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Theory of the Firm – A Microeconomics Course for Business
An Economics Course Every Business Person and Entrepreneur Should Take - Learn the Theory of Properly Pricing a Product!
A Love of Economics that I Hope is Contagious!
A Thorough Understanding of How to Price a Good or Service in the Market Place
A Thorough Understanding of the Market Structures of Monopoly, Oligopoly, Perfect Competition and Monopolistic Competition
A Thorough Understanding of the Relationship Between, Costs of Production, Revenue, and Profit
A Thorough Understanding of the Power of the Market Structure on Effective Pricing Strategies
A Thorough Understanding of the Theory Behind Boardroom Pricing Decisions of Successful Firms Around the World!
Managerial Economics, also known as Theory of the Firm, is a course I like to call “Micro-Microeconomics”. It is a course that looks at what happens in boardrooms and small businesses all around the world when business owners decide on the price of their products. It’s fascinating and complex and simple! Yes, it is all of those things and is heavily dependent on the Market Structure in which the firm functions. Therefore, this is a perfect course for anyone interested in business, whether it be your own small business or wrk a multinational corporation for which you were–the pricing decisions are the same! It’s really cool.
Complete with over 60+ video lessons and downloadable notes, the course covers:
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An Introduction to the Theory of the Firm
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Costs Theory and what it means for the pricing of a product
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Revenue Theory and with it means for the pricing of a product
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Profit Theory and what it means for the pricing of a product
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And then – the combination fo the all three to find the perfect price for a product
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The Market Structures of…
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Perfect Competition
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Monopoly
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Monopolistic Competition
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Oligopoly
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The magic of finding the perfect price for a product based on the Market Structure in which the firm operates
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And a love of Economics that I hope is contagious!
I teach Economics because it fascinates me. Because it is the study of human behavior. Economics isn’t about data and graphs and problem sets. It is the study of people and their story and their history and the forces of society that we are born into. It provides us with an understanding of ourselves. It is not hyperbole to say that a thorough understanding of economics enables us to better understand the human condition.
As a former Peace Corps Volunteer, a graduate of Duke University, and someone who has been fortunate enough to have traveled to over 55 countries around world, you will see how those experiences shape my teachings of Economics. Economics is the study of human behavior; and it is as a result of that behavior that economists have something to put into data charts and diagrams to study. Don’t ever forget that!
I am looking forward to being a part of your studies if Macroeconomics!
Unit 2: Introduction to Costs, Revenue, and Profit Theory
Unit 3: Costs Theory
Unit 4: Revenue Theory
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3
Lesson 1: Introduction to Costs Theory -
4
Lesson 2: The Short-Run and The Long-Run
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5
Lesson 3: Total Product, Marginal Product, and Average Product
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6
Lesson 4: The Law of Diminishing Returns
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7
Lesson 5: Economic Costs (Implicit and Explicit)
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8
Lesson 6: Total Cost, Marginal Cost, and Average Cost
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9
Lesson 7: Short-Run Costs and Diagrams
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10
Lesson 8: Long-Run Costs
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11
Closing Remarks: Costs Theory
Unit 5: Profit Theory
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12
Lesson 1: Introduction to Revenue Theory
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13
Lesson 2: Total Revenue, Marginal Revenue, and Average Revenue
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14
Lesson 3: Revenue Curves in Perfect Competition ("Price Takers" Market Structur
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15
Lesson 4: Revenue Curves in Monopoly, Monopolistic Competition, and Oligopoly
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16
Closing Remarks: Revenue Theory
Unit 6: Perfect Competition
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17
Lesson 1: Introduction to Profit Theory
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18
Lesson 2: Economic Profit, Abnormal Profit, Normal Profit, and Negative Profit
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19
Lesson 3: The Shut-Down Price
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20
Lesson 4: The Shut-Down Price on a Diagram
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21
Lesson 5: The Break-Even Price
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22
Lesson 6: The Profit-Maximizing Level of Output
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23
Lesson 7: Showing Profit in Perfect Competition ("Price-Takers" Market Structur
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24
Lesson 8: Showing Profit in Monopoly, Monopolistic Competition, and Oligopoly
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25
Lesson 9: Other Motives Besides Profit Maximization
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26
Closing Remarks: Profit Theory
Unit 7: Monopoly
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27
Lesson 1: Introduction to Perfect Competition Market Structure
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28
Lesson 2: The Revenue Curves in Perfect Competition
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29
Lesson 3: The Profit Maximizing Level of Output in Perfect Competition
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30
Lesson 4: Abnormal Profit in Perfect Competition
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31
Lesson 5: Negative Profit (Loss) in Perfect Competition
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32
Lesson 6: Normal Profit in Perfect Competition
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33
Lesson 7: Productive Efficiency in Perfect Competition
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34
Lesson 8: Allocative Efficiency in Perfect Competition
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35
Lesson 9: The Long-Run in Perfect Competition
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36
Lesson 10: Productive and Allocative Efficiency in the Long-Run
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37
Closing Remarks: Perfect Competition
Unit 8: Monopolistic Competition
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38
Lesson 1: Introduction to Monopoly
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39
Lesson 2: Sources of Monopolistic Power
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40
Lesson 3: The Profit-Maximizing Level of Output in Monopoly
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41
Lesson 4: Abnormal Profit, Normal Profit, and Negative Profit (Loss) in Monopol
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42
Lesson 5: Revenue Maximization in Monopoly
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43
Lesson 6: Productive and Allocative Efficiency in Monopoly
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44
Lesson 7: Comparison: Monopoly and Perfect Competition
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45
Closing Remarks: Monopoly
Unit 9: Oligopoly
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46
Lesson 1: Introduction to Monopolistic Competition
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47
Lesson 2: Abnormal Profit, Normal Profit, and Negative Profit (Loss)
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48
Lesson 3: Long-Run Equilibrium in Monopolistic Competition
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49
Lesson 4: Productive and Allocative Efficiency in Monopolistic Competition
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50
Lesson 5: Comparison: Monopolistic Competition vs. Perfect Competition
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51
Closing Remarks: Monopolistic Competition
Unit 10: Price Discrimination
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52
Lesson 1: Introduction to Oligopoly
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53
Lesson 2: The Concentration Ratio
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54
Lesson 3: Abnormal Profit, Normal Profit, Negative Profit (Loss) in Oligopoly
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55
Lesson 4: Collusive vs. Non-Collusive Behavior
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56
Lesson 5: Game Theory
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57
Lesson 6: The Kinked Demand Curve
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58
Lesson 7: Non-Price Competition in Oligopoly
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59
Closing Remarks: Oligopoly
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