulations and draw conclusions
Start a Research Project on a Market-Related Issue
Start a research project to investigate a market-related issue that interests you, which will allow you to apply the concepts learned in class and develop your research skills.
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  • Identify a research question that you are interested in exploring
  • Conduct a literature review to gather background information
  • Develop a research design and methodology
  • Collect and analyze data
  • Write a research paper and present your findings

Career center

Learners who complete The Power of Markets III: Input Markets and Promoting Efficiency will develop knowledge and skills that may be useful to these careers:
Market Research Analyst
Market Research Analysts use a variety of market research techniques in order to study the behavior of markets. They analyze data to identify trends, patterns, and opportunities for businesses. The Power of Markets III: Input Markets and Promoting Efficiency can help you understand market behavior, which can be extremely useful in this field.
Economist
Economists study the production, distribution, and consumption of goods and services. They analyze data and provide advice on economic policy. The Power of Markets III: Input Markets and Promoting Efficiency can help you build a foundation in economics, which is essential for success in this field.
Financial Analyst
Financial Analysts study financial markets and make recommendations on investment decisions. They analyze data and provide advice on investment strategies. The Power of Markets III: Input Markets and Promoting Efficiency can help you build a foundation in financial markets, which is essential for success in this field.
Business Consultant
Business Consultants advise businesses on how to improve their operations and achieve their goals. They analyze data and provide recommendations on business strategy. The Power of Markets III: Input Markets and Promoting Efficiency can help you develop the analytical and problem-solving skills needed to succeed in this field.
Marketing Manager
Marketing Managers plan and execute marketing campaigns to promote products and services. They analyze market data and develop strategies to reach target audiences. The Power of Markets III: Input Markets and Promoting Efficiency can help you understand market behavior and develop effective marketing strategies.
Product Manager
Product Managers develop and manage products and services. They analyze market data and develop strategies to meet customer needs. The Power of Markets III: Input Markets and Promoting Efficiency can help you understand market behavior and develop successful products.
Sales Manager
Sales Managers lead and motivate sales teams to achieve sales goals. They analyze market data and develop strategies to increase sales. The Power of Markets III: Input Markets and Promoting Efficiency can help you understand market behavior and develop effective sales strategies.
Operations Manager
Operations Managers plan and execute operations to achieve business goals. They analyze data and develop strategies to improve efficiency and productivity. The Power of Markets III: Input Markets and Promoting Efficiency can help you develop the analytical and problem-solving skills needed to succeed in this field.
Policy Analyst
Policy Analysts research and analyze public policy issues. They make recommendations on policy changes to improve social and economic outcomes. The Power of Markets III: Input Markets and Promoting Efficiency can help you develop the analytical and problem-solving skills needed to succeed in this field.
Data Analyst
Data Analysts collect, clean, and analyze data to identify trends and patterns. They use their findings to solve problems and make informed decisions. The Power of Markets III: Input Markets and Promoting Efficiency can help you develop the analytical and problem-solving skills needed to succeed in this field.
Market Research Manager
Market Research Managers lead and manage market research teams. They analyze market data and develop strategies to meet business needs. The Power of Markets III: Input Markets and Promoting Efficiency can help you develop the analytical and problem-solving skills needed to succeed in this field.
Management Consultant
Management Consultants advise businesses on how to improve their operations and achieve their goals. They analyze data and provide recommendations on business strategy. The Power of Markets III: Input Markets and Promoting Efficiency can help you develop the analytical and problem-solving skills needed to succeed in this field.
Financial Planner
Financial Planners help individuals and families manage their finances. They analyze financial data and develop strategies to meet financial goals. The Power of Markets III: Input Markets and Promoting Efficiency can help you understand financial markets and develop effective financial plans.
Accountant
Accountants prepare and analyze financial statements. They also provide advice on tax and accounting matters. The Power of Markets III: Input Markets and Promoting Efficiency may be useful in understanding financial markets and regulations, which can be helpful in this field.

Reading list

We've selected 13 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 III: Input Markets and Promoting Efficiency.
The eighth edition of Microeconomics by Pindyck and Rubinfeld presents a clear and accessible introduction to the essential concepts of microeconomics. The book is well-written and engaging, and it provides a comprehensive overview of the subject matter. The book covers a wide range of topics, including consumer behavior, producer behavior, market structure, and government intervention.
Explores the economics of climate change, which major challenge for input markets
Is valuable as additional reading, especially for the sections covering imperfect information and the efficiency effects of monopoly
Is helpful in providing background or prerequisite knowledge in microeconomics and supply and demand.
Provides an overview of the economics of innovation, which key driver of input market dynamics

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