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Managerial Economics
Buyer and Seller Behavior
Liad Wagman
and
Priyanka Sharma
Liad Wagman
and
Priyanka Sharma
Why are markets commonly believed to be the best way of allocating resources and organizing economic activity? This course will answer this critical question while examining its implications for pricing, market entry and exit, short-term and long-term business strategies, and the forecasting of key market variables. The course introduces fundamental topics in the economic analysis of markets, and some of the analytical tools used to study them, as a means to build an economic intuition and fostering an understanding of a variety of market conditions and market forces.
Read more
Why are markets commonly believed to be the best way of allocating resources and organizing economic activity? This course will answer this critical question while examining its implications for pricing, market entry and exit, short-term and long-term business strategies, and the forecasting of key market variables. The course introduces fundamental topics in the economic analysis of markets, and some of the analytical tools used to study them, as a means to build an economic intuition and fostering an understanding of a variety of market conditions and market forces.
Read more
Why are markets commonly believed to be the best way of allocating resources and organizing economic activity? This course will answer this critical question while examining its implications for pricing, market entry and exit, short-term and long-term business strategies, and the forecasting of key market variables. The course introduces fundamental topics in the economic analysis of markets, and some of the analytical tools used to study them, as a means to build an economic intuition and fostering an understanding of a variety of market conditions and market forces.
After taking this course, you will be able to:
- Explain the basics of supply and demand curves.
- Characterize variable and fixed costs.
- Identify short-run and long-run market exit prices.
- Construct short-run and long-run supply curves.
- Construct demand curves.
- Identify short-run and long-run equilibria in competitive markets.
- Predict short-run and long-run market prices.
- Interpret a market price path.
- Explain firm entry, exit, and profitability in competitive markets.
Software requirements: None
Register for this course and see more details by visiting:
OpenCourser.com/course/yb0r1g/managerial
What's inside
Syllabus
Module 1: How the Costs of Doing Business Determine Success and Failure
Welcome to Managerial Economics: Buyer and Seller Behavior. In this course, we will cover the topics of How the Costs of Doing Business Determine Success and Failure, From Cost Structures to Market Supply Curves, and The Economic Outcomes of Competitive Markets.
Module 1 introduces the strategic lens of game theory, focusing specifically on Prisoner’s Dilemma situations. This game-theoretic lens helps lay the groundwork for understanding competitive markets, where each market actor, including all buyers and sellers, are doing the best they can to maximize their individual payoffs. Through a simple market simulation and an initial reading of the Adamantium case study, the module then develops intuition for models of supply and demand in competitive markets, including pricing, product allocation, and firms’ cost structures.
Read more
Syllabus
Module 1: How the Costs of Doing Business Determine Success and Failure
Welcome to Managerial Economics: Buyer and Seller Behavior. In this course, we will cover the topics of How the Costs of Doing Business Determine Success and Failure, From Cost Structures to Market Supply Curves, and The Economic Outcomes of Competitive Markets.
Module 1 introduces the strategic lens of game theory, focusing specifically on Prisoner’s Dilemma situations. This game-theoretic lens helps lay the groundwork for understanding competitive markets, where each market actor, including all buyers and sellers, are doing the best they can to maximize their individual payoffs. Through a simple market simulation and an initial reading of the Adamantium case study, the module then develops intuition for models of supply and demand in competitive markets, including pricing, product allocation, and firms’ cost structures.
Read more
Module 2: From Cost Structures to Market Supply Curves
Module 2 takes a deep dive into short-run market analysis. With a second reading of the Adamantium case study, Module 2 focuses on how cost structures translate to firm-level and market-level short-run decisions and supply curves, how variable and fixed costs create thresholds on the prices that may sustain short-run and long-run firm profitability, how a firm’s short-run decisions significantly differ from long-run decisions, and how all of this begins to map to a market’s equilibrium.
