This course helps learners to apply the theory of producer behavior in practice. Specifically in this course, students will learn:
- Estimation of the demand function for individual goods.
- Estimation of a system of demand equations for related goods.
- Calculation of the elasticity and consumer's response to a change in price.
- Estimation of consumer response to change in the product attributes.
- Measurement of the changes in consumer welfare in response to changes in the market.
The content of each lecture consists of 3 parts: (1) Basic theory; (2) Applied econometrics and illustrative research; (3) Practical exercises on the machine.