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Microeconomics: The Consumer

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Learn about the role that you, the consumer, play in the structure of the economy.




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Have you ever wondered the role that you, the consumer, plays in the structure of the economy? As a matter of fact, it is an essential one. Learn about how everything from age to your education affect the prices you pay or the wages you earn.

First, learn about price discrimination. Is price discrimination good for society? Develop an opinion as you learn about the different outcomes of price discrimination.

Then, learn about the different factors that affect wages. Decide if education is simply signalling or if it is truly skill building and whether or not labor unions truly have a positive affect on workers wages. Furthermore, learn about why particular jobs may pay more than others.

Next, learn about the difference between public, private, and common goods. Learn about taxation and the creation of free and forced riders. Following this, learn about the danger of asymmetric information and moral hazard in the marketplace.

Lastly, learn about consumer choice. Learn how you determine that value of a good and at what point this value begins to diminish.

This course will be ideal for students studying economics, as a resource for teachers, or for anyone who wants to gain a better understanding of how the economy works.

PREREQUISITE:  Microeconomics: Supply, Demand, and Equilibrium;

                          Microeconomics: Price and Trade;

                          Microeconomics: Competition in the Marketplace.

This course is the fourth in a series of four courses on Microeconomics.

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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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