Module 3: The Economic Outcomes of Competitive Markets
Module 3 introduces entry (break-even) and exit prices, how they map to a market’s long-run supply curve, and why they are fundamental in determining firm profitability. Through examples, including a conclusion to the Adamantium case study, all of the supply and demand concepts in the course are tied together. The module showcases the predictive power of market analysis in determining where markets are going to go in terms of price, capacity, and firm entry and survival. The module then demonstrates the capstone ability of economic models of supply and demand: interpreting market price paths.
Summative Course Assessment
This module contains the summative course assessment that has been designed to evaluate your understanding of the course material and assess your ability to apply the knowledge you have acquired throughout the course. This summative assessment consists of two parts. In Part 1, you will answer open-ended questions for two prompts. For Part 2, you will need to upload a file with your answers to the provided prompt. Be sure to review the course material thoroughly before taking the assessment.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Develops the basics of supply and demand curves, which is standard in managerial economics courses
Taught by Liad Wagman and Priyanka Sharma, who are recognized for their work in economics
Builds an economic intuition about market forces, which is fundamental in managerial economics
Can be particularly relevant for individuals in marketing, sales, strategy, and finance
May require prerequisites such as introductory microeconomics and calculus, which could be a barrier to some learners
May assume some business experience or context from students
Save this course
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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 Managerial Economics: Buyer and Seller Behavior with these
activities:
Review previous coursework or study materials
Show steps
Refresh foundational knowledge in economics, ensuring a strong starting point for the course.
Browse courses on
Economics
Show steps
-
Gather previous coursework materials, such as notes, textbooks, and assignments.
-
Review key concepts, theories, and models from microeconomics and macroeconomics.
-
Solve practice problems or complete review questions to reinforce understanding.
-
Identify areas where knowledge is weaker and focus on reviewing those topics.
Gather and organize online resources on economic principles
Show steps
Build a personalized repository of valuable resources, enabling easy access to information and reinforcing learning.
Browse courses on
Economic Principles
Show steps
-
Identify and gather articles, videos, and other resources on economic principles.
-
Organize resources into a structured format, such as a digital folder or spreadsheet.
-
Categorize resources based on topics or subtopics for easy retrieval.
-
Review and update the compilation regularly to ensure relevance and currency.
Read textbook: Microeconomics, 8th Edition by Pindyck & Rubinfeld
Show steps
Provide a strong foundation in microeconomic principles and concepts, complementing the course material.
Show steps
-
Read each chapter thoroughly, taking notes of key concepts and theories.
-
Solve practice problems and review examples to reinforce understanding.
-
Discuss key concepts with peers or a study group to clarify understanding.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Practice solving supply and demand problems
Show steps
Enhance problem-solving skills and solidify understanding of supply and demand dynamics.
Browse courses on
Supply and Demand
Show steps
-
Identify online resources or textbooks with practice problems.
-
Solve a variety of problems involving different market scenarios.
-
Check solutions and review explanations to identify areas for improvement.
-
Repeat practice regularly to strengthen skills.
Record a video explaining a specific economic concept
Show steps
Enhance understanding and communication skills by explaining economic principles in a concise and engaging manner.
Show steps
-
Choose a specific economic concept to focus on.
-
Research and gather information about the concept.
-
Develop a clear and concise explanation of the concept.
-
Record a video presenting your explanation using visuals or diagrams.
Attend industry conferences or webinars related to economics
Show steps
Connect with professionals in the field, learn about industry trends, and expand knowledge beyond the classroom.
Browse courses on
Networking
Show steps
-
Identify relevant industry conferences or webinars.
-
Attend the events and actively participate in discussions.
-
Network with professionals and exchange ideas and experiences.
-
Follow up with connections made at the events.
Develop a market analysis report for a real-world industry
Show steps
Apply course concepts to analyze a real-world market, fostering practical understanding and critical thinking.
Browse courses on
Market Analysis
Show steps
-
Select an industry of interest and gather relevant data.
-
Analyze industry structure, conduct SWOT analysis, and identify key trends.
-
Develop forecasts and recommendations based on your analysis.
-
Create a comprehensive report presenting your findings and insights.
