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14.01 Principles of Microeconomics | Economics

This introductory course teaches the fundamentals of microeconomics. Topics include consumer theory, producer theory, the behavior of firms, market equilibrium, monopoly, and the role of the government in the economy. 14.01 is a Humanities, Arts, and Social Sciences (HASS) elective and is offered both terms. This course is a core subject in MIT's undergraduate Energy Studies Minor. This Institute-wide program complements the deep expertise...

Keywords:: short run, microeconomics, game theory, contract curves, analysis, bundling, demand, returns to scale, indifference curves, risk premium, interior solutions, agricultural price support, Irish potato famine, market demand, producer theory, individual demand, peak-load pricing, Edgeworth Box, exchange economy, insurance, production possibilities frontier, price elasticity of demand, Bertrand, cross price elasticity of demand, profit maximization, uncertainty, production functions, consumer behavior, consumer surplus, general equilibrium, utility possibilities frontier, price regulation, price elasticity of supply, marginal rate of substitution, monopolistic competition, economic measurement, revealed preferences, income effect, efficiency, long run, Stackelberg, government interventions, Engle curves, tax, monopsony, oligopoly, producer surplus, market, Giffen goods, corner solutions, diversification, consumer preference, Microeconomics, equilibrium, social cost, substitution effect, subsidy, price discrimination, learning, Prisoner's Dilemma, utility functions, multiplant firm, supply, optimization, two-part tariffs, budget constraints, cost functions, economies of scope, monopoly, Cournot, preference toward risk, network externalities, allocation, economies of scale, income elasticity of demand

Disciplines:

Business / Economics

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Material Type:: Online Course
Date Added to MERLOT:: May 12, 2016
Date Modified in MERLOT:: October 30, 2020
Author:: Wheaton, William
Submitter:: Barbra Bied Sperling

Primary Audience:: College General Ed, College Lower Division, College Upper Division
Technical Format:: Website
Mobile Compatibility:: Not specified at this time
Language:: English
Cost Involved:: No
Source Code Available:: No
Accessibility Information Available:: No
Creative Commons:: This work is licensed under a Attribution-NonCommercial-ShareAlike 4.0 International