Description

In this class, you will tackle some big questions: What is value? What is the role of markets in creating value? How do prices guide the behavior of companies and individuals? The answers will give you insights into the role of business in a free enterprise economy and the conditions under which markets serve people’s interests. Along the way, we’ll be pulling out important insights for managerial practice, and we’ll liven things up with examples from Professor Schaefer’s Roadside MBA Project.

Content

  • Willingness to Pay
  • Value, Customer Surplus, and Producer Surplus
  • Competitive Markets
  • Monopoly and Monopsony Markets
  • Oligopoly and Oligopsony Markets
  • Heterogeneous Preferences and Demand Curves
  • Diseconomies of Scale and Supply
  • Scarcity: When the Supply Curve Shifts
  • Excess Demand to New Equilibrium

Impact

This class is designed for anyone who wants to understand different types of markets and how to appropriately price products in those markets. It will especially benefit leaders who need to develop their knowledge of economics to better lead in their organization or team.

Personal Impact

  • Recognize and create value

  • Identify market structures

  • Understand how prices guide decisions