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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
2,058 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 onlinemba.illinois.edu....

Top reviews

KS
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.

FP
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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476 - 491 of 491 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Chơn N V

Oct 3, 2020

good

By Kothalawala L H D

Jun 27, 2020

good

By Rahul B

Jun 13, 2020

Good

By Waduge P P

May 21, 2020

good

By RAGHAVI K

May 16, 2020

good

By Heather M

Aug 10, 2017

The material in the course is good. The professor is great, and passionate about his profession. The peer review and quizzes covered information that was not presented in the course. Also, the peer review answers are not presented until after the the "week" is over. This means that as a "peer" I have no idea what the correct answer is and I am forced to grade assignments based on my opinion not the correct answer. This causes a lot of confusion. I had someone give me "0" points for an answer that was exactly the same as the answer key because the other student didn't understand what the questions was asking for. My rating of this class would improve significantly if the peer review solution was provided before students were required to review others. Since we are able to complete the solution as many times as necessary, this step is a waste of everyone's time.

By Cemil I

May 14, 2020

Exams questions wasnt same What Larry talked about. Larry talked others things and questions were about other things

By Jeni S S

Mar 12, 2016

Very few topics are covered. Although all the topics that are included are explained very beautifully.

By Ismahan E

Nov 17, 2020

The best about this course is Professor DeBrock. That is it.

By Kingsley O

Jul 22, 2017

Particularly like its focus current on events.

By JAHNAVI C 3

Mar 1, 2021

Good

By James B

Feb 17, 2020

Below average economics course. The instructor is all over the place and sometimes appears to be making things up as he goes along. He rambles a lot sometimes misses the point.

By Yevgenii P

May 5, 2019

Pretty useless as a part of Online MBA. I assume Managerial Economics is a common course for every MBA, but in its current version, the course doesn't provide much value. It won't help me understand the business or the industry better. The knowledge is really general and not related to actual life. Even examples are from Industry sector, while all modern economies are powered by the Service sector.

Still, thank you for not adding formulas and complex calculations (so far). The quality of video, audio, and graphs is okay as well.

By Jayasinghe M S S J

Jun 10, 2020

I cannot earn my certificate without give identify card image .how I trust this course. I want get my certificate

By Amit K

Jul 28, 2020

Unable to audit the entire program.

By EBIN J

Jul 17, 2020

Good