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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
1,494 ratings
370 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 13, 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 12, 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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176 - 200 of 362 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Nehemaiah N

Mar 16, 2016

The concepts explained well and easy to understand.

By wendy a s r

May 24, 2020

the best teacher in economics that i had ever seen

By Gang M

Feb 07, 2018

This is a great course, and I highly recommend it.

By Koyna G

Aug 05, 2020

VERY WELL EXPLAINED

GREAT EFFORTS BY SIR AND TEAM.

By Leonard B

Mar 04, 2020

Great course, very challenging but well worth it.

By Sohaib F

Feb 28, 2019

Very interesting course for learning price theory

By Javier E P

Aug 02, 2016

Loved the course. Had a wonderful time studying!

By Vaibhav D

Jul 04, 2020

economics made easy to understand. helped a lot

By Moubana A K

Jan 13, 2018

Excellent course for business decision making .

By Hoàng H C

Mar 16, 2020

Good lesson & it is very useful. Thanks a lot

By Fahim A R

Jun 07, 2020

This course explains economics at its roots!

By jodu p b

May 30, 2020

Its great thing to learn from economic sides

By Esteban M G G

Apr 11, 2020

Excellent course, the instructor is awesome!

By Akriti S

Jul 11, 2020

Great course! Strengthened my fundamentals!

By lorenzo b

Jul 13, 2020

Exciting course and excellently explained.

By MCENROE N T E

Nov 12, 2018

easy understanding and in dept explanation

By Andre L O F

Nov 17, 2016

Excellent course with a great explanation.

By Adam D

Aug 10, 2016

Larry is really engaging. Great lectures.

By Apurva S

Sep 10, 2020

Very helpful course!

Professor is amazing

By Kamal A

Dec 16, 2018

Great Course to Start learning Economics

By Andrew J

Sep 18, 2019

Great class and Even better instructor

By Anmol A

Apr 19, 2020

Great course and amazing explanations

By Ahsan F

Feb 08, 2020

Loved the course. Very well explained

By Jay K

Feb 04, 2019

whole a lot to learn from this course

By jeferson s d s

Oct 27, 2017

ótimo curso e um excelente professor.