Microeconomics: The Consumer
Learn about the role the consumer plays in the structure of the economy with the help of this microeconomics course.
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First, you will be introduced to the concept of price discrimination. You will learn the meaning of perfect price discrimination and look into tying and bundling. You will study the marginal product of labor, human capital, and unions. You will learn that unions can be useful in protecting workers and maintaining good employee relationships. The course will also discuss how work stoppages and strikes can slow down economic growth.
You will then study public goods. You will learn the difference between free riders and forced riders as well as the meaning of tragedy of the commons. You will also look into the theory of adverse selection, asymmetric information, and propitious selection as well as learn how to reduce the occurrence of moral hazard. The course will also discuss the concepts of consumption, utility, budget line, substitution, and indifference curve.
This course is the last in a series of four courses on Microeconomics. If you have finished studying the Microeconomics: Supply, Demand, and Equilibrium, the Microeconomics: Price and Trade, and the Microeconomics: Competition in the Marketplace, this course will wrap up your journey in our microeconomics series. By taking these courses, you will significantly improve your understanding of the economy in such a way that will allow you to boost your business in no time. Check out the course today, and learn something powerful.Start Course Now
After completing this course, you will be able to:
- Explain price discrimination and discuss how price discrimination can help or hurt social welfare.
- Define and discuss tying and bundling.
- Discuss the marginal product of labor.
- Discuss how unions can either lower or raise wages.
- Differentiate between non-rival, non-excludable, rival, and excludable goods and resources.
- Define public, club, and common goods.
- Discuss free and forced riders.
- Define adverse selection and asymmetrical information.
- Define moral hazard discuss ways that moral hazard can be avoid.
- Define consumption, utility, and substitution.
- Explain the marginal rate of substitution and describe the indifference curve.
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