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

4.8
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1,576 ratings
393 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

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.

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.

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301 - 325 of 387 Reviews for Firm Level Economics: Consumer and Producer Behavior

By KUNTAL S

Jul 20, 2020

Good one!

By TRƯƠNG M T

Mar 18, 2020

Very Good

By Phạm V T

Oct 22, 2019

Very well

By Vivianne P S R

Mar 23, 2019

Excelente

By Renato F M F

Nov 07, 2016

Very good

By Deleted A

Jul 07, 2020

dnthdgmg

By Do M C

Jun 29, 2020

Rất hay!

By Sona R V

Aug 10, 2020

Is good

By Nitika K

Jul 23, 2020

Amazing

By NKETIAH E

Feb 26, 2019

awesome

By Aiswarya d S

Sep 09, 2020

Thanks

By VINOTH.K

Aug 30, 2020

good ,

By Chris M

Oct 30, 2017

Badass

By Đông N V

Sep 19, 2020

Great

By Rithika I

Jul 11, 2019

Great

By Imran Y

Feb 22, 2017

great

By Nguyen H M S

Oct 28, 2020

Good

By KISLEW A Y H

Oct 24, 2020

nice

By SARANYA M

Oct 01, 2020

Good

By Tuyên L T L

Sep 19, 2020

Good

By Ananthasagaram S

Jul 29, 2020

good

By SIDDIQA R

Jul 27, 2020

Good

By Maheshwari

May 25, 2020

Good

By OSAMAH A Y A

May 20, 2020

good

By Ngo M T

Mar 24, 2020

good