Follow online tutorials on advanced topics in economics
Show steps
Expand knowledge and explore specialized areas of economics through interactive and guided tutorials.
Browse courses on
Economic Modeling
Show steps
-
Identify online platforms or courses offering tutorials on advanced economics topics.
-
Select tutorials relevant to your interests and learning goals.
-
Follow the tutorials step-by-step, taking notes and completing exercises.
-
Apply what you learn to real-world examples or case studies.
Review previous coursework or study materials
Show steps
Refresh foundational knowledge in economics, ensuring a strong starting point for the course.
Browse courses on
Economics
Show steps
Show steps
Show steps
- Gather previous coursework materials, such as notes, textbooks, and assignments.
- Review key concepts, theories, and models from microeconomics and macroeconomics.
- Solve practice problems or complete review questions to reinforce understanding.
- Identify areas where knowledge is weaker and focus on reviewing those topics.
Gather and organize online resources on economic principles
Show steps
Build a personalized repository of valuable resources, enabling easy access to information and reinforcing learning.
Browse courses on
Economic Principles
Show steps
Show steps
Show steps
- Identify and gather articles, videos, and other resources on economic principles.
- Organize resources into a structured format, such as a digital folder or spreadsheet.
- Categorize resources based on topics or subtopics for easy retrieval.
- Review and update the compilation regularly to ensure relevance and currency.
Read textbook: Microeconomics, 8th Edition by Pindyck & Rubinfeld
Show steps
Provide a strong foundation in microeconomic principles and concepts, complementing the course material.
Show steps
Show steps
Show steps
- Read each chapter thoroughly, taking notes of key concepts and theories.
- Solve practice problems and review examples to reinforce understanding.
- Discuss key concepts with peers or a study group to clarify understanding.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Practice solving supply and demand problems
Show steps
Enhance problem-solving skills and solidify understanding of supply and demand dynamics.
Browse courses on
Supply and Demand
Show steps
Show steps
Show steps
- Identify online resources or textbooks with practice problems.
- Solve a variety of problems involving different market scenarios.
- Check solutions and review explanations to identify areas for improvement.
- Repeat practice regularly to strengthen skills.
Record a video explaining a specific economic concept
Show steps
Enhance understanding and communication skills by explaining economic principles in a concise and engaging manner.
Show steps
Show steps
Show steps
- Choose a specific economic concept to focus on.
- Research and gather information about the concept.
- Develop a clear and concise explanation of the concept.
- Record a video presenting your explanation using visuals or diagrams.
Attend industry conferences or webinars related to economics
Show steps
Connect with professionals in the field, learn about industry trends, and expand knowledge beyond the classroom.
Browse courses on
Networking
Show steps
Show steps
Show steps
- Identify relevant industry conferences or webinars.
- Attend the events and actively participate in discussions.
- Network with professionals and exchange ideas and experiences.
- Follow up with connections made at the events.
Develop a market analysis report for a real-world industry
Show steps
Apply course concepts to analyze a real-world market, fostering practical understanding and critical thinking.
Browse courses on
Market Analysis
Show steps
Show steps
Show steps
- Select an industry of interest and gather relevant data.
- Analyze industry structure, conduct SWOT analysis, and identify key trends.
- Develop forecasts and recommendations based on your analysis.
- Create a comprehensive report presenting your findings and insights.
Follow online tutorials on advanced topics in economics
Show steps
Expand knowledge and explore specialized areas of economics through interactive and guided tutorials.
Browse courses on
Economic Modeling
Show steps
Show steps
Show steps
- Identify online platforms or courses offering tutorials on advanced economics topics.
- Select tutorials relevant to your interests and learning goals.
- Follow the tutorials step-by-step, taking notes and completing exercises.
- Apply what you learn to real-world examples or case studies.
