Tom is currently a Senior Lecturer in the department of Policy Analysis and Management. Prior to Cornell, Tom worked as a Lecturer in the department of economics at the University of Chicago, and held various manufacturing positions in Canada, New York, and South Carolina.
While a thorough understanding of supply and demand is essential in microeconomics, you also need to delve into the factors that determine price and how the markets reach levels of equilibrium.
In this course, you will examine what determines equilibrium price and quantity, gains from trade, and how changes in the supply and demand ceteris paribus conditions affect equilibrium price and quantity. You will explore critical questions related to government intervention in markets, and finally, tie these concepts into an overarching graded course project in which you will apply the lessons to relevant concerns facing your industry or organization. This course prepares you to not only understand the relationship between the factors affecting equilibrium price and quantity, but also apply these factors to your decision making for your organization.
You are required to have completed the following course or have equivalent experience before taking this course:
- Examining Scarcity and Opportunity Cost
Key Course Takeaways
- Define and analyze equilibrium
- Examine what determines equilibrium price and quantity
- Examine government interventions in markets and how they impact your organization
- Explore the impacts of changes in supply and demand on the price and equilibrium points of your industry
- Identify close substitutes to your industry and predict how they might affect your organization
- Consider how technological advances in your industry affect your organization
Download a BrochureNot ready to enroll but want to learn more? Download the course brochure to review program details.
How It Works
Who Should Enroll
- New, emerging, and experienced leaders
- Individuals seeking to expand their business management skills
- Analysts and researchers