This course is part of the Managerial Economics and Business Analysis Specialization

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Larry DeBrock

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Part of the Master of Science in Management (iMSM) degree
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Managerial Economics and Business Analysis SpecializationUniversity of Illinois at Urbana-Champaign

About this Course

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All goods and services are subject to scarcity at some level, which requires that society develop some allocation mechanism to determine who gets what. Over recorded history, these allocation rules were usually command based, meaning that the king or the emperor would decide. In contemporary times, most countries have turned to market-based allocation systems. In markets, prices act as rationing devices, encouraging or discouraging production and encouraging or discouraging consumption to find an equilibrium allocation of resources. To understand this process, businesses construct demand curves to capture consumer behavior and consider supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity.
You will be able to: 
• Describe consumer behavior as captured by the demand curve and producer behavior as captured by the supply curve
• Define equilibrium and explain the impact of taxes and price controls on market equilibrium 
• Explain elasticity of demand
• Describe cost theory and how firms optimize given the constraints of their own costs and an exogenously given price
This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/.

Flexible deadlines

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Shareable Certificate

Earn a Certificate upon completion

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Course 1 of 7 in the

Managerial Economics and Business Analysis Specialization

Approx. 17 hours to complete

English

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Skills you will gain

Economics
Consumer Behaviour
Supply And Demand
Cost

Flexible deadlines

Reset deadlines in accordance to your schedule.

Shareable Certificate

Earn a Certificate upon completion

100% online

Start instantly and learn at your own schedule.

Course 1 of 7 in the

Managerial Economics and Business Analysis Specialization

Approx. 17 hours to complete

English

Could your company benefit from training employees on in-demand skills?

Try Coursera for Business

Instructor

Instructor rating

4.8/5 (531 Ratings)

Larry DeBrock

Dean Emeritus and Professor Emeritus of Finance

University of Illinois, Urbana-Champaign College of Business Department of Business Administration

87,577 Learners

2 Courses

Offered by

University of Illinois at Urbana-Champaign

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

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Syllabus - What you will learn from this course

Content Rating97%(10,198 ratings)

Week1

Week 1

2 hours to complete

Course Orientation

2 hours to complete

2 videos (Total 2 min), 6 readings, 1 quiz

3 hours to complete

Module 1: Scarcity, Allocation, and Markets

3 hours to complete

7 videos (Total 81 min), 2 readings, 3 quizzes

7 videos

1-1.1. Scarcity and its Implications19m1-1.2. Opportunity Costs5m1-1.3. Demand Curves13m1-2.1. More on the Demand Curve10m1-2.2. Movements Along vs. Shifts in the Demand Curve8m1-2.3. Constructing the Supply Curve9m1-2.4. Movements to New Equilibrium14m

2 readings

Module 1 Overview10mModule 1 Readings10m

3 practice exercises

Lesson 1-1 Practice Quiz30mLesson 1-2 Practice Quiz30mModule 1 Quiz30m

Week2

Week 2

4 hours to complete

Module 2: Government Intervention in Markets

4 hours to complete

10 videos (Total 86 min), 2 readings, 4 quizzes

10 videos

2-1.1. Setting Dairy Prices1m2-1.2. Government Intervention3m2-1.3. Direct Price Controls: Price Floors12m2-1.4. Direct Price Controls: Price Ceilings11m2-2.1. The Price You Pay at the Pump2m2-2.2. Excise Taxes20m2-2.3. The Incidence of Taxation8m2-3.1. Higher Tuition Yet More College Applications2m2-3.2. Responsiveness of Quantity Demanded and Elasticity8m2-3.3. Elasticity Along a Linear Demand13m

2 readings

Module 2 Overview10mModule 2 Readings10m

4 practice exercises

Lesson 2-1 Practice Quiz30mLesson 2-2 Practice Quiz30mLesson 2-3 Practice Quiz30mModule 2 Quiz30m

Week3

Week 3

4 hours to complete

Module 3: Firms, Production, and Costs

4 hours to complete

14 videos (Total 115 min), 2 readings, 3 quizzes

14 videos

3-1.1. An Economist's Production Function2m3-1.2. Types of Firms15m3-1.3. Behavior Rule9m3-1.4. Behavior Rule – Part 217m3-1.5. Law of Diminishing Marginal Returns14m3-2.1. Cost Curves1m3-2.2. Derive Short Run Total Cost Family of Curves11m3-2.3. Derive Short Run Average Cost Family of Curves6m3-2.4. Derive Short Run Average Cost Family of Curves - Part 22m3-2.5. Derive Short Run Average Cost Family of Curves - Part 36m3-2.6. The Definition of Marginal Cost5m3-2.7. Derive Shape of the Marginal Cost Curve - Part 16m3-2.8. Derive Shape of the Marginal Cost Curve - Part 27m3-2.9. Derive Shape of the Marginal Cost Curve - Part 38m

2 readings

Module 3 Overview10mModule 3 Readings10m

3 practice exercises

Lesson 3-1 Practice Quiz30mLesson 3-2 Practice Quiz30mModule 3 Quiz30m

Week4

Week 4

5 hours to complete

Module 4: Firm Behavior

5 hours to complete

11 videos (Total 76 min), 5 readings, 4 quizzes

11 videos

4-1.1. Firm Optimization Behavior3m4-1.2. Firm Optimization Behavior - Part 29m4-1.3. Maximizing Profit8m4-1.4. Maximizing Profit Graphically - Part 15m4-1.5. Maximizing Profit Graphically - Part 26m4-2.1. Showing Points on a Graph - Part 16m4-2.2. Showing Points on a Graph - Part 26m4-2.3. Profits After Total Cost Changes10m4-2.4. Short Run Shutdown Decisions7m4-2.5. Graphing Shutdown Conditions8mGies Online Programs3m

5 readings

Module 4 Overview10mModule 4 Readings10mModule 4 Peer Review Explanation10mCongratulations!10mGet Your Course Certificate10m

3 practice exercises

Lesson 4-1 Practice Quiz30mLesson 4-2 Practice Quiz30mModule 4 Quiz30m

Reviews

4.8

550 reviews

5 stars
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3 stars
1.23%
2 stars
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1 star
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TOP REVIEWS FROM FIRM LEVEL ECONOMICS: CONSUMER AND PRODUCER BEHAVIOR

by PPJan 13, 2021

Found the content extremely interesting. Mr DeBrock delivered the content in a simple and understandable way. Definitely recommended for any beginners wanting to get into economics.

by FPMay 12, 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 SMApr 26, 2020

Had lot of fun learning in this course. Although I had a basic concept of economics but with the help of this course I now have a clear and better understanding on Consumer and producer behavior.

by KKJan 20, 2022

Professor Larry DeBrock has a very hands on approach to the concepts of economics. He integrates theoretical content with relevant practical examples , helping to understand the framework easily.

View all reviews

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 in which they operate. 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 Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program here.

Managerial Economics and Business Analysis

Frequently Asked Questions

When will I have access to the lectures and assignments?
Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:
The course may not offer an audit option. You can try a Free Trial instead, or apply for Financial Aid.
The course may offer 'Full Course, No Certificate' instead. This option lets you see all course materials, submit required assessments, and get a final grade. This also means that you will not be able to purchase a Certificate experience.
What will I get if I subscribe to this Specialization?
When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
Is financial aid available?
Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

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Firm Level Economics: Consumer and Producer Behavior

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