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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
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1,925 ratings
469 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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201 - 225 of 459 Reviews for Firm Level Economics: Consumer and Producer Behavior

By Lukasz

Feb 20, 2020

Amazing materials introduced in a very attractive way.

By Dang N H

Jun 19, 2020

Practical and easy to catch with graphs and examples!

By Keita d N

Apr 26, 2020

Coursera est une très bonne plateforme pour apprendre

By Dr. C C

May 6, 2020

very good instructor ..larry u explained really well

By Jing Z

Jan 2, 2017

Very impressive, The first course on Coursera. Good!

By Lakshya N

Feb 18, 2016

Awesome course and good instructor!

I liked it a lot!

By Andrei S

Aug 9, 2017

Great course! I learned a lot about microeconomics.

By Arun P R S

May 30, 2017

Great course to get your basics of economics right.

By Nehemaiah N

Mar 16, 2016

The concepts explained well and easy to understand.

By wendy a s r

May 23, 2020

the best teacher in economics that i had ever seen

By Gang M

Feb 6, 2018

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

By Koyna G

Aug 5, 2020

VERY WELL EXPLAINED

GREAT EFFORTS BY SIR AND TEAM.

By Leonard B

Mar 4, 2020

Great course, very challenging but well worth it.

By Sohaib F

Feb 27, 2019

Very interesting course for learning price theory

By Javier E P

Aug 1, 2016

Loved the course. Had a wonderful time studying!

By CANTORNE, J B

Dec 16, 2020

It was able to help me in my subjects in school

By 19UCO123 C A D

Dec 4, 2020

very useful and wonderful to students to study.

By Vaibhav D

Jul 4, 2020

economics made easy to understand. helped a lot

By Moubana A K

Jan 13, 2018

Excellent course for business decision making .

By Alexander R

Nov 11, 2020

Great course! Learned a lot from Dr. Debrock.

By Devin P

Nov 9, 2020

I had a fantastic experience with this course!

By Hoàng H C

Mar 16, 2020

Good lesson & it is very useful. Thanks a lot

By Harish G

Nov 10, 2020

Amazing course and content by Prof LeBrock !

By Fahim A R

Jun 7, 2020

This course explains economics at its roots!

By jodu p b

May 30, 2020

Its great thing to learn from economic sides