About this Course
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Approx. 23 hours to complete

Suggested: 4 weeks, 3-5 hours/week...


Subtitles: English

Skills you will gain

EconomicsConsumer BehaviourSupply And DemandCost

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Approx. 23 hours to complete

Suggested: 4 weeks, 3-5 hours/week...


Subtitles: English

Syllabus - What you will learn from this course

1 hour to complete

Course Orientation

You will become familiar with the course, your classmates, and our learning environment. The orientation will also help you obtain the technical skills required for the course.

1 video (Total 2 min), 5 readings, 1 quiz
5 readings
About the Discussion Forums10m
Updating Your Profile10m
Social Media10m
1 practice exercise
Orientation Quiz10m
4 hours to complete

Module 1: Scarcity, Allocation, and Markets

The fundamental problem of scarcity challenges us to think about an allocation mechanism to determine what is produced and who consumes it. We will discuss scarcity and allocation mechanisms. In this course, we will focus on markets and prices as the solution to this resource allocation problem.

7 videos (Total 54 min), 3 readings, 4 quizzes
7 videos
1-1.2. Opportunity Costs5m
1-1.3. Demand Curves9m
1-2.1. More on the Demand Curve6m
1-2.2. Movements Along vs. Shifts in the Demand Curve3m
1-2.3. Constructing the Supply Curve7m
1-2.4. Movements to New Equilibrium11m
3 readings
Module 1 Overview10m
Module 1 Readings10m
Module 1 Peer Review Explanation10m
3 practice exercises
Lesson 1-1 Practice Quiz4m
Lesson 1-2 Practice Quiz6m
Module 1 Quiz20m
4 hours to complete

Module 2: Government Intervention in Markets

Markets are frequent targets of governments. This module will introduce government policy intervention into the market. This intervention can be direct control of prices or it could be indirect price pressure through the imposition of taxes or subsidies. Both forms of intervention are impacted by elasticity.

10 videos (Total 51 min), 3 readings, 5 quizzes
10 videos
2-1.2. Government Intervention3m
2-1.3. Direct Price Controls: Price Floors7m
2-1.4. Direct Price Controls: Price Ceilings8m
2-2.1. The Price You Pay at the Pump58s
2-2.2. Excise Taxes9m
2-2.3. The Incidence of Taxation5m
2-3.1. Higher Tuition Yet More College Applications1m
2-3.2. Responsiveness of Quantity Demanded and Elasticity7m
2-3.3. Elasticity Along a Linear Demand6m
3 readings
Module 2 Overview10m
Module 2 Readings10m
Module 2 Peer Review Explanation10m
4 practice exercises
Lesson 2-1 Practice Quiz4m
Lesson 2-2 Practice Quiz4m
Lesson 2-3 Practice Quiz6m
Module 2 Quiz24m
4 hours to complete

Module 3: Firms, Production, and Costs

This module will introduce cost theory. Firms are interested in producing profits, which are the residuals when costs are subtracted from revenue. Earlier modules constructed demand curves. They give us an idea of how many units of product we can sell at different prices; this would be firm revenue. We will work to understand inputs, production, and costs.

9 videos (Total 74 min), 3 readings, 4 quizzes
9 videos
3-1.2. Types of Firms8m
3-1.3. Behavior Rule7m
3-1.4. Behavior Rule – Part 27m
3-1.5. Law of Diminishing Marginal Returns10m
3-2.1. Cost Curves1m
3-2.2. Derive Short Run Total Cost Family of Curves8m
3-2.3. Derive Short Run Average Cost Family of Curves15m
3-2.4. Derive and Depict Short Run Marginal Costs13m
3 readings
Module 3 Overview10m
Module 3 Readings10m
Module 3 Peer Review Explanation10m
3 practice exercises
Lesson 3-1 Practice Quiz6m
Lesson 3-2 Practice Quiz6m
Module 3 Quiz30m
4 hours to complete

Module 4: Firm Behavior

The firm goal of profit maximization requires an understanding of costs and revenues. In this module, we will see how a firm optimally responds to a given market price by finding the profit maximizing output. The level of profits at this maximum profit point will help determine short run equilibrium.

7 videos (Total 47 min), 3 readings, 4 quizzes
7 videos
4-1.2. Maximizing Profit7m
4-1.3 Maximizing Profit Graphically6m
4-2.1. Showing Points on a Graph8m
4-2.2. Profits After Total Cost Changes5m
4-2.3. Short Run Shutdown Decisions5m
4-2.4. Graphing Shutdown Conditions5m
3 readings
Module 4 Overview10m
Module 4 Readings10m
Module 4 Peer Review Explanation10m
3 practice exercises
Lesson 4-1 Practice Quiz6m
Lesson 4-2 Practice Quiz6m
Module 4 Quiz24m
138 ReviewsChevron Right


got a tangible career benefit from this course

Top reviews from Firm Level Economics: Consumer and Producer Behavior

By FPMay 13th 2017

In the beginning I thought this was going to be a very basic course, but the way the professor explained the topics really make it interesting a practical, going beyond the classical economic theory.

By RSAug 23rd 2017

Excellent course and very well explained every basic economic concept with real examples.\n\nThanks a lot Professor for allowing me to audit this course, wishing you a great success ahead!!



Larry DeBrock

Dean Emeritus and Professor of Finance and Professor of Economics
University of Illinois, Urbana-Champaign College of Business Department of Business Administration

Start working towards your Master's degree

This course is part of the 100% online Master of Business Administration (iMBA) from University of Illinois at Urbana-Champaign. If you are admitted to the full program, your courses count towards your degree learning.

About University of Illinois at Urbana-Champaign

The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs. ...

About the Managerial Economics and Business Analysis Specialization

In order to effectively manage and operate a business, managers and leaders need to understand the market characteristics and economic environment they operate in. In this Specialization, you will build a solid understanding of the operation of markets and the macro-economic environment with real-world examples. You will be able to identify firm and country-level economic factors that impact business decisions, develop an analytical framework using statistical tools, and apply economic theory and data in the analysis of business environment and trends to make effective business decisions. The capstone project involves an in-depth analysis of an actual business situation in which you will examine the global economic environment of a business. The final project will be a business plan that uses statistical tools and economic theory to create a comprehensive analysis of the microeconomic and macroeconomic environment in which the focal company operates. This Specialization is part of the University of Illinois Masters of Business Administration degree program, the iMBA. Learn more about the admission into the program here and how your Coursera work can be leveraged if accepted into the program. You can also start with for-credit courses within the Illinois iMBA degree program....
Managerial Economics and Business Analysis

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