Course Content
Course Overview
Course Objectives: 1. Grasp foundational principles of both microeconomics (focused on individual behaviors) and macroeconomics (concerned with the overall economy). 2. Explore and understand the interplay between technological advancements and economic principles. 3. Apply economic concepts to real-world challenges, particularly those at the intersection of technology and economics.
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Textbook
Reference books
All About the Course
15:40
Introduction
Scarcity, Efficiency, Basic concepts of microeconomics, Ten Principles of Economics.
Thinking Like an Economist
Scarcity, Efficiency, Basic concepts of microeconomics, Ten Principles of Economics.
The market forces of Demand and Supply
Markets and Competition, What Is a Market? What Is Competition? Demand, the Demand Curve: The Relationship between Price and Quantity Demanded, Market Demand versus Individual Demand, shifts in the Demand Curve, Supply, the Supply curve: The Relationship between Price and Quantity Supplied, Shifts in the Supply curve.
Elasticity and its Application
The Price Elasticity of Demand and Its Determinants, Computing the Price Elasticity of Demand, The Midpoint Method: A Better Way to Calculate, Percentage Changes and Elasticities, The Variety of Demand Curves, Other Demand Elasticities, Practical example and implications of Elasticity.
Consumers, Producers, and the Efficiency of Markets
Willingness to Pay, Using the Demand Curve to Measure Consumer Surplus, how a Lower Price Raises Consumer Surplus What Does Consumer Surplus Measure? Producer Surplus, Cost and the Willingness to Sell, Using the Supply Curve to Measure Producer Surplus, how a Higher Price Raises Producer Surplus.
The Theory of Consumer Choice
The Budget Constraint: What the Consumer Can Afford, Preferences: What the Consumer Wants, Representing Preferences with Indifference Curves, Four Properties of Indifference Curves.
The cost of Production
Total Revenue, Total Cost, and Profit, Costs as Opportunity Costs, Economic Profit versus Accounting Profit, Production and Costs, The Production Function, The Various Measures of Cost, Fixed and Variable Costs, Average and Marginal Cost, Cost Curves and Their Shapes, Typical Cost Curves, Costs in the Short Run and in the Long Run, The Relationship between Short-Run and Long-Run, Average Total Cost, Economies and Diseconomies of Scale.
Review Class
How to get A?
Surprise!
Economics

Course Objectives:

  1. Grasp foundational principles of both microeconomics (focused on individual behaviors) and macroeconomics (concerned with the overall economy).
  2. Explore and understand the interplay between technological advancements and economic principles.
  3. Apply economic concepts to real-world challenges, particularly those at the intersection of technology and economics.
Exercise Files
ECO C1.pdf
Size: 5.51 MB
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