Become immersed in economic concepts including elasticity of demand, market pricing, explicit and implicit costs and economic profit maximisation. Learn about monopolistic markets and market structure impacts on production and profit. By undertaking this course, you will be immersed in economic concepts including elasticity calculation, elasticity of demand, market pricing, explicit and implicit costs, economic profit and mapping supply. You’ll explore the two distinct functions of market pricing and the concept of marginal cost, which is central to identifying the optimum production levels.
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Firms operating as a monopoly and others which operate in a monopolistic market are very different and you will learn what makes them different, the different market structures, and the production quantity for profit maximization. With great practical examples, this course will ensure you understand the importance of different market structures, the impacts this will have on product pricing and the impact on a firm’s profitability.
This MOOC is part of the Professional Certificate in Microeconomics. We recommend that you explore the other two courses of the program, Principles of Microeconomics and Social Microeconomics. The program is based on a core microeconomics course taught on campus at The University of Queensland. Don't wait to enroll and begin learning from industry experts now!
If you are interested in pursuing economics further, UQx provides an accompanying Professional Certificate in Macroeconomics program running in parallel to this course. Building on your knowledge of microeconomics with this additional program will provide you with a strong foundation of economics.
Overall, this course is for everyone, whether you are studying at university, a career professional interested in expanding your economic knowledge, or simply curious about global economic behaviour and what influences it.
What you'll learn
The topics that are covered within this course include:
- the concept of elasticity and elasticity of demand
- cost calculation, profit maximisation and supply curves
- examples of monopolistic competition and monopoly firms
- government intervention aimed at overcoming the economic inefficiencies to enhance economic surplus
- profit maximising output for a monopoly
