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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
1,343 ratings
334 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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201 - 225 of 328 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Vivek B

Feb 04, 2019

Excellent Course, Thank you!

By Ramanna S

Jul 22, 2020

Well designed and delivered

By Joshua F

Dec 02, 2019

Very good start to my iMBA!

By John K Y

Aug 17, 2018

It was a great experience!!

By PRAVEEN K K S J

Aug 10, 2020

it was good to learn here.

By Zabin T

Jun 20, 2020

This course is so helpful.

By Ahmad N T

May 22, 2020

It’s an excellent course

By Debleena D

May 14, 2020

teaching was really good

By Dr M R

Apr 11, 2020

It's an excellent course

By wuxiangting

May 30, 2017

Great basic introduction

By LAXMIKANT M S

Apr 28, 2020

Very informative course

By Anshul S

Jun 11, 2016

Very articulate course

By S A

Jul 06, 2020

Excellent opportunity

By Devanshi J

Jul 02, 2020

It was a great course

By Eliane D

Dec 06, 2017

it's was interesting.

By Ravi K J

May 03, 2020

well structure couse

By Gautham B

Feb 02, 2019

Incredible professor

By Ho T Y V

May 10, 2017

Really useful for me

By Chris K

Feb 15, 2020

excellent professor

By Viral S

Sep 09, 2019

Excellent framework

By Tran T U

Aug 06, 2018

Easy to understand!

By Tiberiu I

Jun 28, 2016

I love the teacher!

By Aziz M P

Jan 24, 2018

Well taught course

By Tran V N T

Mar 14, 2016

I like this course

By NAVYA R

May 29, 2020

It's good course.