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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
2,053 ratings
499 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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51 - 75 of 489 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Alireza A B

Feb 9, 2020

Concepts in this course are presented very thoroughly with real life examples and Larry is a great teacher! Learnt a lot in this course and looking forward to the second portion of the course.

By Nguyen T T N

Feb 17, 2021

I have learned supply curve, demand curve, marginal revenue, marginal cost, markets, allocations, how to maximize profits, consumer and producer behavior,… The knowledges is very useful to me

By Shubh S

Jun 1, 2020

Though being a student in technical field, i was easy for me to become familiar with the subject, as all basics were point to point explained. Larry sir was amazing xD. "I have got the pen"

By Val S

Apr 12, 2020

Professor DeBrock is one of the best teachers I have ever encountered. He makes a daunting subject understandable. I can't wait for more of the same in the next microeconomics course.

By Rakesh S

Aug 23, 2017

Excellent course and very well explained every basic economic concept with real examples.

Thanks a lot Professor for allowing me to audit this course, wishing you a great success ahead!!

By Emehinola O O

Jul 7, 2020

It was a very interesting course. The instructor taught really well and all his teachings were very easy to understand. I learnt a number of valuable lessons and skills in this course.

By Steven H

Aug 12, 2020

Larry is an excellent teacher--clear, concise, and entertaining. This was a refresher course for me (I majored in Econ at Berkeley 40 yrs ago) and reminded me why I chose to study it!

By Ekansh k s

May 19, 2020

Very well taught concepts, Complete coverage of syllabus. Communication from Larry or Per reviews, this course has provided a great experience towards learning economics. Thank you :)

By Sandra G R

Jan 7, 2020

I did not expect that the economic was so interesting, Larry is excelent in all the videos, and made me want to learn more about the economy, curves, marginal, revenue and shoutdowns.

By Prasad P

Jan 14, 2021

Found the content extremely interesting. Mr DeBrock delivered the content in a simple and understandable way. Definitely recommended for any beginners wanting to get into economics.

By Kinnari s

Jul 27, 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.

By NABILA M C

Jun 30, 2020

This course was really awesome. Well explained. My confusion also get cleared regarding those. Thanks to my peer also. Because their review meant lot to complete this course.

By Suprav K

Jul 18, 2020

The course was vey nice but there was some person named JAYA LAKSHMI VAKITI who is passing negative comments about me please look into this matter as it is not acceptable.

By Kaustubh C K

Jun 20, 2020

It was great! It feels to be hard sometimes, but all the complete course matter is crucial to be understood. We can always go back and clarify your doubts at the videos.

By Neal S

Nov 26, 2017

Great class -- I have an undergraduate degree in economics. Of the many economics classes that I have attended in the past, this is by far one of the most enjoyable.

By Onkar I

Sep 22, 2019

Amazing course!! Prof.DeBrock is a highly experienced professor who teaches critical micoreconomics concepts in a really easy to understand and intuitive fashion.

By Kedar U

May 9, 2020

A very engaging course. Gets you intrigued from minute one. A must for all lazy mathematicians. [ you will know what I mean after you start this course ;) ]

By Himanshu G

Feb 12, 2020

Larry is a great teacher who builds your intuition. He also presents the material incrementally so that you understand the material. The exams are great!

By Omodiaogbe S

Feb 11, 2016

Great insights on the application of microeconomic theory to everyday decision-making. The application assignments makes the course more understandable.

By JOEVIS D F

Jul 21, 2020

This course was designed in way that learners can easily understand concepts of economics by relating to real life examples.Credits goes to Prof.Larry

By Suraj A M

Sep 30, 2020

Thank you very much for the course. I enjoyed every minute of your lecture as well as your marvelous sense of humor in this extraordinary experience.

By Rabih G D

Jan 18, 2021

THE COURSE HELPED ME TO UNDERSTAND THE PRODUCT COST AND PRICE AND THE MARGIN OF PROFIT OR LOSSES AND WHEN TO MAKE DECISION SHUT DOWN THE PROJECT.

By Aniza T

Oct 26, 2020

Hello I'm Aniza Abas Tahlil from Somalia

This course will wait my certificate You completed Firm Level Economics: Consumer and Producer Behavior!

By Siddharth J

May 10, 2017

It's a throrughly intriguing course with plenty of Economics treasure packed in nice and neat offering. It teaches you so much in such little time.

By Matthew S B

Sep 5, 2016

This was a great refresher on micro economics. The online format was easy to navigate and the content was challenging. Really enjoyed the course.