Course Description
Welcome to 'Basics of Microeconomics : Theory of Producer Behavior'
In this course , you will understand how a producer :
1) Maximizes his profit
2) Decides what to produce and how much to produce
3) Decides what all inputs to use and in what proportion
In this course, we will discuss the following:
What is microeconomics?
What is the difference between fixed factors of production and variable factors of production?
How do we differentiate between short run and long run?
How is the meaning of cost in economics different from meaning of cost in accountancy?
What is the difference between fixed cost and variable cost?
What do we mean by Perfect competition and Monopoly market type?
What is the difference in the behavior of revenue curves in these two market types?
How does a monopoly or perfectly competitive firm decides how much to produce to maximize his profit?
Some concepts that we will use while discussing the topics mentioned above -
Production
Function, Returns to a factor, Law of variable proportions, Total cost,
Marginal Cost, Average Cost, Total Product, Marginal Product, Average
Product, Total Revenue, Marginal Revenue, Average Revenue.
This course has 16 video lectures and 1 hour of content.
How will this course benefit you?
If you are an economics student - This will help you in gaining better clarity of concepts.
If
you are someone who has a desire to learn economics - This course is
the first step that you need to take to fulfill your desire, it starts
from the scratch and covers all the concepts in detail.
All that said, if you would like to discuss something while you are learning, please feel free to start a discussion or PM me.
Lets get started..!
Curriculum
Behavior of Monopoly's Revenue curves
Behavior of Revenue curves under Perfect Competition
Concept of Production Function
Factors of production and Short run production function
Fixed cost and Variable cost
Introduction to Microeconomics
Meaning of Cost in Economics
Phases of Law of variable proportion - Numerical Example & Graphic Presentation
Profit maximization - Monpoly
Profit Maximization in a Perfectly Competitive market
Returns to a factor and Law of variable proportions
Section 1: Introduction
Section 2: Production function and Returns to a factor
Section 3: Concept of Costs
Section 4: Concept of Revenue
Section 5: Producer's Equilibrium
Total cost and Marginal cost
Total product, Marginal product and Average product
Total Revenue, Marginal Revenue and Average Revenue
What is Monopoly?
What is Perfect Competition?
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