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Home Page :: Economics Training :: Basic Concepts in Microeconomics
Economics CD-Rom
Training Software: Part 2 (Basic Concepts in
Microeconomics)
Price: $179.00
Training Course ID:
48812
Training Course Description
/ Outline
Basic Concepts in Microeconomics
builds on the general principles introduced
in The Principles of Economics by introducing
the learner to microeconomic concepts and issues.
Such things as market behavior and decision-making,
consumer choice and preference and the factors
that motivate firms are covered across a range
of informative lessons situated in real-life
scenarios.
Learn To
- Plot the effects of changes
in price on a demand curve.
- Plot the effects of a change
in price on a supply curve.
- Outline the main forms of
Elasticity.
- Show consumption possibilities
on a household budget line.
- State the relationship between
the household budget line and the indifference
curve.
Training Audience
The target audience for
this training program is Managers, Directors,
and Project Leaders.
Total Training Time
2 to 4 hours
Training Objectives
Unit 1: Market Behavior
(1 - 2 hours)
- Plot the effects of changes
in price on a demand curve.
- Plot the effects of a change
in price on a supply curve.
- Explain the effects of an
increase in both demand and supply.
- Explain the effects of a
decrease in demand and an increase in supply.
- Explain the effects of an
increase in demand and a decrease in supply.
- Outline Elastic Demand /
Supply.
- Outline Inelastic Demand/
Supply.
- Calculate Price Elasticity
of Demand and plot the curve.
- Identify the effect of price
change on TR.
- Simulation Overview:
- In this simulation, you will
meet with Jack Sullivan, the Production Manager,
and Janet Porter, the Operations Manager at
Icon. They are responsible for Icon's bottled
water product line. Janet has called the meeting
because there has been a sudden fall in demand
for one of Icon's main products. She is concerned
about the fall off in revenue. You are a market
analyst employed by Icon to offer advice on
market behavior.
Unit 2: The Logic of
Consumer Choice (1 - 2 hours)
- Account for Labor Demand
in the Market.
- Account for Labor Supply
in the Market.
- Explain Utility and the Law
of Diminishing Marginal Utility.
- Show how a change in price
affects the household budget line.
- Show how a change in income
affects the household budget line.
- Plot an indifference curve.
- Explain the marginal rate
of substitution.
- Show the point of maximum
utility.
- Simulation Overview:
- In this simulation, you will
meet with Jack Sullivan, the Production Manager,
and Janet Porter, the Operations Manager for
Icon. You are an experienced market analyst
with Icon International. Icon is about to
review the pricing of their own brand of mineral
water. You feel that now is a good time for
Icon to reduce the price of mineral water
in order to compete with other brands.
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