In markets, prices act as rationing devices, encouraging or discouraging production and consumption to find an equilibrium. In this course, you will learn to construct demand curves to capture consumer behavior and supply curves to capture producer behavior. The resulting equilibrium price “rations” the scarce commodity. Additionally, the course examines the ways in which markets are subject government intervention and the impacts of these interventions. You will be able to: • Explain how different market structures result in different resource allocations • Model the impact of external shocks to a particular market structure and demonstrate the new equilibrium price and quantity after the impact of this external shock has played out • Evaluate the efficiency of an equilibrium • Explain when and why the government might intervene with regulatory authority or antitrust litigation to lessen inefficiencies in some markets • Describe how information problems can cause inefficient outcomes • Understand externalities and consider optimal government response to these market failures This course is part of Gies College of Business’ suite of online programs, including the iMBA and iMSM. Learn more about admission into these programs and explore how your Coursera work can be leveraged if accepted into a degree program at https://degrees.giesbusiness.illinois.edu/idegrees/.
Professor DeBrock made the class very interesting with great real-world examples. I feel that I have learned so much from this class that I will carry with me throughout my career.
Awesome instructor, awesome materials and awesome learners. Of course, difficult assignments that I taught me a lot! Thank you Coursera, Dr. Larry and the entire team behind the scene.
Prof. Larry DeBrock makes very complicated concepts seem simple and understandable. He shows how to apply the concept to contemporary relevant issues. I sincerely loved this class.
I really enjoyed the two Firm Level Economics courses. Really help me refreshing my knowledge and better understand key concepts of Microeconomics dynamics.
Great course taught by a well-experienced Prof Larry Debrock, assisted by an enviable Prof Vlad, who brought a lot dynamism into the course.
Professor Larry is exceptional. He has a deep understanding of the subject and an effective teaching style. I am honored to take his course.
The whole course was just amazing with clear and crisp explanation for each and every detail and special thanks to the tutor Prof.Larry DeBrock.
Great course and one the best professors in the business. One day I hope I get a chance to hire Larry's Tree Trimming Service.
Learnt a great deal about Microeconomics! Prof. DeBrock teaches the class with great insights mixing history with everyday situations and issues. Can't say enough good things about this course!
I like this professor and he taught beautifully even in Producer and Consumer behavior, the prequel course in this specialization. High expectations from this course!
Excellent course to understand basics of economics. Prof DeBrock does a great job of explaining the concepts. Love his energy and enthusiasm
Larry DeBrock is a fantastic professor. He breaks down concepts into consumable portions and offers real-life scenarios to keep it interesting. He changed microeconomics for me!
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Awesome instructor, awesome materials and awesome learners. Of course, difficult assignments that I taught me a lot! Thank you Coursera, Dr. Larry and the entire team behind the scene.
Professor DeBrock made the class very interesting with great real-world examples. I feel that I have learned so much from this class that I will carry with me throughout my career.
Prof. Larry DeBrock makes very complicated concepts seem simple and understandable. He shows how to apply the concept to contemporary relevant issues. I sincerely loved this class.
Great learning experience, teacher is clear and relatable. I'm still holding out on a 5-star until I can figure out exactly how I'll use this stuff in IRL context as a C-level exec. Good background info though... utilitarian? Maybe not so much atm.
Excellent course. Larry is a great teacher and the quizzes and assignments give a great opportunity to consolidate our learning. One recommendation I would give is to try to make the forum more useful maybe by including TAs o including mentors that response on the course contents and not only on technical issu
Larry DeBrock is a fantastic professor. He breaks down concepts into consumable portions and offers real-life scenarios to keep it interesting. He changed microeconomics for me!
I find this skill very informative and very helpful for any business analyst trying to understand the relationship of Economics and its effects to the financial performance of the company.
This course has added technical graphing and analysis of supply and demand curves. A background of Algebra in Cartesian Plane, and Calculus will be very helpful to understand such concepts of slope, intercepts, derivatives (slope of the equation) and integration (area).
I have also understood that the concept of game theory can be very useful in Economics and Firm management. I never realized that it is possible to use it in a more corporate approach.
Professor DeBrock was excellent. I really enjoyed this course despite finding it very challenging. It required a lot of study time to complete the iMBA portion assignments and exams but was very much worth it. I will miss Professor DeBrock saying "I have the pen" and "little green sheets of paper". Both always brought a big smile to my face. Thank you Professor DeBrock! I also sincerely appreciate Professor Dolgopolov's assistance with understanding difficult topics and his timely response to forum questions. You and all the assistants that helped made this course a pleasure despite its difficulty!
Again, Professor DeBrock does a masterful job! Best economics professor I've had in 50 years (and that includes all my old economics professors from 45+/- years ago). This course is designed for someone who wants to understand the economy, using reason and intuition, not someone who wants to be an economic analyst and impress people with his/her mastery of calculus. DeBrock does a great job in sidestepping the mathematics and helping students hone their understanding and intuition about economic matters.
I found this thorough to be quite thorough and informative. I enjoy professor DeBrock's teaching style, and the assignments were a great way to implement what we learned through the lectures. I highly recommend it to anyone seeking to enhance their knowledge of Microeconomics.
This course single-handedly sparked my interest in microeconomics. The instructor is fantastic, the way the materials are presented works very well with the online medium, and the assignments are actually useful for further deepening understanding of these topics.
Another great course! This is the 2nd of the specialization and I just love how the prof., Larry DeBrock, explains things. With real life examples, he makes it easy to understand and apply to everyday-life. Really great course! Highly recommended!
Valuable course on Economics. Had a clear understanding of how financial markets work, the factors affecting the same. Concepts were explained succinctly that non-finance candidates could also be able to understand it.
Great teacher and great course. Larry, God willing your life will going on what makes you happy and those around you. I used google translation from arabic to english.... if the meaning is wrong the attention is pure
The course was a great learning experience for me, and opened me to the world of microeconomics. Prof Larry has presented concepts in a very lucid manner, and the references / reading materials are great too.
The professor does a brilliant job of explaining each and every concept with real world examples. Also, before starting a new concept, he revises through the previous one. Excellent course for beginners.
The professor is one of the best for all MOOC I've been enrolled in. Highly recommended course about an interesting topic.
Really liked both courses about Microeconomics.
I like this professor and he taught beautifully even in Producer and Consumer behavior, the prequel course in this specialization. High expectations from this course!
I really enjoyed this class. My last econ class was in high school, so I was a little worried, but Professor Brock made things easy to understand. Thank you!
I really enjoyed the two Firm Level Economics courses. Really help me refreshing my knowledge and better understand key concepts of Microeconomics dynamics.