Chevron Left
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
1,454 ratings
359 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.

Filter by:

1 - 25 of 352 Reviews for Firm Level Economics: Consumer and Producer Behavior

By J S

Feb 17, 2020

Larry is one of my all time favorite professors. No one teaches price theory like him. He makes the material entertaining and creates an enjoyable learning experience. I wish he taught more courses.

By Shahid N

Feb 04, 2019

Absolutely made me understand firm level economics concepts. Good practice and foundation building.

Professor is great and engages will with real life examples and connections.

By Sheikh S M

Apr 27, 2020

Had lot of fun learning in this course. Although I had a basic concept of economics but with the help of this course I now have a clear and better understanding on Consumer and producer behavior.

By Laleen D

Mar 07, 2018

I took Micro Econ over 20 years ago. It was hard and boring. I barely passed the class. I just took Larry DeBrock's class and fell in love with the area. I had no idea that micro economics could be so interesting! It also helps that Larry DeBrock is an award winning lecturer at University of Illinois and past Dean of the ?business School. He takes the topic and breaks it down into easy-to-understand basics. I really enjoyed this class.

By Kartikeyan S

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.

By Michael T

Feb 12, 2018

Theoretical content is this course is excellent, but additional mandatory reading is necessary to understand all the math calculations and math theory in this course. If you don't have a good background in Calculus or Business Math, you will be at a disadvantages. Also, the articles, references, and supplemental textbooks are mostly out-dates (2 years old or more).

By M. L J

Mar 06, 2016

I thoroughly enjoyed Professor DeBrock's course. He did a fantastic job of illustrating important concepts without muddying the water with unnecessary jargon. I'm looking forward to continuing in the specialization with DeBrock at the helm. Thanks again!

By P. D K

Feb 11, 2017

Learned a lot about the fundamentals of supply and demand, and other related topics. Lectures were informative and enjoyable. Assignments tested fundamental knowledge. Recommend to anyone interested in the basics of economics.

By Fernando P

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.

By HERNAN M

Jan 31, 2019

Awesome. Learning.

By Dennison L

Feb 10, 2020

Professor DeBrock teaches a fine course. However, the assignments and graded content are tested at a much higher/more in-depth level then what is taught. Most of the questions are theoretical movements of demand, supply, costs, taxes, and etc that are not well covered in the lectures and not at all covered in the readings. The quizzes do not give you the correct answer either nor any explanation. I understand this is to prevent cheating, but it is unhelpful to basically brute force the quizzes to get it right - and still not understand why you are right/wrong.

By Malki B

Feb 10, 2020

As the first class I've taken since 1995, I will say that this is extremely challenging and invigorating. I really appreciate being given the tools of office hours and Khan academy to support my learning. I look forward to further training my mind and managing my time through work and life, to stay focused on the tasks set forth in the class. I believe in myself and even if I have to watch the videos 10 times, I will succeed.

Best M Brown

By Monica B

Apr 28, 2020

Larry is an extremely extremely good and capable teacher! He sure knows what he's talking about and teaches the concepts in a storytelling way which enabled me to retain them very well. Moreover, the quizzes make you think beyond what was said verbatim in the lectures. It really tests whether you have really understood not just the concepts standalone, but their connections. All in all a very good course with a very good teacher!

By Sameena A

Jun 13, 2020

In this course, i have learnt that 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.

Thank you so much for giving me this opportunity to learn and gain an excellent skill.

By Omkar G

May 13, 2020

This course is really useful for the candidates who are aspiring to learn the economics at the firm and consumer level. I did not have any prior knowledge of economics, but was still able to learn and apply it in real life scenarios. This course is very concise and easy to grasp as the examples given are very easy to connect and understand.

By Joe F

Feb 06, 2019

Professor Larry is awesome! He makes Economics interesting and understandable. I was a little hesitant about this class since I have taken this subject as part of my undergrad ( a few years back) but Prof Larry does a great job in using real world scenarios as part of his learning as opposed to just theory. Well done!

By Dan M

Feb 07, 2018

Great exposure to the fundamentals of Microeconomics. Also, the platform of videos (rather than live lectures) means that the discussion never runs away from you. Not clear on what was just discussed? Rewind a few seconds and watch it again. And Prof. DeBrock does a great job of laying things out.

By Ojeogwu H I

Feb 01, 2020

Professor Larry Debrock has been wonderful and a blessing to my success in thus course. His added some fun in my learning and even when I had other things to do i was always eager to listen to his videos.

Very comprehensive detailed analysis of every topic he made it easy to understand.

By Andras I

Nov 24, 2019

Great course! Professor DeBrock almost makes it seem too easy, very engaging and charismatic presenter. After the course I had a bit of feeling it might be missing a few things, I've read a couple of books to realise that his way is more coherent and logical. So I highly recommend it!

By Alberto A U C

Jul 23, 2020

As an engineer, this course was not difficult. It is indeed pretty intuitive. However, after taking some other courses from the same university, I have to say that Professor Larry DeBrock is one of the best online instructors that I've ever experience.

I highly recommend this course.

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!

By SALEEM B P

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.

By JEFFREY H

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!