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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

2,395 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

Top reviews


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.


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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26 - 50 of 556 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Sameena A

Jun 13, 2020

In this course, i have learnt that 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.

Thank you so much for giving me this opportunity to learn and gain an excellent skill.

By Vince D

Dec 31, 2020

I learned a lot from this course. Much of which I have applied in real-life scenarios.

The instructor, Professor DeBrock, was great. I really enjoyed his lectures.

I recommend that you take the time to do the extra reading. I found them not only helpful for the course; they were enjoyable and interesting.

Thank you.

By Dan M

Feb 7, 2018

Great exposure to the fundamentals of Microeconomics. Also, the platform of videos (rather than live lectures) means that the discussion never runs away from you. Not clear on what was just discussed? Rewind a few seconds and watch it again. And Prof. DeBrock does a great job of laying things out.

By hilary o

Feb 1, 2020

Professor Larry Debrock has been wonderful and a blessing to my success in thus course. His added some fun in my learning and even when I had other things to do i was always eager to listen to his videos.

Very comprehensive detailed analysis of every topic he made it easy to understand.

By Andras I

Nov 24, 2019

Great course! Professor DeBrock almost makes it seem too easy, very engaging and charismatic presenter. After the course I had a bit of feeling it might be missing a few things, I've read a couple of books to realise that his way is more coherent and logical. So I highly recommend it!

By Alberto A U C

Jul 23, 2020

As an engineer, this course was not difficult. It is indeed pretty intuitive. However, after taking some other courses from the same university, I have to say that Professor Larry DeBrock is one of the best online instructors that I've ever experience.

I highly recommend this course.

By Hrishikesh S T

Jul 29, 2020

Larry is a excellent educator. His videos are simple to follow and easy to understand. Items which seem complex and intimidating are broken down and taught coherently, with real-world examples. I definitely recommend this to anyone who wants to learn about economics!


Jun 20, 2020

the course is just superb and useful, I really enjoyed the course. I am a master in commerce and have basic knowledge in economics, so I enjoyed the course very well, our Prof. Larry is the best economics professor I have ever met. I just loved his classes.


Mar 16, 2020

This was my first economics course and the delivery was outstanding! It was a lot of information but the many real world examples made it easier to understand. I have a new and better understanding of how the market works as a result of taking this class.

By Jayaprakash V

Jan 28, 2018

This help me understand how price plays a role in demand and supply. how does those changes when government intervenes. Also i learned about marginal costs etc. Professor Larry is a distinguished professor. His knowledge and presentation skills are awesome.

By Martin C

Feb 11, 2016

This is a great course! Gary teaches always with a smile on his face and with great everyday life examples! I loved it because it provides great insights for corporations or ventures by linking econ. theories to businesses. Thanks a lot! Great teacher!

By Dhinesh A D

Jun 27, 2020

Great course on the way consumers and sellers make decision under different circumstances. Concepts were explained in brief. Very precise approach to understand consumer behavior in market based on fluctuation in prices. Highly suggested course.

By Vishwas K

Jun 18, 2020

I used to think that economics is just a subject where you have to remember a bit of some stuff and you are good to go. But during this course I understood everything taught by the Professor. The teaching method is quite good and understandable.

By Samuel A

Jun 10, 2020

Even though, I have a degree in economics, the approach and methods used by Prof. Larry was much more revealing and easy to understand. A much better exercise for my mind in terms of practicality of the subject of economics in the real world.

By Crismely P

Feb 6, 2016

I truly enjoy this course because I am using the knowledge I acquire during the lectures and applying it to complete assignments instead on relying on quizzes along to gauge my understanding. The assignments are based on real world examples.

By Nursultan K

Apr 21, 2020

Absolutely loved it! The way Professor is explaining the material is easy to follow and enjoyable to study. Would recommend this course to everyone who wants to refresh their knowledge in the basics of economics or learn it from scratch.

By Mandalawalli A Y G G

Nov 6, 2020

This course is good experience in my studies . I could know about microeconomics theories . And how it happened in the true life. I 'm very happy because I selected to do this course . Finally I want to say, this course is excellent .

By Harsha M

Feb 25, 2020

Dr. Larry is an exception professor and educator. I learned a lot on Firm cost optimizations and will not forget the real life examples and bubbles (to remind) us to think and explore.

Thank you again Dr. Larry.


Harsha Mahadev

By Finella M

Oct 24, 2020

I really enjoyed this course, the lecturer made it easy to follow and understand. Even if you never had any experience or prior exposure to economics, with this course you can follow along easily and learn key terms and conditions.

By Sumanth R

Sep 14, 2019

I was surprised by both the intensity and depth of material covered in this course. At the same time I think the pace of course was manageable within the recommended hours. Looking forward to my next courses on this subject.

By Aninda B

May 2, 2016

Loved it throughout! If you have an introductory background of algebra and differential calculus, you will love this even more. Professor really knows his job, and he is doing great. Thumbs up! Thank you very much professor.

By Akhila S P

Jul 13, 2020

I really loved to be a part of such a wonderful course. I am an MBA student and learning this topic named firm level economics will be very useful for me further. Thank you course era for giving this wonderful opportunity.

By Anurag P

Feb 21, 2016

good course to enroll in , will not disappoint you especially if you are new to economics , the instructor is very good and grading pattern is a lot of fun .not for economics major there is nothing in here for you folks ..

By L.G. Y

May 14, 2020

loved Larry’s teaching. had fun:))

love Larry’s Transcripts

easy to follow especially for me with Dyslexia

particularly loves the graphs and special slides with importance that pull out the key points for me very helpful

By Jai P

Aug 31, 2018

The sessions were made very interactive and easy to follow, especially because of the graphical story telling ability of the Professor. It is not just boring equations, but a lively interaction. Thanks Prof. Larry!