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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 Urbana-Champaign

4.8
stars
2,490 ratings

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

SN

Feb 3, 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.

KS

Jul 26, 2020

Great course that gives you a deep understanding on how the different cost and revenue curves behave. i would especially like to thank the instructor for teaching us. Thank you.

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By Mohd F I

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Jun 10, 2025

Great.

By Do T T N

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Jun 26, 2023

bổ ích

By Visi S

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Dec 21, 2020

Great!

By Aiswarya d S

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Sep 9, 2020

Thanks

By VINOTH.K

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Aug 30, 2020

good ,

By Chris M

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Oct 30, 2017

Badass

By TANUJA H

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Dec 7, 2023

great

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Jul 15, 2022

great

By MUTHAIAGARI S G 2

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Mar 6, 2021

Super

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Dec 12, 2020

Great

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Sep 19, 2020

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Jul 11, 2019

Great

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Feb 22, 2017

great

By Sachin S

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Nov 11, 2025

Good

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Sep 4, 2025

good

By SHREYA R

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Sep 23, 2024

nice

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Sep 8, 2024

Good

By Soham A 0

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Sep 11, 2023

GOOD

By Truong T N

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Jul 13, 2023

good

By Nguyen V C

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Jun 1, 2023

good

By rahmat s

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Dec 26, 2022

Good

By Keella A 2

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Dec 11, 2022

good

By Miheer K 2

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Nov 20, 2022

good

By KAWADI M R H

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Jan 15, 2022

nice

By Yifei L

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Aug 17, 2021

good