Consumer Choice

Overview

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This course provides the essential tools to analyze consumer behavior and a firm's production strategy. You will learn to apply marginal utility theory to explain consumer choices and derive demand curves, while also calculating the explicit and implicit costs that drive a firm's output decisions. Mastering these core microeconomic concepts will empower you to understand how prices are determined and how businesses model profitability.

Syllabus

Consumer Choice

In this course, we will learn about consumer decision-making and market forces. It kicks off by examining the factors that shape budget constraints and defining the limits of consumer choices. You will then grasp the concept of deriving marginal revenue from total revenue, gaining insights into the nuances of firms' incomes. The course further delves into production aspects, covering average and marginal products, as well as increasing and decreasing returns. Finally, it provides an in-depth analysis of various costs, such as average, marginal, total, explicit, and implicit costs, explaining their direct impact on pricing and profitability.