Market Equilibrium, Government Policy & Elasticity

Seize the savings! Get 40% off 3 months of Coursera Plus and full access to thousands of courses.

Market Equilibrium, Government Policy & Elasticity

This course is part of Microeconomics Principles Specialization

Instructor: Dr. José J. Vázquez-Cognet

5,433 already enrolled

Included with

Learn more

2 modules

Gain insight into a topic and learn the fundamentals.

36 reviews

Beginner level

Recommended experience

6 hours to complete

Flexible schedule

Learn at your own pace

2 modules

Gain insight into a topic and learn the fundamentals.

36 reviews

Beginner level

Recommended experience

6 hours to complete

Flexible schedule

Learn at your own pace

What you'll learn

Surplus & Social Welfare: Applying the concept of surplus to measure the welfare of an economy and use the supply and demand model to illustrate it
Impact of Government Interventions: Understand how government interventions (eg. price controls) impact social welfare using model of supply & demand
Price Elasticity of Demand: Learn how to classify goods based on their price elasticity of demand & predict how changes in price might affect revenue
Analysis of Tax Implications: Use the price elasticity of demand concept to determine the distributional and welfare effects of an excise tax

Skills you'll gain

Details to know

Shareable certificate

Add to your LinkedIn profile

Assessments

2 assignments

Taught in English

See how employees at top companies are mastering in-demand skills

Learn more about Coursera for Business

logos of Petrobras, TATA, Danone, Capgemini, P&G and L'Oreal

Build your subject-matter expertise

This course is part of the Microeconomics Principles Specialization

When you enroll in this course, you'll also be enrolled in this Specialization.

Learn new concepts from industry experts
Gain a foundational understanding of a subject or tool
Develop job-relevant skills with hands-on projects
Earn a shareable career certificate

There are 2 modules in this course

Most people make the incorrect assumption that economics is ONLY the study of money. My primary goal in this course is to shatter this belief. During this course, we will be addressing the above questions as well as many more relating to:

-the environment -love and marriage -crime -labor markets -education -politics -sports -business My main goal is to show you the way economists think and how to use this analytical system to answer questions related not only to these and other important human issues but to anything you end up doing with your life after this class. After all, as you will quickly find out, I believe that everything is economics!

Welcome! Last course we introduced the supply and demand model to explain how free markets work. One of the main concepts we learned about free markets was that they tend to gravitate toward an “equilibrium” price and quantity. This module we will use the same conceptual model to answer one important question: Are free markets the best way to distribute society’s resources?

What's included

10 videos1 reading1 assignment1 discussion prompt

10 videos Total 67 minutes

1.1. Do We Need Silly Products? 8 minutes
2.1. What is Consumer Surplus? 8 minutes
2.2. Consumer Surplus and the Demand Curve 3 minutes
3.1. What is Producer Surplus? 4 minutes
3.2. Producer Surplus and the Supply Curve 3 minutes
4.1. Total Surplus: The Graphical Argument for Free Markets 9 minutes
5.1. Price Ceilings 9 minutes
5.2. Price Floors 11 minutes
6.1. Could We Reduce the Shortage of Human Organs? 8 minutes
6.2. Application: Playoff Tickets and Scalping Laws 3 minutes

1 reading Total 15 minutes

Week 3 Overview 15 minutes

1 assignment Total 30 minutes

Week 3 Quiz 30 minutes

1 discussion prompt Total 60 minutes

Week 3 Discussion Questions 60 minutes

Welcome! This module we will cover one of my favorite economics concepts: elasticity. It is one of my favorites because of how useful it is to analyze policy implications, as well as its usefulness for business managers. This will be obvious to you when you read one of the discussion topics for this module: Should we legalize marijuana?

What's included

14 videos1 reading1 assignment1 discussion prompt

14 videos Total 89 minutes

1.1. Introduction to Elasticity 5 minutes
2.1. Definition and Classifying Price Elasticities of Demand 10 minutes
2.2. Price Elasticity of Demand and Revenue 5 minutes
2.3. Determinants of Price Elasticity of Demand 11 minutes
2.4. Price Elasticities of Demand and the Linear Demand Curve 6 minutes
3.1. Income Elasticity of Demand 6 minutes
3.2. Cross-Price Elasticity of Demand 8 minutes
4.1. Definition of Price Elasticity of Supply 3 minutes
4.2. Determinants of Price Elasticity of Supply 3 minutes
5.1. Introduction to Per-Unit Taxes 5 minutes
5.2. The Distributional Effects of Tax 13 minutes
5.3. Taxes and Surplus 4 minutes
6.1. Should Black Dog Increase the Price of Their Sandwiches? 3 minutes
6.2. Other Applications of Price Elasticity 9 minutes

1 reading Total 15 minutes

Week 4 Overview 15 minutes

1 assignment Total 30 minutes

Week 4 Quiz 30 minutes

1 discussion prompt Total 60 minutes

Week 4 Discussion Questions 60 minutes

Earn a career certificate

Add this credential to your LinkedIn profile, resume, or CV. Share it on social media and in your performance review.

Instructor

Instructor ratings

(5 ratings)

Dr. José J. Vázquez-Cognet

University of Illinois Urbana-Champaign

4 Courses 203,103 learners

Offered by

University of Illinois Urbana-Champaign

Explore more from Economics

Status: Free Trial
Rice University
Principles of Economics: Introduction - Getting to Know You
Course
Status: Free
Parsons School of Design, The New School
Economics: Society, Markets, and [In]equality
Course
Status: Preview
O.P. Jindal Global University
Business Economics
Course
Status: Free Trial
IE Business School
Understanding economic policymaking
Course

Why people choose Coursera for their career

Felipe M.

Learner since 2018

"To be able to take courses at my own pace and rhythm has been an amazing experience. I can learn whenever it fits my schedule and mood."

Jennifer J.

Learner since 2020

"I directly applied the concepts and skills I learned from my courses to an exciting new project at work."

Larry W.

Learner since 2021

"When I need courses on topics that my university doesn't offer, Coursera is one of the best places to go."

Chaitanya A.

"Learning isn't just about being better at your job: it's so much more than that. Coursera allows me to learn without limits."

Learner reviews

5 stars
94.44%
4 stars
5.55%
3 stars
0%
2 stars
0%
1 star
0%

Showing 3 of 36

Reviewed on Dec 24, 2024

Dr Cognet is an amazing professor, by far the best professor. I have done 16 courses from coursera and I am saying for the first time. Brilliant professor.

View more reviews

Open new doors with Coursera Plus

Unlimited access to 10,000+ world-class courses, hands-on projects, and job-ready certificate programs - all included in your subscription

Learn more

Advance your career with an online degree

Earn a degree from world-class universities - 100% online

Explore degrees

Join over 3,400 global companies that choose Coursera for Business

Upskill your employees to excel in the digital economy

Learn more

Frequently asked questions

To access the course materials, assignments and to earn a Certificate, you will need to purchase the Certificate experience when you enroll in a course. You can try a Free Trial instead, or apply for Financial Aid. The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.

When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile.

Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.