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Microeconomics: Supply, Demand, and Equilibrium

Learn about supply, demand, and taxes and how they impact the economy with this free online microeconomics course.

Publisher: Marginal Revolution University
Learn how every economy is driven by the supply of goods and services, how prices help co-ordinate market activity, and how consumers respond to changes in price. You will also study the relationship between price and supply, examine the elasticity of supply and demand, and gain a stronger understanding of the essential subjects of taxes and subsidies.
Microeconomics: Supply, Demand, and Equilibrium
  • Duration

    1.5-3 Hours
  • Students

  • Accreditation


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This online course introduces you to microeconomics where you will learn how individuals and businesses impact the economy. You will study the principles of microeconomics and important factors that shift the demand and supply curves. Then look into the relationship between price and quantity supplied and learn 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.

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