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Back to Firm Level Economics: Consumer and Producer Behavior

Firm Level Economics: Consumer and Producer Behavior, University of Illinois at Urbana-Champaign

4.8
452 ratings
•
108 reviews

About this Course

All goods and services are subject to scarcity at some level. Scarcity means that society must develop some allocation mechanism – rules to determine who gets what. Over recorded history, these allocation rules were usually command based – 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 in such a way as to find an equilibrium allocation of resources. We will construct demand curves to capture consumer behavior and supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. Markets are frequent targets of government intervention. 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 of demand. After this course, you will be able to: • Describe consumer behavior as captured by the demand curve. • Describe producer behavior as captured by the supply curve. • Explain equilibrium in a market. • 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 the iMBA offered by the University of Illinois, a flexible, fully-accredited online MBA at an incredibly competitive price. For more information, please see the Resource page in this course and onlinemba.illinois.edu....

Top reviews

By FP

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May 13, 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 RS

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Aug 23, 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!!

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104 Reviews

By Jacques Pierre Prinsloo

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Dec 09, 2018

Nice warm up module for further analysis of consumer and producer behavior.

By Ngo Thi Phuong Mai

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Nov 18, 2018

This course provides the fundamental knowledge about economy. I am satisfied with this course.

By MT

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Nov 17, 2018

excellent course

By MCENROE NG TEOW EE

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Nov 12, 2018

easy understanding and in dept explanation

By Chrisabel Beck

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Oct 14, 2018

Topic very well explained, additional content is very helpful and should be considered! Quiz and assignment challenging!

By Jai Prakash

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Aug 31, 2018

The sessions were made very interactive and easy to follow, especially because of the graphical story telling ability of the Professor. It is not just boring equations, but a lively interaction. Thanks Prof. Larry!

By John Kwabena Yorke

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Aug 17, 2018

It was a great experience!!

By Tran Thuc Uyen

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Aug 06, 2018

Easy to understand!

By Iruansi Itoandon

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Aug 04, 2018

It was very engaging and refreshing. I enjoyed the course.

By Daniel Kobina Ofori-Dankwa

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Jun 15, 2018

Larry does a great job explaining concepts and making them relatable to every day life. The occasional "field trips" give a real world perspective on how economics plays a hand everyday in the world around us. The only issue comes in the peer reviews where you can end up on the short end of the stick and not have anyone review your assignments for the week at all.

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