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Back to Firm Level Economics: Consumer and Producer Behavior

Learner Reviews & Feedback for Firm Level Economics: Consumer and Producer Behavior by University of Illinois at Urbana-Champaign

4.8
stars
1,573 ratings
392 reviews

About the 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

KS

Sep 12, 2019

This was awesome. I did not know Firm Level Economics when I joined this course. The explanations were simple and Prof DeBrock explained really difficult concepts in a very easy to understand manner.

FP

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.

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251 - 275 of 384 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Dr. U P S

Aug 24, 2020

Excellent approach

By Cindia E L

Aug 20, 2020

A very good course

By jyoti o

Aug 14, 2020

GOOD LEARNING TIME

By Aziz M P

Jan 24, 2018

Well taught course

By Tran V N T

Mar 14, 2016

I like this course

By VISHAL S

Aug 24, 2020

fantastic content

By NAVYA R

May 29, 2020

It's good course.

By Ryan W C

Feb 10, 2020

Superb professor.

By Xin L

Feb 04, 2020

Wonderful course.

By SURYA S B

Sep 15, 2019

excellent content

By Frank A

Sep 07, 2019

Excellent course!

By Linda M

Aug 07, 2017

Excellent course!

By Pierre L

Oct 18, 2016

Excellent course.

By Yash M

Sep 26, 2020

Best course evet

By Nadar s

Sep 21, 2020

Interesting.....

By INDRAJIT P

Aug 04, 2020

excellent course

By A N

May 01, 2020

Excellent course

By Russell

Feb 10, 2020

Very good course

By Anthony C j

Sep 16, 2019

Loved the class!

By MT

Nov 17, 2018

excellent course

By Libor T

Apr 04, 2017

good recolection

By Keith M K

Nov 15, 2016

Great instructor

By FATHIMA P L

Jul 10, 2020

Nice experience

By M A G

Jun 03, 2020

Nice experience

By Christopher C

Jun 01, 2016

Very well done!