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Economics: Competition, Elasticity, a little Game Theory

Created by Loony Corn | Video: h264, 1280x720 | Audio: AAC 48KHz 2ch | Duration: 06:01 H/M | Lec: 42 | 2.28 GB | Language: English | Sub: English [Auto-generated]

This is a zoom-in, zoom-out, connect-the-dots tour of Game Theory, Competition and the Elasticity of Demand andSupply.

Apply Game Theory to decide whether to be adversarial or co-operative in real-life situations
Determine how best to price products or services that you are selling
Decide the kind of cost structure a firm or enterprise should have, relative to its competitive landscape
Model demand, supply and the effects of income, government regulations and technology
This course assumes no prior knowledge of economics, finance or accounting

Let's parse that
'connect the dots': Economics is deep - even the simplest concepts in Micro-Econ 101 are missed by leaders in business and politics, and commit basic errors in judgment. This course makes sure that won't happen to you.
'zoom in': Getting the details is very important in economics - you really have to understand the nitty-gritty of graphs and intersecting curves and lines. There is a lot of meaning in those details
'zoom out': The real value of economics, particularly microeconomics, is in taking seemingly over-simplified models, and then applying insights from those over-simplified models to the world at large. This course makes sure you can go from the specific to the general.
What's Covered:
Game Theory: Discounting and price wars, Prisoner's dilemma and nuclear arms races, Winner-takes-all games and the commercialization of sport.
Competition: Perfect competition, monopoly and monopolistic competition
Firm Costs: The deep meaning underlying total and marginal costs, and the least-cost principle
Utility and Consumer Equilibrium: Indifference curves, and relating price and value. Income effects, and deriving Demand curves from indifference curves
Applications of Elasticity: Modeling taxes, the troublesome economics of agriculture, minimum wages.
Elasticity, Demand and Supply: Defining and using elasticity. Linear Demand Curves and a neat trick. Demand and Supply demystified.
Yep! Business majors and aspiring MBAs
Yep! Finance professionals who are rusty on economics, and its role in how firms compete and operate
Yep! Strategy professionals looking for a theoretical grounding in concepts like game theory and elasticity
Yep! Aspiring entrepreneurs eager to understand how to react to competition
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Tags: economics, competition, elasticity, little, theory

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