These short podcasts are summaries of the microeconomic topics I teach in my Managerial Economics course at the Olin Business School at Washington University in St. Louis.
This introductory episode explains the basic principles upon which microeconomics is based. Hosted on Acast. See acast.com/privacy for more information.
How can firms overcome the challenges of aligning incentives within the organization?
These two models of asymmetric information occur before the economic relationship (adverse selection) or after the contract is signed (moral hazard).
The quantity-choice oligopoly games are Cournot (simultaneous) and Stackelberg (sequential).
What are oligopolies, how are they regulated, and what is the Bertrand pricing model?
Sequential games and how to solve them are explained.
This covers the principles of game theory, and explores the simultaneous move games (like Prisoner's Dilemma).
Two pricing strategies firms can use to increase revenue are two-part tariffs (a fixed fee plus a per-unit charge) and bundling (selling two different products/services together in a package).
How do monopolists set their optimal price, and how can firms increase their profits by charging different prices to different customers for the same product or service?
Why is the competitive firm's supply curve equal to the marginal cost curve, and why do firms earn zero profits in the long run?
What is the rule for how much a firm should produce if they want to maximize profits?
How does a monopolist trade off changes in revenue from existing customers and the changes from new or lost customers?
What happens when input prices or quantity targets change, and what are the differences between total, variable and fixed costs?
Variable and fixed costs affect which is the optimal combination of inputs the firm should use to produce its products and services.
Economic concepts of production technology are explored in this episode.
The second set of government interventions are the price and quantity restrictions.
How do taxes affect the competitive equilibrium, and how are subsidies related to taxes?
This episode discusses the supply-demand framework and how the competitive market results in the most surplus in the market.
Why does the supply curve slope up, and what are the factors that affect the supply curve?
The demand curve concepts of consumer surplus and elasticity are explored in more detail.
Why does the demand curve slope down, and how do changes in the economy affect the demand curve?
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