Firm Level Economics: Markets and Allocations
School: University of Illinois
Registration Link: CLICK HERE
Start Date: May 11, 2016 (4 Weeks Long)
Workload: 3-5 Hours Per Week
Instructor: Larry DeBrock
Credentials: DeBrock is the former dean of the College of Business, where he teaches courses in microeconomics and industrial competition. During his tenure, he has also served as the associate dean of faculty and graduation and professional programs at the school. A highly decorated teacher in the MBA program, DeBrock holds masters and Ph.D. degrees in Economics from Cornell University.
Graded: Students can choose to explore course videos, discussions, and ungraded assignments for free, but they won’t be able to submit graded assignments, earn a certificate, or complete a specialization without paying a $79 fee.
Description: Different market structures produce different outcomes. A competitive market, for example, often creates more options and lower prices for consumers. In contrast, a monopoly generally curbs supply, stifles innovation, and benefits only a handful of producers. In this course, students will learn how various market structures shape the long-term vitality of markets. In particular, students will be able to do the following after the course is complete:
- “Model the impact of external shocks to a particular market structure and demonstrate the new equilibrium price and quantity after the impact of this external shock has played out.
• Evaluate the efficiency of an equilibrium. Different market structures produce different levels of efficiency.
• Explain when and why the government might intervene with regulatory authority or antitrust litigation to lessen inefficiencies in some markets.
• Describe how information problems can cause inefficient outcomes.
• Understand externalities and consider optimal government response to these market failures.”
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Additional Background: This course is the second part of the university’s “Managerial Economics and Business Analysis” specialization. To learn more about these courses and register for them, click here.