Principles of Microeconomics: Competitive Markets from edX

By undertaking this course, you will be immersed in economic concepts including elasticity calculation, elasticity of demand, market pricing, explicit and implicit costs, economic profit and mapping supply. You will explore the two distinct functions of market pricing and the concept of marginal cost, which is central to identifying the optimum production levels.

Firms operating as a monopoly and others which operate in a monopolistic market are very different and you will learn what makes them different, the different market structures, and the production quantity for profit maximisation. With great practical examples, this course will ensure you understand the importance of different market structures, the impacts this will have on product pricing and the impact on a firm’s profitability.

This MOOC is part of the Professional Certificate in Microeconomics. We recommend that you explore the other two courses of the program, Principles of Microeconomics and Social Microeconomics. The program is based on a core microeconomics course taught on campus at The University of Queensland. Don't wait to enroll and begin learning from industry experts now!

If you are interested in pursuing economics further, UQx provides an accompanying Professional Certificate in Macroeconomics program running in parallel to this course. Building on your knowledge of microeconomics with this additional program will provide you with a strong foundation of economics.

Overall, this course is for everyone, whether you are studying at university, a career professional interested in expanding your economic knowledge, or simply curious about global economic behaviour and what influences it.

What's inside

Learning objectives

The concept of elasticity and elasticity of demand
Cost calculation, profit maximisation and supply curves
Examples of monopolistic competition and monopoly firms

Government intervention aimed at overcoming the economic inefficiencies to enhance economic surplus
Profit maximising output for a monopoly
The topics that are covered within this course include:

The concept of elasticity and elasticity of demand
Cost calculation, profit maximisation and supply curves
Examples of monopolistic competition and monopoly firms
Government intervention aimed at overcoming the economic inefficiencies to enhance economic surplus
Profit maximising output for a monopoly
The topics that are covered within this course include:

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Examines concepts fundamental to microeconomics, making it a solid foundational course

Courses are taught by industry experts and top academics, which could indicate highly relevant and up-to-date materials

Teaches students real-world applications for concepts, which can be highly useful

May not be useful for students outside of certain fields, such as economics or business

May require students to have some background knowledge in economics

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 Principles of Microeconomics: Competitive Markets with these activities:

Read 'Microeconomics' by Pindyck and Rubinfeld

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Gain a deeper understanding of microeconomic principles and real-world applications by reading this seminal textbook.

View Microeconomics on Amazon

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Obtain a copy of the book
Read and take notes on assigned chapters
Complete end-of-chapter exercises

Seek guidance from a tutor or mentor

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Connect with a tutor or mentor to receive personalized guidance, clarify concepts, and improve your understanding.

Browse courses on Microeconomics

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Identify potential mentors or tutors
Reach out to mentors and schedule meetings
Prepare questions and actively engage in discussions

Explore Khan Academy microeconomics

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Supplement your learning with interactive tutorials and videos from Khan Academy's microeconomics course.

Browse courses on Microeconomics

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Create a Khan Academy account
Identify relevant microeconomics topics
Follow tutorials and watch videos

Seven other activities

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Utilize EdX tutorials

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Enhance your understanding of core microeconomic concepts by following guided tutorials provided on EdX.

Browse courses on Microeconomics

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Identify relevant tutorials
Follow tutorials thoroughly
Take notes and ask questions

Join a study group

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Engage with fellow students through study groups to discuss course material, ask questions, and enhance your understanding.

Browse courses on Microeconomics

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Find or create a study group
Establish meeting times and locations
Prepare for discussions and participate actively

Calculate elasticity and profit maximization

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Strengthen your understanding and application of elasticity and profit maximization concepts

Browse courses on Profit Maximization

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Solve practice problems on elasticity calculation
Apply formulas and techniques to determine profit maximization levels

Engage in online quizzes

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Test your knowledge and identify areas for improvement through online quizzes covering microeconomic topics.

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Find reliable quiz platforms
Take quizzes and review your performance
Identify areas for improvement

Understand different market structures

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Explore different market structures, their characteristics, and implications for producers and consumers

Browse courses on Market Structures

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Watch video tutorials or read articles on market structures
Analyze real-world examples of different market structures
Discuss the advantages and disadvantages of various market structures

Solve economics exercises

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Improve your problem-solving skills and solidify your grasp of economic concepts through practice exercises.

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Find practice exercises
Attempt to solve exercises independently
Review solutions and identify areas for improvement

Write a market analysis report

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Demonstrate your understanding of market forces and economic principles by writing a comprehensive market analysis report.

Browse courses on Market Structures

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Choose an industry or market
Research and gather data
Analyze data and identify key trends
Formulate insights and recommendations
Write and submit your report

Career center

Learners who complete Principles of Microeconomics: Competitive Markets will develop knowledge and skills that may be useful to these careers:

Economist

Economists study the production, distribution, and consumption of goods and services. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence the allocation of resources and the distribution of income. By completing this course, you will gain the skills and knowledge necessary to analyze economic data, develop economic models, and make policy recommendations. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Economists.

