Principles of Microeconomics

Massachusetts Institute of Technology via MIT OpenCourseWare

Overview

This introductory undergraduate course covers the fundamentals of microeconomics. Topics include supply and demand, market equilibrium, consumer theory, production and the behavior of firms, monopoly, oligopoly, welfare economics, public goods, and externalities. **Chalk Radio Podcast** Prof. Jonathan Gruber was featured in an episode of OpenCourseWare's podcast, [Chalk Radio](https://chalk-radio.simplecast.com/). In the episode "Thinking Like an Economist," Prof. Gruber talks about how he engages students in 14.01 with accessible real world examples. Listen to the episode on [Apple Podcasts](https://podcasts.apple.com/us/podcast/chalk-radio/id1497545103). **MITx Online Version** This course is part of the Micromaster’s Program in Data, Economics, and Design of Policy through MITx Online. The course is entirely free to audit, though learners have the option to pay a fee, which is based on the learner's ability to pay, to take the proctored exam, and earn a course certificate. To access the course, create an MITx Online account and enroll in the course [14.100x Microeconomics](https://mitxonline.mit.edu/courses/course-v1:MITxT+14.100x/?utm_medium=ocw-website&utm_source=ocw-website&utm_campaign=dedp&utm_content=ocw-page-microeconomics).

Syllabus

1. Introduction and Supply & Demand.
2. Preferences and Utility Functions.
3. Budget Constraints and Constrained Choice.
4. Demand Curves and Income/Substitution Effects.
5. Production Theory.
6. Costs.
7. Competition I.
8. Competition II.
9. Supply and Demand & Consumer/Producer Surplus.
10. Welfare Economics.
11. Monopoly I.
12. Monopoly II.
13. Oligopoly.
14. Oligopoly II.
15. Input Markets I—Labor Market.
16. Input Markets II—Labor and Capital.
17. Making Choices Over Time.
18. Increasing Savings & Introduction to Trade.
19. International Trade: Welfare and Policy.
20. Uncertainty.
21. Efficiency and Equity.
22. Government Redistribution and Taxation.
23. Market Failures I: Externalities.
23. Market Failures I: Externalities.
24. Market Failures II: Informational Asymmetry.
25. Health Economics.

Taught by

Prof. Jonathan Gruber

Reviews

4.9 rating, based on 9 Class Central reviews

Start your review of Principles of Microeconomics

Muhammad Tariq Khan @mtkhan006

Completing the "Principles of Microeconomics (Fall 2018)" course was a highly informative and engaging experience. The course material was well-organized, and the instructor's teaching style made complex economic concepts easy to comprehend. It deepened my understanding of microeconomics and its practical applications. I highly recommend this course to anyone interested in the subject.
Khaled Lachheb

I had the privilege of taking this course because it allowed me to understand the fundamental aspects of microeconomics. I would advise anyone wishing to learn about microeconomics to take this course.
S.Nandhini S

This course is useful and improve my knowledge. I have learned principles of micro economics in deeply. I like this course and explain also . Thank you for this course
Jeeva

I found the course material helpful and the workload manageable Overall, I would recommend this course to others
Daksh Khandelwal

Are you curious about how markets work? Do you want to understand the forces that shape prices and influence consumer decisions? If so, then the MIT OpenCourseWare (OCW) "Principles of Microeconomics" (Fall 2018) course might be the perfect place to…

Are you curious about how markets work? Do you want to understand the forces that shape prices and influence consumer decisions? If so, then the MIT OpenCourseWare (OCW) "Principles of Microeconomics" (Fall 2018) course might be the perfect place to start your journey.

Solid Foundation: This MIT offering provides a comprehensive introduction to microeconomic concepts. From supply and demand to market structures and game theory, the course covers a broad range of topics, equipping you with a strong foundational knowledge.

Clear Explanations: The course materials are well-structured and easy to follow. Engaging video lectures by MIT professors, accompanied by clear slides and illustrative examples, make grasping complex concepts more manageable.
Snehil Makwana

leave you more than 100 Phrases of thanks And words to thank friends, family, siblings, spouses, wives, boyfriends, girlfriends, grandparents and in general any kind of person. They are words, thoughts, messages and reflections that you can use at any time.

Giving thanks is always important to feel good about yourself and of course for the other person. You will build better relationships and you will feel more happiness.
Shlok Jain

I would recommend this course to everyone because it really helps you understand the Microeconomics deeply. This course has given me a lot of knowledge about how the markets work and how our government plays a very important role in supporting the economy of a country. This course is good for students who want to pursue economics or learn about how a country's economy works.
Muhammad Saad Khan

A study guide to help make sure you don’t miss any important concepts when you start your review of microeconomics. Although there are a lot fewer mathematical calculations required for the Advanced Placement Microeconomics exam, a few are guarante…

A study guide to help make sure you don’t miss any important concepts when you start your review of microeconomics.

Although there are a lot fewer mathematical calculations required for the Advanced Placement Microeconomics exam, a few are guaranteed to show up. Make sure you have all of these formulas memorized and know how to apply them.

There are a lot of Microeconomics graphs to know by test day. Here you will find an overview of the 18 graphs most likely to show up. Remember that you should think about and/or sketch out a graph to answer every question where a graph applies.

An overview of Opportunity Cost, Economic Profit vs Accounting Profit, Total Revenue vs Marginal Revenue along with Total Costs, Average Costs, and Marginal Cost.
Muhammad Ahmad Mazher

From basic to higher level of economic course.. its really wonderful course and I had learned a lot from this course. More a need to introduce the econometrics basic to master level course for economic researchers and analysts.