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Arinna Butler Roxa, MBA
This course is an introduction to basic concepts governing the operation of the microeconomy, with specific emphasis placed on understanding microeconomic theory, policy, and issues as they relate to business decision-making. Students successfully completing this course will be able to comprehend the workings of the supply and demand model from both a graphical and mathematical perspective, explain the role that elasticity plays in the supply and demand model and know how to calculate and interpret various elasticities, understand utility maximization and the theory of consumer behavior, explain how cost structures differ in the short run and the long run, analyze various market structures in terms of their economic performance, and understand the workings of the various factor markets.
Register for this course and see more details by visiting:
OpenCourser.com/course/nhiz7e/microeconomics
What's inside
Learning objectives
- Evaluate the implication of supply and demand and the effects of elasticity as it relates to various markets.
- Interpret and graphically express cost curves to determine price point or profit of all types of markets.
- Differentiate the characteristics of competitive, monopolistically competitive, oligopoly, and monopolistic market environments.
- Illustrate fundamental economic principles by identifying economic problems and proposing available alternatives.
- Interpret the market demand for labor and changes to the market demand for labor.
- Evaluate the implication of supply and demand and the effects of elasticity as it relates to various markets.
- Interpret and graphically express cost curves to determine price point or profit of all types of markets.
- Differentiate the characteristics of competitive, monopolistically competitive, oligopoly, and monopolistic market environments.
- Illustrate fundamental economic principles by identifying economic problems and proposing available alternatives.
- Interpret the market demand for labor and changes to the market demand for labor.
Traffic lights
Traffic lights
Read about what's good
what should give you pause and
possible dealbreakers
Provides a solid grounding in microeconomic theory, which supports data-driven decision-making and problem-solving
Instructors have a wealth of experience in the field, ensuring learners are exposed to current industry practices and insights
Course may require additional resources or support for learners with limited background in economics
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Reviews summary
Microeconomics for business professionals: practical insights
According to learners, this course offers a largely positive and well-structured introduction to microeconomics, specifically tailored for business professionals. Students consistently praise the instructor's ability to simplify complex ideas and the course's emphasis on applying economic principles to real-world business scenarios and decision-making. While many found the content highly relevant and practical, a few learners noted that it occasionally felt too theoretical or wished for more advanced application. Additionally, some found the mathematical aspects challenging without a strong quantitative background, suggesting it's best for those seeking a foundational understanding with a business focus.
Instructor simplifies complex topics effectively and clearly.
"The instructor, Professor Davis, broke down complex topics like market structures and elasticity into understandable, practical examples."
"Professor Davis does a fantastic job of illustrating economic principles with business examples."
"The instructor's ability to simplify complex ideas was excellent."
"I found this course very informative... The material was presented clearly and with good examples."
Excellent application of microeconomics to business contexts.
"This course was exactly what I needed to bridge the gap between academic microeconomics and real-world business applications."
"I particularly appreciated the case studies which allowed me to apply the concepts directly to business scenarios."
"Understanding the underlying market dynamics is crucial. This course provided a strong framework for thinking about business decisions through an economic lens."
"The concepts were tied to real-world scenarios, which significantly improved my understanding of economic forces impacting my industry."
Quantitative explanations challenging for some learners.
"I struggled with this course... I found the mathematical aspects quite challenging and sometimes inadequately explained for someone without a strong quantitative background."
"It might be better for those with more prior exposure to economics or math."
"Some parts, especially the mathematical derivations, could be a bit dry, but overall, the focus on practical implications made it worthwhile."
Covers basics well, but some desire more in-depth analysis.
"Decent course, but it felt a bit too theoretical at times for a 'Business Professionals' course. I was hoping for more advanced application or strategic insights."
"The course is okay, but I felt there could be more depth in certain areas. For 'professionals', I expected more advanced insights."
"It's a good starting point, but don't expect deep dives into business strategy from an economic lens."
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 Microeconomics for Business Professionals with these
activities:
Microeconomics by Pindyck and Rubinfeld
Show steps
Review a foundational textbook to strengthen overall understanding of microeconomic concepts, broadening perspective and providing additional insights beyond the scope of the course.
View
Microeconomics
on Amazon
Show steps
-
Read a chapter of the textbook
-
Take notes on the key concepts
-
Complete the end-of-chapter exercises
Microeconomic Resources Compilation
Show steps
Enhance learning experience by organizing and expanding resources on microeconomic concepts, providing a personalized and comprehensive knowledge base for future reference and deeper understanding.
Browse courses on
Microeconomics
Show steps
-
Gather resources on microeconomic topics
-
Organize the resources into a logical structure
-
Create a compilation of the resources
Simulate Market Equilibrium
Show steps
Develop practical problem-solving abilities through interactive simulations of market equilibrium, reinforcing the relationship between supply, demand, and equilibrium.