See salaries and explore the career path for Economist

Business Analyst

Business Analysts identify and solve business problems by analyzing data and developing recommendations. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence business decisions. By completing this course, you will gain the skills and knowledge necessary to gather and analyze data, identify business problems, and develop solutions. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Business Analysts.

See salaries and explore the career path for Business Analyst

Operations Research Analyst

Operations Research Analysts use mathematical and statistical techniques to solve business problems. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence the efficiency and effectiveness of business operations. By completing this course, you will gain the skills and knowledge necessary to develop and implement mathematical models, analyze data, and make recommendations to improve business operations. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Operations Research Analysts.

See salaries and explore the career path for Operations Research Analyst

Management Consultant

Management Consultants help businesses improve their performance by providing advice on strategy, operations, and finance. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence business decisions. By completing this course, you will gain the skills and knowledge necessary to analyze business problems, develop solutions, and implement recommendations. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Management Consultants.

See salaries and explore the career path for Management Consultant

Financial Analyst

Financial Analysts analyze financial data to make investment recommendations. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence the performance of companies and the value of investments. By completing this course, you will gain the skills and knowledge necessary to analyze financial statements, make investment recommendations, and manage investment portfolios. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Financial Analysts.

See salaries and explore the career path for Financial Analyst

Product Manager

Product Managers are responsible for the development and management of products. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence product demand and profitability. By completing this course, you will gain the skills and knowledge necessary to define product specifications, manage product development teams, and launch new products. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Product Managers.

See salaries and explore the career path for Product Manager

Quantitative Analyst

Quantitative Analysts use mathematical and statistical techniques to analyze financial data and make investment recommendations. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence financial markets and investment decisions. By completing this course, you will gain the skills and knowledge necessary to analyze financial data, develop financial models, and make investment recommendations. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Quantitative Analysts.

See salaries and explore the career path for Quantitative Analyst

Risk Analyst

Risk Analysts identify and assess risks to businesses and develop strategies to mitigate those risks. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence risk. By completing this course, you will gain the skills and knowledge necessary to identify and assess risks, develop risk mitigation strategies, and make recommendations to businesses on how to manage risk. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Risk Analysts.

See salaries and explore the career path for Risk Analyst

Marketing Manager

Marketing Managers develop and implement marketing campaigns to promote products and services. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence consumer behavior and the effectiveness of marketing campaigns. By completing this course, you will gain the skills and knowledge necessary to develop marketing plans, manage marketing budgets, and measure the return on investment for marketing activities. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Marketing Managers.

See salaries and explore the career path for Marketing Manager

Market Research Analyst

Market Research Analysts gather, analyze, and interpret data to understand market trends and customer behavior. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence market demand and supply. By completing this course, you will gain the skills and knowledge necessary to conduct market research studies, analyze data, and make recommendations to businesses on how to improve their marketing strategies. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Market Research Analysts.

See salaries and explore the career path for Market Research Analyst

Data Analyst

Data Analysts gather, clean, and analyze data to identify trends and patterns. This course provides a strong foundation in microeconomics, which is essential for understanding the economic factors that influence data analysis and interpretation. By completing this course, you will gain the skills and knowledge necessary to collect and analyze data, identify trends, and make recommendations based on data insights. The concepts of elasticity, market pricing, and profit maximization covered in this course are directly applicable to the work of Data Analysts.

See salaries and explore the career path for Data Analyst

Computer Scientist

Computer Scientists research and develop new computing technologies. This course may be helpful for Computer Scientists who want to gain a better understanding of the economic factors that influence the development and adoption of new technologies. The concepts of elasticity, market pricing, and profit maximization covered in this course can help Computer Scientists make more informed decisions about research and development priorities.

See salaries and explore the career path for Computer Scientist

Mathematician

Mathematicians develop and apply mathematical theories and techniques. This course may be helpful for Mathematicians who want to gain a better understanding of the economic applications of mathematics. The concepts of elasticity, market pricing, and profit maximization covered in this course can help Mathematicians make more informed decisions about research and teaching priorities.

See salaries and explore the career path for Mathematician

Statistician

Statisticians collect, analyze, and interpret data to provide insights into various fields. This course may be helpful for Statisticians who want to gain a better understanding of the economic applications of statistics. The concepts of elasticity, market pricing, and profit maximization covered in this course can help Statisticians make more informed decisions about data collection, analysis, and interpretation.

See salaries and explore the career path for Statistician

Software Engineer

Software Engineers design, develop, and maintain software applications. This course may be helpful for Software Engineers who want to gain a better understanding of the economic factors that influence the development and adoption of software applications. The concepts of elasticity, market pricing, and profit maximization covered in this course can help Software Engineers make more informed decisions about product design, pricing, and marketing.

See salaries and explore the career path for Software Engineer