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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

2,063 ratings
501 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

Top reviews

Sep 11, 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.

May 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.

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26 - 50 of 491 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Hrishikesh S T

Jul 29, 2020

Larry is a excellent educator. His videos are simple to follow and easy to understand. Items which seem complex and intimidating are broken down and taught coherently, with real-world examples. I definitely recommend this to anyone who wants to learn about economics!


Jun 20, 2020

the course is just superb and useful, I really enjoyed the course. I am a master in commerce and have basic knowledge in economics, so I enjoyed the course very well, our Prof. Larry is the best economics professor I have ever met. I just loved his classes.


Mar 16, 2020

This was my first economics course and the delivery was outstanding! It was a lot of information but the many real world examples made it easier to understand. I have a new and better understanding of how the market works as a result of taking this class.

By Jayaprakash V

Jan 28, 2018

This help me understand how price plays a role in demand and supply. how does those changes when government intervenes. Also i learned about marginal costs etc. Professor Larry is a distinguished professor. His knowledge and presentation skills are awesome.

By Martin C

Feb 11, 2016

This is a great course! Gary teaches always with a smile on his face and with great everyday life examples! I loved it because it provides great insights for corporations or ventures by linking econ. theories to businesses. Thanks a lot! Great teacher!

By Dhinesh A D

Jun 27, 2020

Great course on the way consumers and sellers make decision under different circumstances. Concepts were explained in brief. Very precise approach to understand consumer behavior in market based on fluctuation in prices. Highly suggested course.

By Vishwas K

Jun 18, 2020

I used to think that economics is just a subject where you have to remember a bit of some stuff and you are good to go. But during this course I understood everything taught by the Professor. The teaching method is quite good and understandable.

By Samuel A

Jun 10, 2020

Even though, I have a degree in economics, the approach and methods used by Prof. Larry was much more revealing and easy to understand. A much better exercise for my mind in terms of practicality of the subject of economics in the real world.

By Crismely P

Feb 6, 2016

I truly enjoy this course because I am using the knowledge I acquire during the lectures and applying it to complete assignments instead on relying on quizzes along to gauge my understanding. The assignments are based on real world examples.

By Nursultan K

Apr 21, 2020

Absolutely loved it! The way Professor is explaining the material is easy to follow and enjoyable to study. Would recommend this course to everyone who wants to refresh their knowledge in the basics of economics or learn it from scratch.

By Mandalawalli A Y G G

Nov 6, 2020

This course is good experience in my studies . I could know about microeconomics theories . And how it happened in the true life. I 'm very happy because I selected to do this course . Finally I want to say, this course is excellent .

By Harsha M

Feb 25, 2020

Dr. Larry is an exception professor and educator. I learned a lot on Firm cost optimizations and will not forget the real life examples and bubbles (to remind) us to think and explore.

Thank you again Dr. Larry.


Harsha Mahadev

By Finella M

Oct 24, 2020

I really enjoyed this course, the lecturer made it easy to follow and understand. Even if you never had any experience or prior exposure to economics, with this course you can follow along easily and learn key terms and conditions.

By Sumanth R

Sep 14, 2019

I was surprised by both the intensity and depth of material covered in this course. At the same time I think the pace of course was manageable within the recommended hours. Looking forward to my next courses on this subject.

By Aninda B

May 2, 2016

Loved it throughout! If you have an introductory background of algebra and differential calculus, you will love this even more. Professor really knows his job, and he is doing great. Thumbs up! Thank you very much professor.

By Akhila S P

Jul 13, 2020

I really loved to be a part of such a wonderful course. I am an MBA student and learning this topic named firm level economics will be very useful for me further. Thank you course era for giving this wonderful opportunity.

By Anurag P

Feb 21, 2016

good course to enroll in , will not disappoint you especially if you are new to economics , the instructor is very good and grading pattern is a lot of fun .not for economics major there is nothing in here for you folks ..

By L.G. Y

May 14, 2020

loved Larry’s teaching. had fun:))

love Larry’s Transcripts

easy to follow especially for me with Dyslexia

particularly loves the graphs and special slides with importance that pull out the key points for me very helpful

By Jai P

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 Doruk

Oct 14, 2020

The course is great and it explains everything that is written on the syllabus. Overall I am really satisfied with the instructor and the course and would definetely consider taking another course from him.

By Dr. R

Jul 13, 2020

Very good course to understand the basic concepts of consumer and producer behaviour.......Very well explained the shortrun conditions of profit maximization and shutdown...... excellent overall experience


Nov 30, 2020


By Akshay H

Dec 11, 2017

Excellent course by Prof. Larry Debrock!

How does a market work? How is the price of a product decided? When should you shutdown a firm? and a lot more.

This is the course to get introduced to Economics.

By Bruno C

Aug 9, 2017

Excellent professor.

Content well structured, videos, slides, quizz, assignments.

Support material and recommended reading also well structured.


I was addicted until finishing in <2weeks!

By Konul M

May 29, 2020

Əvvəlcə qeyd etmək istərdim ki, çox yaxşı bir kursdur. Əminəm ki, bu kursda əhatə olunan materialın intensivliyi və dərinliyi gələcək karyeram üçün müsbət təsir göstərəcəkdir. Təşəkkür edirəm.