Economics: Competition, Elasticity, a little Game Theory
Learn game theory, competition, and elasticity of demand and supply in this comprehensive economics course. Perfect for business majors, finance professionals, and aspiring entrepreneurs.
What you’ll learn
- Apply Game Theory to decide whether to be adversarial or co-operative in real-life situations
- Determine how best to price products or services that you are selling
- Decide the kind of cost structure a firm or enterprise should have, relative to its competitive landscape
- Model demand, supply and the effects of income, government regulations and technology
This is a zoom-in, zoom-out, connect-the-dots tour of Game Theory, Competition and the Elasticity of Demand andSupply.
Let’s parse that
- ‘connect the dots’: Economics is deep – even the simplest concepts in Micro-Econ 101 are missed by leaders in business and politics, and commit basic errors in judgment. This course makes sure that won’t happen to you.
- ‘zoom in’: Getting the details is very important in economics – you really have to understand the nitty-gritty of graphs and intersecting curves and lines. There is a lot of meaning in those details
- ‘zoom out’: The real value of economics, particularly microeconomics, is in taking seemingly over-simplified models, and then applying insights from those over-simplified models to the world at large. This course makes sure you can go from the specific to the general.
What’s Covered:
- Game Theory: Discounting and price wars, Prisoner’s dilemma and nuclear arms races, Winner-takes-all games and the commercialization of sport.
- Competition: Perfect competition, monopoly and monopolistic competition
- Firm Costs: The deep meaning underlying total and marginal costs, and the least-cost principle
- Utility and Consumer Equilibrium: Indifference curves, and relating price and value. Income effects, and deriving Demand curves from indifference curves
- Applications of Elasticity: Modeling taxes, the troublesome economics of agriculture, minimum wages.
- Elasticity, Demand and Supply: Defining and using elasticity. Linear Demand Curves and a neat trick. Demand and Supply demystified.
Who this course is for:
- Yep! Business majors and aspiring MBAs
- Yep! Finance professionals who are rusty on economics, and its role in how firms compete and operate
- Yep! Strategy professionals looking for a theoretical grounding in concepts like game theory and elasticity
- Yep! Aspiring entrepreneurs eager to understand how to react to competition
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