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.
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
- 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
How It Works
Who Should Enroll
- New, emerging, and experienced leaders
- Individuals seeking to expand their business management skills
- Analysts and researchers