University of Illinois Urbana Champaign - Microeconomics Principles 

Microeconomic Principles at a Glance

Syllabus

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Orientation Quiz

1.1. Welcome to Principles of Microeconomics

2.1. What is Economics?

2.2. Opportunity Costs

2.3. Net Marginal Benefit Principle

2.4. The Invisible Hand Principle

2.5. Trade

Week 1 Overview

Week 1 Quiz

1.1. What is a Market?

1.2. The Market for Romantic Relationships

2.1. The Determinants of Demand

2.2. The Demand Function, Schedule, and Curve

2.3. Introducing Comparative Statistics: Changes in the Price

2.4. A Change in Demand, Part 1

2.5. A Change in Demand, Part 2

3.1. The Determinants of Supply

3.2. The Supply Equation, Schedule, and Curve

3.3. Price of an Input Changes

3.4. A Change in Technology

4.1. Supply Surplus, Supply Shortage, and Equilibrium Price

5.1. Changes in Demand: Price of Related Goods

5.2. Changes in Demand: Consumer Preferences

5.3. A Change in Supply

5.4. Simultaneous Change in Supply and Demand

6.1. Demand and Supply Conclusion

Week 2 Overview

Week 2 Quiz

1.1. Do We Need Silly Products?

2.1. What is Consumer Surplus?

2.2. Consumer Surplus and the Demand Curve

3.1. What is Producer Surplus?

3.2. Producer Surplus and the Supply Curve

4.1. Total Surplus: The Graphical Argument for Free Markets

5.1. Price Ceilings

5.2. Price Floors

6.1. Could We Reduce the Shortage of Human Organs?

6.2. Application: Playoff Tickets and Scalping Laws

Week 3 Overview

Week 3 Quiz

1.1. Introduction to Elasticity

2.1. Definition and Classifying Price Elasticities of Demand

2.2. Price Elasticity of Demand and Revenue

2.3. Determinants of Price Elasticity of Demand

2.4. Price Elasticities of Demand and the Linear Demand Curve

3.1. Income Elasticity of Demand

3.2. Cross-Price Elasticity of Demand

4.1. Definition of Price Elasticity of Supply

4.2. Determinants of Price Elasticity of Supply

5.1. Introduction to Per-Unit Taxes

5.2. The Distributional Effects of Tax

5.3. Taxes and Surplus

6.1. Should Black Dog Increase the Price of Their Sandwiches?

6.2. Other Applications of Price Elasticity

Week 4 Overview

Week 4 Quiz

1.1. Introduction to Production

2.1. Demonstration: The Production of Tennis Balls

2.2. The Production Process at a Glance

2.3. A Numerical Example: Cooks in the Kitchen

3.1. Fixed, Variable, and Total Costs

3.2. Marginal Costs

3.3. Cost Curves

4.1. Back to Black Dog

4.2. Applications

Week 5 Overview

Week 5 Quiz

1.1. Introduction to Competitive Output

2.1. The Maximizing Profit Assumption

2.2. The Profit Equation

2.3. The Profit Maximizing Rule

3.1. Perfect Competition

4.1. The Short-run Decision

4.2. Long-run Competitive Output

4.3. Using the Long-run Equilibrium Model

4.4. The Long-run Supply Curve

5.1. Conclusion to Competitive Output

Week 6 Overview

Week 6 Quiz

1.1. Pricing with Market Power: An Introduction

2.1. Market Structures With Pricing Power

2.2. Sources of Market Power

3.1. When Marginal Revenue is Less than Price

3.2. Marginal Revenue and the Price Elasticity of Demand

4.1. Perfect Price Discrimination

4.2. Imperfect Price Discrimination

4.3. Other Pricing Strategies

5.1. The Social Cost of Market Power

6.1. Pricing with Market Power: Conclusion

Week 7 Overview

Week 7 Quiz

1.1. Introduction to Public Goods, Common Resources, and Externalities

2.1. How to Classify Goods

2.2. What Type of Good is This?

3.1. The Public Goods Game

3.2. Public Goods

3.3. Solving the Free Rider

4.1. The Tragedy of the Commons

4.2. How to Deal with the Tragedy of the Commons

5.1. Negative Externalities

5.2. Positive Externalities

5.3. Private Solutions

5.4. Governmental Solutions

6.1. Conclusion to Public Goods, Common Resources, and Externalities

Week 8 Overview

Week 8 Quiz