Browse courses on
Supply and Demand
Show steps
-
Find a simulation of market equilibrium
-
Experiment with different variables to see how they affect equilibrium
-
Draw a graph of the market equilibrium
Five other activities
Expand to see all activities and additional details
Show all eight activities
Calculate Elasticity
Show steps
Practice determining elasticity through repetitive calculations to solidify understanding of elasticity in micro markets.
Browse courses on
Supply and Demand
Show steps
-
Review the formula for elasticity
-
Identify the variables in the formula
-
Calculate elasticity for various market scenarios
Weekly Market Analysis Report
Show steps
Develop analytical skills by synthesizing market data and current events into weekly reports, fostering a deeper understanding of real-world microeconomic applications.
Browse courses on
Market Dynamics
Show steps
-
Choose a market to analyze
-
Gather data on the market
-
Analyze the data and identify trends
-
Write a report on your findings
Create Marginal Cost Analysis
Show steps
Enhance understanding through interactive guided tutorials on creating marginal cost analysis, allowing for practical application of cost structure theory.
Show steps
-
Find a tutorial on marginal cost analysis
-
Follow the steps in the tutorial
-
Apply the concepts you learned to a business scenario
Attend Microeconomics Conference
Show steps
Expand professional network and gain exposure to cutting-edge research and industry insights through attending microeconomics conferences, facilitating knowledge exchange and career exploration.
Browse courses on
Microeconomics
Show steps
-
Find a microeconomics conference to attend
-
Register for the conference
-
Attend the conference and participate in sessions
-
Network with other attendees
Debate Microeconomic Policies
Show steps
Refine critical thinking and communication abilities through peer debates on microeconomic policies, evaluating their impact and effectiveness in real-world scenarios.
Show steps
-
Find a debate partner
-
Choose a microeconomic policy to debate
-
Research the policy and prepare your arguments
-
Debate the policy with your partner
Microeconomics by Pindyck and Rubinfeld
Show steps
Review a foundational textbook to strengthen overall understanding of microeconomic concepts, broadening perspective and providing additional insights beyond the scope of the course.
View
Microeconomics
on Amazon
Show steps
Show steps
Show steps
- Read a chapter of the textbook
- Take notes on the key concepts
- Complete the end-of-chapter exercises
Microeconomic Resources Compilation
Show steps
Enhance learning experience by organizing and expanding resources on microeconomic concepts, providing a personalized and comprehensive knowledge base for future reference and deeper understanding.
Browse courses on
Microeconomics
Show steps
Show steps
Show steps
- Gather resources on microeconomic topics
- Organize the resources into a logical structure
- Create a compilation of the resources
Simulate Market Equilibrium
Show steps
Develop practical problem-solving abilities through interactive simulations of market equilibrium, reinforcing the relationship between supply, demand, and equilibrium.
Browse courses on
Supply and Demand
Show steps
Show steps
Show steps
- Find a simulation of market equilibrium
- Experiment with different variables to see how they affect equilibrium
- Draw a graph of the market equilibrium
Five other activities
Expand to see all activities and additional details
Show all eight activities
Calculate Elasticity
Show steps
Practice determining elasticity through repetitive calculations to solidify understanding of elasticity in micro markets.
Browse courses on
Supply and Demand
Show steps
Show steps
Show steps
- Review the formula for elasticity
- Identify the variables in the formula
- Calculate elasticity for various market scenarios
Weekly Market Analysis Report
Show steps
Develop analytical skills by synthesizing market data and current events into weekly reports, fostering a deeper understanding of real-world microeconomic applications.
Browse courses on
Market Dynamics
Show steps
Show steps
Show steps
- Choose a market to analyze
- Gather data on the market
- Analyze the data and identify trends
- Write a report on your findings
Create Marginal Cost Analysis
Show steps
Enhance understanding through interactive guided tutorials on creating marginal cost analysis, allowing for practical application of cost structure theory.
Show steps
Show steps
Show steps
- Find a tutorial on marginal cost analysis
- Follow the steps in the tutorial
- Apply the concepts you learned to a business scenario
Attend Microeconomics Conference
Show steps
Expand professional network and gain exposure to cutting-edge research and industry insights through attending microeconomics conferences, facilitating knowledge exchange and career exploration.
Browse courses on
Microeconomics
Show steps
Show steps
Show steps
- Find a microeconomics conference to attend
- Register for the conference
- Attend the conference and participate in sessions
- Network with other attendees
Debate Microeconomic Policies
Show steps
Refine critical thinking and communication abilities through peer debates on microeconomic policies, evaluating their impact and effectiveness in real-world scenarios.
