Managerial Economics | Market Theory
This detailed course on market theory covers equilibrium, perfect competition, product pricing, monopolies and oligopolies to ground you in economic studies.
The goal of market theory is to use the tools of ?economic reasoning? to explain the market process and improve a company?s financial performance. You will be guided through the notion of ?perfect competition? (especially in the stocks and credit-card markets) and different economic analyses. You will study the behaviour of individuals and firms in monopolistic and oligopolistic environments, as well as price determination and discrimination.
What You Will Learn In This Free Course
The Perfect Competition
This module starts with the concept of the market. You will learn about the economic analysis of the perfect competition, along with the market supply curve and the supply curve of the firm. You will also learn about the long-run equilibrium. This module also addresses perfect competition in the real world.
Monopoly
This module is about Monopoly, which is a form of market where a single seller sells a product that has no close substitute. You will learn about the various types of monopoly and how a monopoly maximises its profit. You will also learn about monopoly power and how it is measured.
First Course Assessment
a; Module
Oligopoly
Oligopoly, which is a market with few sellers, is covered in this module. Oligopoly is about the behaviour of firms within a group. You will learn about Collusive Oligopoly and Non-collusive Oligopoly. You will also learn about the various models within each group of Oligopoly. Price leadership within the Collusive Oligopoly will be highlighted.
Oligopolistic Game Theory
This module is about the Oligopolistic Game Theory. You will learn about how individuals (firms) make decisions being aware that their actions affect each other. You will also learn about the strategy proposed by Nash and the resulting equilibrium. The prisoners? dilemma will be highlighted.
Product Pricing
Product pricing is covered in this module. You will learn about the right price and its basic determinants. You will also learn about price discrimination and how it is achieved through consumer?s peculiarities and the nature of goods. The three degrees of price discrimination will be covered.
Second Course Assessment
a; Module
Course assessment
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