Microeconomics: Supply, Demand, and Equilibrium

Get to grips with how individuals and businesses impact an economy in this free online course from leading economic thinkers Tyler Cowen and Alex Tabarrok. The authors of the widely used textbook Modern Principles of Economics and the Marginal Revolution blog put their presentation skills to good use in explaining how microeconomics works and important factors that shift the demand and supply curves. They look into the relationship between price and quantity supplied and will teach you how prices reach equilibrium, with a case study that explores the equilibrium model.

You will then study the determinants of elasticity, the midpoint formula, and how to calculate the elasticity of supply. This will help you measure how much one variable responds to changes in another. The material also covers the history of the Sudan civil war and show how elasticity relates to slave redemption. Lastly, you will learn how elasticity relates to other scenarios, such as the gun buyback programmes in the United States.

This course will help you learn about the building blocks of how the economy functions as well as understand the behavior of individuals and businesses that drive it. It will also teach you how decisions are made based on the allocation of limited resources. Sign up today for these stimulating lectures that bring microeconomics to life.