Microeconomics: Price Setting, Cost Analysis, and Market Markup

Do you want to understand the fundamental economic forces that drive business decisions and market behavior? This course provides a practical, foundational understanding of microeconomic principles, enabling you to analyze how consumers make choices, how firms manage production costs, and how prices are established in various market structures. What you'll learn: * Understand core microeconomic terminology, including supply, demand, elasticity, and market equilibrium. * Analyze production costs by calculating fixed costs, variable costs, total costs, and marginal cost. * Apply marginal analysis to determine optimal output levels that maximize profit for a firm. * Calculate and interpret key metrics like percentage markup, total revenue, and profit in different competitive environments. * Practice using foundational economic models to predict market responses to changes in costs or policy. We begin by defining foundational concepts and move progressively into detailed analysis of consumer behavior and producer theory. The final sections focus on applying cost and pricing models to practical business scenarios and market analysis. This course is designed for absolute beginners in economics, business, or public policy who need a solid, non-mathematically intensive foundation in microeconomic theory. No prior economic knowledge is required. Start reading today to build your essential economic toolkit.