How does a firm emerge as 'leader of the pack'? Why do most of the small firms so common in the early years of new industries disappear? This free course, Innovation, markets and industrial change, looks at how and why change occurs through the industry life cycle, at the role of innovation and at how production costs, demand and technology interact to shape industrial structure.
Course learning outcomes
After studying this course, you should be able to:
appreciate the importance of technological change, costs of production and consumer preferences to the changing organisation of production
understand the relation between the quantity demanded of a good and its price as represented by the demand curve
understand economic models of the relation between firms' costs and output
analyse the role of technology and costs in influencing industry structure over the life cycle.