In this course, we will begin covering the theory of the firm. Economists call this "The Economics of the Lemonade Stand." And that title makes perfect sense, since the concepts we cover can be used by anyone, from someone owning a lemonade stand, to a car manufacturing company, to a hair salon, to a burrito stand, etc. We will continue our discussion of the firm by focusing on those firms working in a perfectly competitive (or competitive) environment.
Read more
In this course, we will begin covering the theory of the firm. Economists call this "The Economics of the Lemonade Stand." And that title makes perfect sense, since the concepts we cover can be used by anyone, from someone owning a lemonade stand, to a car manufacturing company, to a hair salon, to a burrito stand, etc. We will continue our discussion of the firm by focusing on those firms working in a perfectly competitive (or competitive) environment.
In this course, we will begin covering the theory of the firm. Economists call this "The Economics of the Lemonade Stand." And that title makes perfect sense, since the concepts we cover can be used by anyone, from someone owning a lemonade stand, to a car manufacturing company, to a hair salon, to a burrito stand, etc. We will continue our discussion of the firm by focusing on those firms working in a perfectly competitive (or competitive) environment.
Also, why is it that when you fly, the person sitting next to you in the plane probably paid a different price for the ticket than what you paid for it? And why does Starbucks charge so much for its coffee even though you can buy coffee at Dunkin’ Donuts for almost half of that price? We will finish our discussion of the firm by focusing on cases that should be more familiar to you than the perfect competition examples we have been using.
Two deals to help you save
What's inside
Syllabus
Production and Costs
Welcome! This course we will begin covering the theory of the firm. Economists call this section, "The Economics of the Lemonade Stand." And that title makes perfect sense, since the concepts we cover can be used by anyone, from someone owning a lemonade stand, to a car manufacturing company, to a hair salon, to a burrito stand, etc.
Read more
Syllabus
Good to know
Save this course
Save
Activities
Review Basic Microeconomics Concepts
Show steps
Strengthen your foundation in microeconomics by reviewing key concepts, ensuring a solid understanding of the principles that underpin firm theory.
Browse courses on
Microeconomics
Show steps
-
Go over your previous microeconomics notes or textbooks
-
Take practice quizzes or tests
-
Review online resources or videos
-
Discuss the concepts with classmates or a tutor
Read 'Microeconomic Theory' by Nicholson and Snyder
Show steps
Expand your knowledge of firm theory by reading 'Microeconomic Theory,' a comprehensive text that delves deeper into the concepts covered in the course.
Show steps
-
Purchase or borrow the book
-
Read the relevant chapters on firm theory
-
Take notes and highlight key concepts
-
Complete the practice problems and exercises
-
Discuss the book with classmates or a study group
Review the Production and Costs Section
Show steps
Reinforce your understanding of the fundamental concepts of firm theory by reviewing the Production and Costs section.
Show steps
-
Go to the course website
-
Review the Production and Costs section
-
Take notes on key concepts
-
Complete the practice problems
Eight other activities
Expand to see all activities and additional details
Show all 11 activities
Watch Video Lectures
Show steps
Reinforce your understanding of course concepts presented in class.
Show steps
-
Review course materials
-
Identify areas needing clarification
-
Search for online tutorials
-
Watch and take notes
Form Study Groups
Show steps
Engage with classmates in discussing and exploring course concepts to improve retention.
Show steps
-
Identify peers in class
-
Suggest forming a study group
-
Establish meeting times and locations
Practice Problem Sets
Show steps
Practice applying economic principles to problem solving.
Show steps
-
Review lecture notes
-
Attempt practice problems
-
Compare answers with solutions provided
Create a Diagram of a Perfectly Competitive Firm
Show steps
Create a diagram that illustrates the concept of a perfectly competitive firm to deepen your understanding of its characteristics and behavior.
Show steps
-
Gather materials (paper, pens, whiteboard, etc.)
-
Brainstorm the key components of a perfectly competitive firm
-
Sketch out a diagram that represents these components
-
Add labels and annotations to explain the diagram
-
Review and refine your diagram
Attend a Workshop on Firm Theory Applications
Show steps
Gain practical insights and network with professionals by attending a workshop that focuses on applying firm theory concepts to real-world business scenarios.
Show steps
-
Research and identify relevant workshops
-
Register for the workshop
-
Attend the workshop
-
Take notes and ask questions
-
Follow up with the workshop organizers or speakers
Volunteer at a Local Business
Show steps
Apply your understanding of firm theory by volunteering at a local business, observing firsthand how businesses operate and make decisions.
