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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

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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76 - 100 of 488 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Johanne P

Sep 12, 2019

Excellent explanations. I felt that the concepts are well explained. The additional reading and video materials were on point. Highly recommended.

By Colin F

Mar 21, 2017

worth your time and effort. some mathematical background required but professor Larry makes it very easy to understand the intuition behind the fo

By Kausar K

Feb 28, 2019

Learned a lot on Supply & Demand and different markets in this course. The course is well written/prepared and had a fun time going thru this.

By Aymaan T

Aug 13, 2020

Sir Larry was so amazing. He made everything so much easier and it was so easy to grasp. Thank you to Coursera and Larry for this opportunity.

By Khadiza A

Jun 16, 2020

This is really a very helpful & attractive course I have done so far.The course instructor is always try to make the hard topics interesting .

By Matt C

Feb 23, 2021

A really amazing class. I took Microeconomics in college many years ago, and learned so much in this class. And the format was outstanding!

By Sergey T

Oct 25, 2020

Great course! Videos are very interesting, especially with examples from the history. Assignments are clear and don't take ages to prepare:)

By Pramod K

Sep 12, 2019

Professor DeBrock is a terrific teacher. He has the ability to explain complex concepts in a simple way using examples from everyday life.

By Anna M M

Jan 15, 2020

Professor Larry is an amazing Lecturer! I really enjoy this course and all the examples given on this course is very easy to understand.

By ARVIND K S

Aug 21, 2019

Excellent course for all economics, finance and management students and managers. Taught in a very interactive and comprehensive manner.

By Sonia M

Feb 18, 2020

Great class! Well explained concepts using every day examples to help in understanding the underlying reasoning behind those concepts.

By Joshua

Aug 13, 2020

I am a loss of words for the kind of teaching I have received from the instructor ! Thank you for making the concepts simple for us.

By Mayeesha

Jun 7, 2020

Very informative and enjoyable. learning though graphs and understanding the intuition of every topic. 10/10 would totally recommend

By Bharathwaj T

Jul 13, 2020

very good course to people who interested in economics.

prof. Larry is very good in teaching. I like his way of teaching very much

By Abdul M S

Jul 25, 2020

I think it was a great course and the instructor itself was very well explaining each topic with examples or cases of real life.

By Umang N

Sep 11, 2019

very interesting course to understand how makers performs and companies calculate costs. material is precise and prof is amazing

By Dishani T P W

Aug 7, 2020

It was a great course. Thank u coursera and dear sir for allowing us to follow these courses for free to enhance our knowledge.

By Md. F R L R

Jun 21, 2020

That is really a good course for me. I got a clear idea about market and cosumer. It will help me to set a good business sense

By David H

Apr 1, 2017

Great introductory course to microeconomics covering free market supply, demand, cost curves and firm short run equilibriums.

By Austin M

Nov 9, 2020

Big fan of this professor, though whoever uploaded the videos didn't edit them as he was expecting. But good none the less.

By Aashish P

May 24, 2020

It's actually nice how sir explains everything. If you're interested in economics, then i would recommend you to go for it.

By MASROAF S S

Nov 9, 2020

It's the best course I've ever done on Price theory. This course goes in-depth of individual firms behaviour optimization.

By Cristo D

Nov 1, 2020

Very helpful course. Concepts are explained in such a manner that anyone without a background in economics can understand.

By MOHIT Y A C B 2 B

Sep 15, 2020

I had a great learning experience, the program is excellent, and I assure you by the end you will start loving economics.

By Gustavo P P

Aug 4, 2019

Great course, managed to get the best out of it. Thanks to Professor Larry DeBrock who made everything easy to understand.