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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
2,052 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

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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151 - 175 of 489 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Sakif A

Jul 11, 2020

The course was fun and it had enough alternate resources. I enjoyed it very much.

By Fredrik E

Feb 11, 2020

Excellent course material, great lectures, easy to follow a not so easy material.

By Anurag P W

May 30, 2017

The course cleared the basics of firm level economics in a very efficient manner

By Emmanouil K

Apr 17, 2017

Great class! Everything is explained in an intuitive manner. Highly recommended!

By Manish D

Jun 7, 2020

The course is good as it is. This helped me recollect the maximum of the charts

By Santiago G M

Jun 2, 2020

Very good course. Proffesor explains very well and it is easily understandable.

By David A G

Apr 29, 2020

Loved this course and loved tuning in to hear Larry teach it. Very good course!

By Yu Y

Feb 24, 2018

A good introduction for many basic concepts on demand and supply. Nice teacher.

By Innocent O

Mar 18, 2019

The course was well understood as the instructor made everything seem so easy

By Janhavi B

Sep 18, 2020

Amazing Course. Prof. Larry DeBRock has wonderfully explained every concept.

By Mohammad E

Jul 13, 2020

Needs more attention from instructors/TAs to the forums. Otherwise, awesome.

By Anjali G

Nov 9, 2020

Complicated subject explained in a simple way! We love you Prof. DeBrock..

By Kanwar S S

Mar 31, 2019

GREAT COURSE. iNSTRUCTOR WAS EXELLENT. GREAT EXPLANTIONS AND GOOD COVERAGE.

By Thuần N T

Dec 18, 2020

Great knowledge to learn and apply to the business with overview foreseen,

By Joel A A R

Jul 15, 2020

Professor was great, all information also great! enjoyed a lot this course

By Sergey D

Mar 27, 2021

It was nice and useful. Professor's explanations were detailed and clear.

By Abhijeet G

Dec 23, 2020

great content ...practice exercises can be added to improve understanding

By Subhadeep G

Nov 14, 2019

Very well covered session. Great course to make your Fundamentals strong.

By Woo S L

Sep 12, 2019

The course covered all major components required to understand the topic.

By Olusegun A

Feb 12, 2017

Excellent teacher! Made microeconomics micro easy. Prof. DeBrock rocks!!!

By Daniel T

Mar 25, 2016

Excellent course! High quality video/audio and it is organized very well.

By Danesh D

Sep 11, 2019

Excellent. Very straightforward and simple presentation of the concepts!

By Vusal T K

Feb 7, 2016

Professor is great at explaining complex notions. Very well structured!

By Mustakeem D D 1

Jul 20, 2020

Very well designed course. Helped me re-learn the basics of economics.

By Jiayi S

Oct 16, 2020

Thank you so much Larry! Great content and very informative sessions!