While a thorough understanding of supply and demand is essential in microeconomics, you also need to delve into the factors that determine price and how the markets reach levels of equilibrium.
In this course, you will examine what determines equilibrium price and quantity, gains from trade, and how changes in the supply and demand ceteris paribus conditions affect equilibrium price and quantity. You will explore critical questions related to government intervention in markets, and finally, tie these concepts into an overarching graded course project in which you will apply the lessons to relevant concerns facing your industry or organization. This course prepares you to not only understand the relationship between the factors affecting equilibrium price and quantity, but also apply these factors to your decision making for your organization.The course Examining Scarcity and Opportunity Cost is required to be completed prior to starting this course.
Faculty AuthorThomas Evans
Benefits to the Learner
- Define and analyze equilibrium
- Examine what determines equilibrium price and quantity
- Examine government interventions in markets and how they impact your organization
- Explore the impacts of changes in supply and demand on the price and equilibrium points of your industry
- Identify close substitutes to your industry and predict how they might affect your organization
- Consider how technological advances in your industry affect your organization
- New, emerging, and experienced leaders
- Individuals seeking to expand their business management skills
- Analysts and researchers