In order to maximize profits, firms must ensure that any given output level is produced at least cost and then select the price-output combination that results in total revenue exceeding total cost by the greatest amount possible. With this in mind, this second module of the Power of Markets course addresses how firms can most effectively convert inputs into final output and then covers determining the best price-output combination for a firm and how this varies depending on whether the firm is operating in a perfectly competitive or imperfectly competitive market setting.
The Power of Markets II: Market Structure and Firm Behavior
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The Power of Markets II: Market Structure and Firm Behavior
Instructor: Mark Zupan
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4.7
(113 reviews)
Intermediate level
Some related experience required
7 hours to complete
3 weeks at 2 hours a week
Flexible schedule
Learn at your own pace
What you'll learn
Students will be able to explain how firms select price-output levels in order to maximize revenue.
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Assessments
4 assignments
Taught in English
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There are 4 modules in this course
The Production Process: How Firms Convert Inputs into Final Outputs.
What's included
8 videos1 assignment
How Firms Minimize the Cost of Producing Output.
What's included
9 videos1 assignment
How Firms Maximize Profits in Perfectly Competitive Markets.
What's included
10 videos1 assignment
The Sources and Uses of Monopoly Power.
What's included
10 videos1 assignment
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