Illinois Tech
Managerial Economics: Buyer and Seller Behavior
Illinois Tech

Managerial Economics: Buyer and Seller Behavior

Taught in English


Gain insight into a topic and learn the fundamentals

Liad Wagman
Priyanka Sharma

Instructors: Liad Wagman


(14 reviews)

Beginner level

Recommended experience

42 hours to complete
3 weeks at 14 hours a week
Flexible schedule
Learn at your own pace
Progress towards a degree

What you'll learn

  • How to explain the basics of supply and demand curves.

  • How to characterize variable and fixed costs.

  • How to analyze short-run and long-run equilibria in competitive markets.

Details to know

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12 quizzes, 4 assignments

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There are 4 modules in this course

Welcome to Managerial Economics: Buyer and Seller Behavior. In this course, we will cover the topics of How the Costs of Doing Business Determine Success and Failure, From Cost Structures to Market Supply Curves, and The Economic Outcomes of Competitive Markets. Module 1 introduces the strategic lens of game theory, focusing specifically on Prisoner’s Dilemma situations. This game-theoretic lens helps lay the groundwork for understanding competitive markets, where each market actor, including all buyers and sellers, are doing the best they can to maximize their individual payoffs. Through a simple market simulation and an initial reading of the Adamantium case study, the module then develops intuition for models of supply and demand in competitive markets, including pricing, product allocation, and firms’ cost structures.

What's included

20 videos5 readings4 quizzes1 assignment1 discussion prompt

Module 2 takes a deep dive into short-run market analysis. With a second reading of the Adamantium case study, Module 2 focuses on how cost structures translate to firm-level and market-level short-run decisions and supply curves, how variable and fixed costs create thresholds on the prices that may sustain short-run and long-run firm profitability, how a firm’s short-run decisions significantly differ from long-run decisions, and how all of this begins to map to a market’s equilibrium.

What's included

12 videos5 readings4 quizzes1 assignment3 app items

Module 3 introduces entry (break-even) and exit prices, how they map to a market’s long-run supply curve, and why they are fundamental in determining firm profitability. Through examples, including a conclusion to the Adamantium case study, all of the supply and demand concepts in the course are tied together. The module showcases the predictive power of market analysis in determining where markets are going to go in terms of price, capacity, and firm entry and survival. The module then demonstrates the capstone ability of economic models of supply and demand: interpreting market price paths.

What's included

17 videos4 readings4 quizzes1 assignment3 app items

This module contains the summative course assessment that has been designed to evaluate your understanding of the course material and assess your ability to apply the knowledge you have acquired throughout the course. This summative assessment consists of two parts. In Part 1, you will answer open-ended questions for two prompts. For Part 2, you will need to upload a file with your answers to the provided prompt. Be sure to review the course material thoroughly before taking the assessment.

What's included

1 assignment


Instructor ratings
4.8 (9 ratings)
Liad Wagman
Illinois Tech
2 Courses2,103 learners

Offered by

Illinois Tech

Recommended if you're interested in Business Essentials

Get a head start on your degree

This course is part of the following degree programs offered by Illinois Tech. If you are admitted and enroll, your coursework can count toward your degree learning and your progress can transfer with you.

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