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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
2,051 ratings
498 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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251 - 275 of 489 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Erik W

Sep 8, 2019

Great Introduction to price theory!

By Adithyan S

Nov 24, 2020

ONE OF THE BEST COURSE IN COURSERA

By Virat k

Oct 2, 2020

Good way to provide good knowledge

By Romayne W

Apr 12, 2020

This is a very interesting course.

By V.V.L.N. S

Oct 31, 2019

This is a good course. I liked it.

By Mitesh M

Apr 7, 2021

It's useful for commerce students

By TINNI P

Jul 25, 2020

He made it so easy to understand.

By Breno P R

Jun 22, 2020

Really good course for beginners.

By Mariano S C

Oct 4, 2019

great, to the point and fast pace

By James S

Mar 4, 2018

Great class and great Professor!

By Dharmesh K K

Dec 27, 2020

very good knowledge in coursera

By Ritesh J

Jun 12, 2020

Very good course for beginners.

By Jaya P S K

Jul 26, 2020

Excellent course! Very usefull

By Charbel M M

Oct 31, 2020

Good course i learn very much

By RAHUL

Jul 17, 2020

It was an amazing experience.

By Shayne M

Dec 20, 2020

Amazing and really enriching

By Jasir J

Jul 16, 2020

Excellent teaching method...

By Jason T

Feb 8, 2020

Larry teaches a great class!

By Vivek B

Feb 3, 2019

Excellent Course, Thank you!

By Ramanna S

Jul 22, 2020

Well designed and delivered

By Joshua F

Dec 2, 2019

Very good start to my iMBA!

By John K Y

Aug 17, 2018

It was a great experience!!

By PHAM T T T

Mar 7, 2021

The course is very helpful

By PRAVEEN K K S J

Aug 9, 2020

it was good to learn here.

By Zabin T

Jun 19, 2020

This course is so helpful.