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.
Comparing Monopolies and CompetitionCornell Course
and Competition
Cornell CourseComparing Monopolies and Competition ()
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Course Overview
Imagine that a firm is the sole producer in a market, i.e., a monopolist. How does the monopolist behave? How does that behavior differ from the case of a firm in perfect competition? In this course, you will examine how the monopolist behaves. You will examine the cost structure that results in a natural monopoly and the choices that firms put into making pricing decisions in these contexts. Finally, you will analyze a model of monopolistic competition between firms and consider how they fight to reduce new firms from entering their industry. Throughout exploring these new definitions and models, you will work on a course project that will help contextualize these concepts into your life and work.
These courses are required to be completed prior to starting this course:
- Examining Scarcity and Opportunity Cost
- Analyzing Price and Equilibrium
- Conducting Market Analysis and Predicting Price
- Modeling Perfect Competition
Key Course Takeaways
- Examine how the monopolist behaves and how that behavior differs from the case of perfect competition
- Explore the phenomenon of returns to scale
- Leverage five types of non-linear pricing to learn the ways firms make decisions about pricing to maximize their profits
- Identify why the most serious threat to long run profits are new entrants into an industry
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Course Length
2 weeks
Effort
3-5 hours per week
Format
100% online, instructor-led
Course Author
Thomas Evans
Senior Lecturer
Cornell College of Human Ecology
Senior Lecturer, Cornell College of Human Ecology
Who Should Enroll
- New, emerging, and experienced leaders
- Individuals seeking to expand their business management skills
- Consultants
- Analysts and researchers
- Entrepreneurs
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