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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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451 - 475 of 489 Reviews for Firm Level Economics: Consumer and Producer Behavior

By ricardo p o

Apr 4, 2017

great course, clear and dinamic.

By U16CE007 T S

Dec 3, 2020

Prof. Larry DeBrock was amazing

By N. N

Aug 24, 2020

ISSUES IN RECEIVING CERTIFICATE

By Jun Z

Mar 2, 2017

A useful elementary course.

By SARMAD H

Nov 24, 2020

very informative course

By Bisma I

May 28, 2019

Good experience of mine

By Đại N Q

Oct 23, 2020

very practical lesson.

By Clare P

May 22, 2016

It is well organized.

By Keron S W

Oct 14, 2020

Thank for knowledge

By Fedor G

Mar 14, 2016

Really good course!

By POOJA V L

Oct 9, 2020

Good to learn more

By Kayphet I

Apr 5, 2021

Wonderful course!

By Harshida K

May 14, 2020

Good course ever.

By Anurag t

Apr 17, 2021

Happy learning

By Siddharth S N

Nov 27, 2020

Great content

By Angel P A

Jul 29, 2020

NICE COURSE

By ERASMO S

Jan 2, 2019

Excelent!!!

By Romain V

Jun 17, 2016

Complex. Bu

By Devesh Y

Oct 28, 2020

amazing

By ROOPA. A

Sep 18, 2020

Helpful

By VAKKALAGADDA V

Mar 8, 2021

GREAT

By LAKKA V K 1

Mar 16, 2021

Good

By K M B 1

Mar 6, 2021

NICE

By Chơn N V

Oct 3, 2020

good

By Kothalawala L H D

Jun 27, 2020

good