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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
2,063 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 onlinemba.illinois.edu....

Top reviews

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.

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.

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176 - 200 of 491 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Andreas A

Jan 18, 2018

Very clearly presented. I like the many intuitions that are provided.

By AHMED Z H

Mar 14, 2021

Really enjoyed and understood the videos

Thank you Prof Larry DeBrook

By Ekwuno U J

Jul 6, 2020

The lecturer made this course seem easy even the not so easy parts.

By Myra A H

Dec 10, 2020

This is a great course. I learned a lot from Prof. Larry De Brock.

By Jasen H

Oct 8, 2020

Dr. Larry is an awesome teacher. I enjoyed this class quite a lot.

By Khushi N

Aug 29, 2020

Good efforts taken by them a new opportunity to learn free of cost

By Keith K D

Mar 3, 2019

Great course, professor is really good at explaining the concepts.

By Nandan S

Nov 19, 2020

Excellent course can be taken up by anyone intending to start up.

By TANG F

Jun 11, 2016

Good lecture, good material, but the peer review part is sucks...

By Aalish K

Sep 14, 2020

It was such a marvellous experience for me to pursue this course

By Noah M

Feb 27, 2019

Never look at a jar of mayonnaise the same again! Thanks Larry!

By Khomotso M

Aug 9, 2016

a well thought-out best course... It's so enriching and engaging

By LE P P

Feb 13, 2021

I learned a lot from this program. Thank you so much, teachers.

By Thahseen M

Dec 19, 2020

all the modules are very well explained and easy to understand.

By Raj B

Feb 9, 2019

Excellent course with strong fundamentals and in depth concepts

By Reece A M

Jan 20, 2018

Excellent for those looking for an introduction into economics!

By Nguyen N S

Feb 28, 2021

Know about consumer and Producer Behavior and decision making

By Joseph C N

Sep 9, 2019

Very useful and intuitive! Prof DeBrock is a great lecturer!

By Pham C K

Sep 14, 2019

Very easy to follow the videos and complete the assignments.

By Bruno A

Feb 13, 2018

Very good hints, examples and it can be applied to any firm.

By Upasna T

Apr 19, 2019

very informative, very smooth teaching techniques. loved it

By Mauricio P

Jul 5, 2020

Very interesting course. Thanks Professor Larry DeBrock!!

By Iruansi I

Aug 4, 2018

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

By Huy K P

Mar 22, 2021

a lot of knowledge and skill can receive from this course

By Sean R P I

Nov 6, 2020

I have learned a lot of new concepts. Thank you so much.