Revision of Chapter 15:Monopoly, Principles of Microeconomics, N. Gregory Mankiw.
Have you spent hours playing Monopoly board game? Interested how monopiles work in real life?
This free online crash course discusses what are Monopolies and why they arise. Additionally, it covers how Monopolies make production and pricing decisions. Throughout the course we will discuss the profit maximization and the welfare cost of monopiles (negative effects of monopolies). Finally, the course will also touch upon the concept of price discriminations and how monopolies can use it to maximize their profits.
This crash course covers:
Why Monopolies Arise?
Monopoly Resources
Government-Created Monopolies
Natural Monopolies
How Monopolies Make Production and Pricing Decisions
Monopoly versus Competition
A Monopoly's Revenue
Profit Maximization
A Monopoly's profit
The Welfare Cost of Monopolies
The Deadweight Loss
The Monopoly's Profit: A Social Cost?
Price Discrimination
The Analytics of Price Discrimination
This course is part of ECON 121 Principles of Microeconomics free online course. This course examines basic principles of microeconomics including core elements of supply and demand, opportunity cost, market equilibrium, elasticity, and income distribution.
Course Materials:
Principles of Microeconomics (6th or newer edition, South-Western Cengage Learning) by N. Gregory Mankiw (Previous or subsequent editions can be consulted too, though cases and examples considered will be from 6th edition.)
Materials Used:
Music: www.bensound.com