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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
2,132 ratings
509 reviews

About the Course

All goods and services are subject to scarcity at some level, which requires that society develop some allocation mechanism to determine who gets what. Over recorded history, these allocation rules were usually command based, meaning that 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 to find an equilibrium allocation of resources. To understand this process, businesses construct demand curves to capture consumer behavior and consider supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. You will be able to: • Describe consumer behavior as captured by the demand curve and producer behavior as captured by the supply curve • Define equilibrium and 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 Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/....

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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326 - 350 of 504 Reviews for Firm Level Economics: Consumer and Producer Behavior

By VISHAL S

Aug 24, 2020

fantastic content

By NAVYA R

May 29, 2020

It's good course.

By Ryan W C

Feb 10, 2020

Superb professor.

By Xin L

Feb 4, 2020

Wonderful course.

By Surya B

Sep 15, 2019

excellent content

By Frank A

Sep 7, 2019

Excellent course!

By Linda M

Aug 7, 2017

Excellent course!

By Pierre L

Oct 18, 2016

Excellent course.

By Azizli R U

Apr 3, 2021

Thanks Coursera!

By DANDU S S R R 1

Feb 11, 2021

VERY INFORMATIVE

By Edmundo E

Nov 17, 2020

I learned a lot!

By Savitha R

Nov 7, 2020

It's very useful

By Yash M

Sep 26, 2020

Best course evet

By Nadar s

Sep 21, 2020

Interesting.....

By INDRAJIT P

Aug 4, 2020

excellent course

By A N

May 1, 2020

Excellent course

By Russell

Feb 10, 2020

Very good course

By Anthony C j

Sep 16, 2019

Loved the class!

By MT

Nov 17, 2018

excellent course

By Libor T

Apr 4, 2017

good recolection

By Keith M K

Nov 15, 2016

Great instructor

By Charbel M

Oct 29, 2020

Good experience

By FATHIMA P L

Jul 10, 2020

Nice experience

By M A G

Jun 3, 2020

Nice experience

By Christopher C

Jun 1, 2016

Very well done!