Career center
Learners who complete Managerial Economics: Buyer and Seller Behavior will develop knowledge and skills
that may be useful to these careers:
Market Research Analyst
Market Research Analyst
Market Research Analysts study market conditions, identify trends, and forecast demand for goods and services. This course provides a strong foundation in the economic principles that underlie market behavior, which is essential for understanding the dynamics of supply and demand. The course also covers topics such as cost analysis, pricing strategies, and market entry and exit, which are all highly relevant to the work of Market Research Analysts.
Financial Analyst
Financial Analyst
Financial Analysts use their knowledge of economics and finance to evaluate investment opportunities and make recommendations to clients. This course provides a solid foundation in the economic principles that govern financial markets, including the concepts of supply and demand, market equilibrium, and firm profitability. The course also covers topics such as risk assessment, portfolio management, and financial modeling, which are all essential skills for Financial Analysts.
Consultant
Consultant
Consultants provide advice to businesses on a wide range of topics, including strategy, operations, and marketing. This course provides a strong foundation in the economic principles that underlie business decision-making, which is essential for understanding the challenges and opportunities facing businesses. The course also covers topics such as cost analysis, pricing strategies, and market entry and exit, which are all highly relevant to the work of Consultants.
Economist
Economist
Economists study the production, distribution, and consumption of goods and services. This course provides a strong foundation in the economic principles that govern these activities, including the concepts of supply and demand, market equilibrium, and firm profitability. The course also covers topics such as economic growth, inflation, and unemployment, which are all essential for understanding the broader economic environment.
Marketing Manager
Marketing Manager
Marketing Managers develop and implement marketing campaigns to promote products and services. This course provides a strong foundation in the economic principles that underlie consumer behavior, which is essential for understanding how to target and reach customers. The course also covers topics such as product development, pricing strategies, and market research, which are all highly relevant to the work of Marketing Managers.
Sales Manager
Sales Manager
Sales Managers are responsible for leading and motivating sales teams. This course provides a strong foundation in the economic principles that underlie sales performance, including the concepts of supply and demand, market equilibrium, and firm profitability. The course also covers topics such as sales strategies, negotiation techniques, and customer relationship management, which are all highly relevant to the work of Sales Managers.
Product Manager
Product Manager
Product Managers are responsible for the development and launch of new products. This course provides a strong foundation in the economic principles that underlie product development, including the concepts of supply and demand, market equilibrium, and firm profitability. The course also covers topics such as product design, pricing strategies, and market research, which are all highly relevant to the work of Product Managers.
Risk Manager
Risk Manager
Risk Managers identify and manage risks for businesses and organizations. This course provides a strong foundation in the economic principles that underlie risk management, including the concepts of probability, uncertainty, and decision-making under uncertainty. The course also covers topics such as risk assessment, risk mitigation, and insurance, which are all highly relevant to the work of Risk Managers.
Business Analyst
Business Analyst
Business Analysts use their knowledge of business and economics to analyze data and make recommendations for improving business operations. This course provides a strong foundation in the economic principles that underlie business decision-making, which is essential for understanding the challenges and opportunities facing businesses. The course also covers topics such as data analysis, financial modeling, and project management, which are all highly relevant to the work of Business Analysts.
Investment Banker
Investment Banker
Investment Bankers provide financial advice to businesses and governments. This course provides a solid foundation in the economic principles that govern financial markets, including the concepts of supply and demand, market equilibrium, and firm profitability. The course also covers topics such as risk assessment, portfolio management, and financial modeling, which are all essential skills for Investment Bankers.
Operations Research Analyst
Operations Research Analyst
Operations Research Analysts use their knowledge of mathematics and economics to improve the efficiency of business operations. This course provides a strong foundation in the economic principles that underlie business decision-making, which is essential for understanding the challenges and opportunities facing businesses. The course also covers topics such as optimization, simulation, and data analysis, which are all highly relevant to the work of Operations Research Analysts.
Quantitative Analyst
Quantitative Analyst
Quantitative Analysts use their knowledge of mathematics and statistics to develop and implement financial models. This course provides a solid foundation in the economic principles that govern financial markets, including the concepts of supply and demand, market equilibrium, and firm profitability. The course also covers topics such as risk assessment, portfolio management, and financial modeling, which are all essential skills for Quantitative Analysts.
