Welcome to 'Basics of Microeconomics : Theory of Producer Behavior'
In this course , you will understand how a producer :
1) Maximizes his profit
2) Decides what to produce and how much to produce
3) Decides what all inputs to use and in what proportion
In this course, we will discuss the following:
What is microeconomics?
What is the difference between fixed factors of production and variable factors of production?
How do we differentiate between short run and long run?
How is the meaning of cost in economics different from meaning of cost in accountancy?
What is the difference between fixed cost and variable cost?
What do we mean by Perfect competition and Monopoly market type?
What is the difference in the behavior of revenue curves in these two market types?
How does a monopoly or perfectly competitive firm decides how much to produce to maximize his profit?
Some concepts that we will use while discussing the topics mentioned above -
Production Function, Returns to a factor, Law of variable proportions, Total cost, Marginal Cost, Average Cost, Total Product, Marginal Product, Average Product, Total Revenue, Marginal Revenue, Average Revenue.
This course has 16 video lectures and 1 hour of content.
How will this course benefit you?
If you are an economics student - This will help you in gaining better clarity of concepts.
If you are someone who has a desire to learn economics - This course is the first step that you need to take to fulfill your desire, it starts from the scratch and covers all the concepts in detail.
All that said, if you would like to discuss something while you are learning, please feel free to start a discussion or PM me.
Lets get started..!