Show steps
-
Identify a local business that aligns with your interests
-
Contact the business and inquire about volunteer opportunities
-
Attend the volunteer orientation
-
Carry out your volunteer duties
-
Reflect on your experience and how it relates to firm theory concepts
Practice Evaluating Market Power
Show steps
Test your understanding of market power by completing a series of practice problems and drills covering real-world scenarios.
Browse courses on
Market Power
Show steps
-
Find a set of practice problems or drills online
-
Work through the problems step-by-step
-
Check your answers against the provided solutions
-
Review the concepts you struggled with
Organize and Review Course Notes
Show steps
Enhance your retention of course material by organizing and reviewing your notes thoroughly.
Show steps
-
Gather all your course notes and materials
-
Organize your notes by topic or module
-
Review your notes regularly
-
Summarize key concepts and ideas
Review Basic Microeconomics Concepts
Show steps
Strengthen your foundation in microeconomics by reviewing key concepts, ensuring a solid understanding of the principles that underpin firm theory.
Browse courses on
Microeconomics
Show steps
- Go over your previous microeconomics notes or textbooks
- Take practice quizzes or tests
- Review online resources or videos
- Discuss the concepts with classmates or a tutor
Read 'Microeconomic Theory' by Nicholson and Snyder
Show steps
Expand your knowledge of firm theory by reading 'Microeconomic Theory,' a comprehensive text that delves deeper into the concepts covered in the course.
Show steps
- Purchase or borrow the book
- Read the relevant chapters on firm theory
- Take notes and highlight key concepts
- Complete the practice problems and exercises
- Discuss the book with classmates or a study group
Review the Production and Costs Section
Show steps
Reinforce your understanding of the fundamental concepts of firm theory by reviewing the Production and Costs section.
Show steps
- Go to the course website
- Review the Production and Costs section
- Take notes on key concepts
- Complete the practice problems
Watch Video Lectures
Show steps
Reinforce your understanding of course concepts presented in class.
Show steps
- Review course materials
- Identify areas needing clarification
- Search for online tutorials
- Watch and take notes
Form Study Groups
Show steps
Engage with classmates in discussing and exploring course concepts to improve retention.
Show steps
- Identify peers in class
- Suggest forming a study group
- Establish meeting times and locations
Practice Problem Sets
Show steps
Practice applying economic principles to problem solving.
Show steps
- Review lecture notes
- Attempt practice problems
- Compare answers with solutions provided
Create a Diagram of a Perfectly Competitive Firm
Show steps
Create a diagram that illustrates the concept of a perfectly competitive firm to deepen your understanding of its characteristics and behavior.
Show steps
- Gather materials (paper, pens, whiteboard, etc.)
- Brainstorm the key components of a perfectly competitive firm
- Sketch out a diagram that represents these components
- Add labels and annotations to explain the diagram
- Review and refine your diagram
Attend a Workshop on Firm Theory Applications
Show steps
Gain practical insights and network with professionals by attending a workshop that focuses on applying firm theory concepts to real-world business scenarios.
Show steps
- Research and identify relevant workshops
- Register for the workshop
- Attend the workshop
- Take notes and ask questions
- Follow up with the workshop organizers or speakers
Volunteer at a Local Business
Show steps
Apply your understanding of firm theory by volunteering at a local business, observing firsthand how businesses operate and make decisions.
Show steps
- Identify a local business that aligns with your interests
- Contact the business and inquire about volunteer opportunities
- Attend the volunteer orientation
- Carry out your volunteer duties
- Reflect on your experience and how it relates to firm theory concepts
Practice Evaluating Market Power
Show steps
Test your understanding of market power by completing a series of practice problems and drills covering real-world scenarios.
Browse courses on
Market Power
Show steps
- Find a set of practice problems or drills online
- Work through the problems step-by-step
- Check your answers against the provided solutions
- Review the concepts you struggled with
Organize and Review Course Notes
Show steps
Enhance your retention of course material by organizing and reviewing your notes thoroughly.
Show steps
- Gather all your course notes and materials
- Organize your notes by topic or module
- Review your notes regularly
- Summarize key concepts and ideas
Career center
Reading list
Share
Similar courses
OpenCourser helps millions of learners each year. People visit us to learn workspace skills, ace their exams, and nurture their curiosity.
Our extensive catalog contains over 50,000 courses and twice as many books. Browse by search, by topic, or even by career interests. We'll match you to the right resources quickly.
Find this site helpful? Tell a friend about us.
We're supported by our community of learners. When you purchase or subscribe to courses and programs or purchase books, we may earn a commission from our partners.
Your purchases help us maintain our catalog and keep our servers humming without ads.
Thank you for supporting OpenCourser.
