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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
1,573 ratings
392 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 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.

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.

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151 - 175 of 384 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Jiayi S

Oct 16, 2020

Thank you so much Larry! Great content and very informative sessions!

By Andreas A

Jan 19, 2018

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

By Ekwuno U J

Jul 06, 2020

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

By Jasen H

Oct 08, 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 03, 2019

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

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 09, 2016

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

By Raj B

Feb 09, 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 Joe N

Sep 10, 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 B

Jul 05, 2020

Very interesting course. Thanks Professor Larry DeBrock!!

By Iruansi I

Aug 04, 2018

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

By Mrs G

Sep 29, 2020

very clearly explained all the facts. enjoyed the course

By Kartik N

Mar 12, 2017

You can't help but like Prof DeBrock. Such a fun course!

By Arushi H

Jun 13, 2020

Really helpful this was and I got to learn alot. Thanks

By Rene J R A

Sep 19, 2016

Excellent intro to Firm Level Economics, great teacher.

By shubham p

Feb 08, 2016

Courses r very benificial but all courses are not freee

By Demet A

Sep 19, 2020

He is the best ınstructor for this ourse! Thank you :)

By Lukasz

Feb 20, 2020

Amazing materials introduced in a very attractive way.