Show steps
Show steps
Show steps
- Find a debate partner
- Choose a microeconomic policy to debate
- Research the policy and prepare your arguments
- Debate the policy with your partner
Career center
Learners who complete Microeconomics for Business Professionals will develop knowledge and skills
that may be useful to these careers:
Economist
Economist
Economists study how economies work and make recommendations on economic policy. They can work in government, academia, or the private sector. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the real world.
Market Research Analyst
Market Research Analyst
Market research analysts study market trends and consumer behavior to help businesses make informed decisions about product development, marketing, and sales. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the real world.
Financial Analyst
Financial Analyst
Financial analysts study financial data to make recommendations on investment decisions. They can work in investment banks, hedge funds, or mutual funds. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the financial markets.
Management Consultant
Management Consultant
Management consultants help businesses improve their performance by providing advice on strategy, operations, and marketing. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the business world.
Marketing Manager
Marketing Manager
Marketing managers develop and execute marketing campaigns to promote products or services. They can work in a variety of industries, including consumer goods, technology, and healthcare. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to marketing.
Product Manager
Product Manager
Product managers are responsible for the development and launch of new products. They work with engineers, designers, and marketers to bring new products to market. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to product development.
Sales Manager
Sales Manager
Sales managers are responsible for leading and motivating sales teams. They develop sales strategies and work with customers to close deals. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to sales.
Business Analyst
Business Analyst
Business analysts study business processes and make recommendations on how to improve them. They can work in a variety of industries, including healthcare, finance, and technology. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the business world.
Data Analyst
Data Analyst
Data analysts use data to solve business problems. They can work in a variety of industries, including healthcare, finance, and technology. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to data analysis.
Operations Manager
Operations Manager
Operations managers are responsible for the day-to-day operations of a business. They work with employees, suppliers, and customers to ensure that the business runs smoothly. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to business operations.
Supply Chain Manager
Supply Chain Manager
Supply chain managers are responsible for the flow of goods and services from suppliers to customers. They work with suppliers, manufacturers, and distributors to ensure that products are delivered to customers on time and at a competitive price. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to the supply chain.
Logistics Manager
Logistics Manager
Logistics managers are responsible for the movement of goods and services from one place to another. They work with transportation companies, warehouses, and distribution centers to ensure that products are delivered to customers on time and at a competitive price. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to logistics.
Transportation Manager
Transportation Manager
Transportation managers are responsible for the movement of people and goods from one place to another. They work with airlines, trucking companies, and railroads to ensure that people and goods are transported safely and efficiently. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to transportation.
Warehouse Manager
Warehouse Manager
Warehouse managers are responsible for the storage and distribution of goods. They work with suppliers, customers, and transportation companies to ensure that goods are stored and shipped safely and efficiently. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to warehousing.
Inventory Manager
Inventory Manager
Inventory managers are responsible for the management of inventory levels. They work with suppliers, customers, and transportation companies to ensure that inventory levels are maintained at optimal levels. Those who wish to enter this career field should take this course because it will help them understand the basic concepts of economics and how they apply to inventory management.
For more career information including salaries, visit:
OpenCourser.com/course/nhiz7e/microeconomics
Reading list
We've selected eight 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
Microeconomics for Business Professionals.
Widely-used textbook that provides a deeper dive into microeconomic theory. It covers advanced concepts that can enhance the understanding of the course material.
Widely-adopted textbook for introductory microeconomics courses. It provides a clear and concise overview of the fundamental principles of microeconomics.
Offers a more contemporary approach to microeconomic theory, with a focus on empirical applications and real-world examples. It can provide a valuable supplement to the course material.
Provides an in-depth analysis of industrial organization, covering topics such as market power, competition, and regulation. It can be particularly useful for students interested in the market structure aspects of the course.
Offers an intermediate-level treatment of microeconomic theory. It covers more advanced topics and provides a more rigorous mathematical treatment.
Offers an advanced treatment of microeconomic theory, covering topics such as game theory, information economics, and behavioral economics. It is recommended for students with a strong background in microeconomics.
Provides an overview of monetary economics and financial markets. It can serve as a useful reference for students interested in the relationship between microeconomics and macroeconomic factors.
Save
Provides an introduction to econometrics, the statistical methods used to analyze economic data. It can be a valuable resource for students interested in applying microeconomic principles to empirical analysis.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/nhiz7e/microeconomics
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Rating
4.4
Effort
10 to 18 hours per week for 8 weeks
Level
Introductory
Via
edX
Institution
Doane University
Instructor
Arinna Butler Roxa, MBA
Language
English
Transcript
English
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