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Microeconomics

Use economic models to learn how prices and markets benefit society in the face of scarcity.

start date
length
Estimated 11 weeks
effort
12–14 hours per week

About this course

This is a CORE course within the MITx MicroMasters program in Data, Economics, and Development Policy (DEDP), which provides a path towards MIT’s Master’s in DEDP. To enroll in the courses, remain on this site and click the “enroll now” button. If you want to earn a certificate for the courses or start your path towards a MicroMasters program credential, please visit the MicroMasters portal after you enroll.

** Three CORE courses are needed to complete the MicroMasters Program Credential in DEDP. For more information on DEDP MicroMasters program requirements, please visit our FAQ page**

What is produced in an economy? How is it produced? Who gets the product? Microeconomics seeks to answer these fundamental questions about markets.

In this course, we’ll introduce you to microeconomic theory, together with some empirical results and policy implications. You’ll analyze mathematical models that describe the real-world behavior of consumers and firms, and you’ll see how prices make the world go ‘round.

You’ll join the ranks of business executives, policymakers, entrepreneurs, and global leaders who rely on the insights they derive from a working knowledge of microeconomics. Nobel memorial prize-winner Paul Samuelson invented the modern microeconomics curriculum at MIT. Now is your chance to learn the field from the intellectual tradition he began.

Topics include:

  • Consumer theory
  • Supply and demand
  • Market equilibrium
  • Producer theory
  • Monopoly
  • Oligopoly
  • Capital markets
  • Welfare economics
  • Public goods
  • Externalities

Course Previews:

Our course previews are meant to give prospective learners the opportunity to get a taste of the content and exercises that will be covered in each course. If you are new to these subjects, or eager to refresh your memory, each course preview also includes some available resources. These resources may also be useful to refer to over the course of the semester.

A score of 60% or above in the course previews indicates that you are ready to take the course, while a score below 60% indicates that you should further review the concepts covered before beginning the course.

Please use this link to access the course preview. Once you have completed this preview, use the answer key to check your answers.

What you’ll learn

  • Microeconomic concepts and analysis
  • Supply and demand analysis
  • Theories of the firm and individual behavior, competition and monopoly, and welfare economics.

Prerequisites

Elementary calculus, such as the following MITx courses:

Meet your instructors

  • Jonathan Gruber

    Dr. Jonathan Gruber is the Ford Professor of Economics at the Massachusetts Institute of Technology, where he has taught since 1992. He is also the Director of the Health Care Program at the National Bureau of Economic Research, where he is a Research Associate, and President of the American Society of Health Economists. He is a member of the Institute of Medicine, the American Academy of Arts and Sciences, and the National Academy of Social Insurance. He has published more than 150 research articles, has edited six research volumes, and is the author of Public Finance and Public Policy, a leading undergraduate text, and Health Care Reform, a graphic novel. In 2006 he received the American Society of Health Economists Inaugural Medal for the best health economist in the nation aged 40 and under.

Who can take this course?

Because of U.S. Office of Foreign Assets Control (OFAC) restrictions and other U.S. federal regulations, learners residing in one or more of the following countries or regions will not be able to register for this course: Iran, Cuba, Syria, North Korea and the Crimea, Donetsk People's Republic and Luhansk People's Republic regions of Ukraine.