Data Scientist
Data Scientist
Data Scientists use their knowledge of data analysis and machine learning to solve business problems. This course provides a strong foundation in the economic principles that underlie data analysis, including the concepts of supply and demand, market equilibrium, and firm profitability. The course also covers topics such as data mining, statistical modeling, and machine learning, which are all highly relevant to the work of Data Scientists.
Pricing Analyst
Pricing Analyst
Pricing Analysts use their knowledge of economics and market research to develop and implement pricing strategies for products and services. This course provides a strong foundation in the economic principles that underlie pricing decisions, including the concepts of supply and demand, market equilibrium, and firm profitability. The course also covers topics such as cost analysis, competitive analysis, and market research, which are all highly relevant to the work of Pricing Analysts.
Market Research Interviewer
Market Research Interviewer
Market Research Interviewers collect data from consumers and businesses to help companies understand their needs and preferences. This course provides a strong foundation in the economic principles that underlie consumer behavior, which is essential for understanding the dynamics of supply and demand. The course also covers topics such as survey design, data collection, and data analysis, which are all highly relevant to the work of Market Research Interviewers.
For more career information including salaries, visit:
OpenCourser.com/course/yb0r1g/managerial
Reading list
We've selected 11 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
Managerial Economics: Buyer and Seller Behavior.
Save
This comprehensive textbook provides a thorough foundation in microeconomic theory, covering essential concepts such as supply and demand, market equilibrium, and firm behavior. It valuable resource for gaining a deeper understanding of the economic principles discussed in the course.
This advanced textbook explores the strategic interactions between firms in various market structures. It delves into topics such as game theory, pricing, and entry barriers, providing a deeper understanding of the competitive forces discussed in the course.
This introductory textbook provides a clear and concise overview of microeconomic principles. It covers essential concepts such as supply and demand, market equilibrium, and consumer behavior, which serve as a foundation for understanding the more advanced topics discussed in the course.
This econometrics textbook introduces statistical methods for analyzing cross-sectional and panel data, which are commonly used in empirical studies of market behavior and firm performance.
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This advanced textbook provides a rigorous treatment of game theory, the mathematical study of strategic interactions. It covers topics such as Nash equilibrium, perfect competition, and bargaining, which are essential for understanding the competitive dynamics discussed in the course.
This textbook explores the psychological and cognitive factors that influence economic decision-making. It provides insights into how bounded rationality and heuristics affect market behavior, which can complement the rational choice models discussed in the course.
This popular book uses game theory concepts to analyze strategic situations in business, politics, and everyday life. It provides practical advice on how to think strategically and make better decisions in competitive environments.
Challenges traditional approaches to strategy and emphasizes the importance of creating new markets and value propositions. It provides insights into how firms can differentiate themselves and create sustainable competitive advantages.
This classic book explores the challenges that established firms face when disrupting technologies emerge. It provides insights into how companies can stay ahead of the curve and avoid being overtaken by more innovative competitors.
Save
Advocates for creating new markets rather than competing in existing ones. It provides a framework for identifying and developing uncontested market space, which can lead to significant growth and profitability.
Introduces the Lean Startup approach, a methodology for developing and testing new products and services with minimal waste. It emphasizes the importance of customer feedback and iterative learning, which can be valuable for entrepreneurs and managers alike.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/yb0r1g/managerial
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Level
Introductory
Via
Coursera
Institution
Illinois Tech
Instructors
Liad Wagman
Priyanka Sharma
Language
English
Transcript
tiếng Việt
Good to know
Develops the basics of supply and demand curves, which is standard in managerial economics courses
Taught by Liad Wagman and Priyanka Sharma, who are recognized for their work in economics
Builds an economic intuition about market forces, which is fundamental in managerial economics
Can be particularly relevant for individuals in marketing, sales, strategy, and finance
May require prerequisites such as introductory microeconomics and calculus, which could be a barrier to some learners
May assume some business experience or context from students
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