Microeconomics

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

start date
September 12, 2023
length
Estimated 11 weeks
effort
12–14 hours per week
price
$250 - $1000 (financial assistance available)

About this course

The course is free to audit. Learners can take a proctored exam and earn a course certificate by paying a fee, which varies by ability to pay. Please scroll down for more information on the verified and audit track features and see FAQ articles for more information on the pricing structure. Enroll now in this course by selecting the "enroll now" button at the top of the page.

This is a CORE course within the MITx MicroMasters program in Data, Economics, and Design of Policy (DEDP), which provides a path toward the Master’s in DEDP at MIT.

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

Comparing the Audit and Certificate Tracks

Image is of a table explaining the different features of the verified and audit track. For an text table please use the link below.

(Click here for a text based version of this table.)

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

    Ford Professor of Economics

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.